Retired Developer Cuts Property Tax Bill with Ownwell’s Software

Client

Allen Jorgensen is a retired software developer and founder of the health tech company Lighthouse. Mr. Jorgensen became a part-time commercial real estate investor in 2007.

He owns mixed-use commercial property at 4955 Alton Tucker Blvd in Sugar Hill, GA. The property includes office and retail space, with stores like North Gwinnett Dental Care and El Rinconcito.

Fun fact: Mr. Jorgensen has been on Family Feud!

Challenge

In 2023, Gwinnett County increased the property's assessment value by 18% to $2,310,000. We at Ownwell discovered the county likely had commercial properties similar to 4955 Alton Tucker Blvd., and came to the valuation mainly using an income approach—comparing the income of Mr. Jorgensen’s property to similar properties in the area.

By solely looking at income, we’d have come to a similar assessment value as the county.

That didn’t satisfy us. We sought to achieve a successful outcome with minimal time from Mr. Jorgensen.

Solution

After assessing the property, Ownwell’s commercial property tax experts built a case for a lower value using equity comps. They analyzed a comprehensive list of mixed-use commercial properties valued lower on a price-per-square-foot basis. Ownwell’s proprietary software used data and machine learning to compile the soundest and most detailed evidence packet.

Results

Ownwell reduced the assessment value to $2,120,000, a 9% reduction in the original county assessment value, saving Mr. Jorgensen $2,660 on his 2023 tax bill.

Our software and people made the process effortless for our client and delivered savings through a flexible valuation approach and compelling evidence.