| David Levy
Mr. Levy has nearly 30 years of experience as a property tax consultant and real estate financial analyst. He co-founded Property Tax Specialists, Inc. in 1989, a 1994 “Inc. 500″ (#313 rank) company he sold to PricewaterhouseCoopers, LLC in 1997. He has analyzed the value of billions of dollars of both leasehold and fee simple real estate, successfully negotiating those values into over $100 Million of tax savings for his clients. He performs significant data analysis models including cap, comparable lease and discounted cash flow.
David Levy has also represented GSA directly as its tax assessment consultant as well as indirectly where GSA was a tenant in a client owned property. In the direct representation, Levy successfully argued that two landmark Maryland property tax cases (Berman and Ort) supported his assertion that GSA’s long-term lease (leased fee interest only as opposed to adding in GSA’s leasehold interest) should be valued for tax purposes on a Rockville, MD (Research Blvd.) single tenant (Department of Alcohol, Tobacco and Firearms) building, rather than market rent. He applied a discounted cash flow model utilizing leased fee data only. This successful understanding of Maryland’s prohibition of taxing leasehold interest saved GSA more than sixty thousand in property tax pass through expenses. In indirect cases at 2092 Gaither Road, Gaithersburg, MD and 13873 Park Center Drive in Herndon, VA, Levy successfully argued similar methodology of ignoring leasehold interest to value for tax purposes, saving GSA in excess of $50,000 in each building over the lease life.
Levy also negotiated large assessment reductions for Hechinger, Giant Food and Safeway by arguing against taxing leasehold interest. For Hechinger he saved over $250,000 on 4 Maryland properties, for Giant more than $300,000 on 8 properties and in the largest leasehold win, his firm successfully reduced a Safeway distribution warehouse value from $30M to $6M, a value which carries for 30 years (until the end of its lease), resulting in approximate tax savings of more than $10 Million.
From 1989 through 1999 Levy represented approximately 500 clients and analyzed or supervised the analysis of more than 5,000 tax parcels per year, with aggregate value in excess of $10 Billion per year. Major clients included Safeway, Giant Food, Hechinger, TA Realty Advisors, Citicorp, Bethlehem Steel, AvalonBay, AIMCO, Public Storage, Shurgard, GE Capital, Storage USA, Equity Inns, Peterson Companies and Ryan Homes. During that period and since 1999, he has worked regularly with MAI appraisers to advise them on testimony and deposition preparation and strategy for tax litigation, as well as to critique opponents’ appraisals. Recent wins include Greene County, VA Four Seasons Senior Community development land (original assessment $27M, final assessment $3.3M in Circuit Court for 4 year tax savings and interest refund of over $700,000) and MGP-Fredericksburg LLP 2 year settlement in Spotsylvania County, VA (approximate $80,000 refund).
He has also been an investor in approximately 75 commercial real estate ventures with his tax clients, including office, multifamily, industrial, self-storage, assisted living, retail and undeveloped land. At PricewaterhouseCoopers, LLC, Mr. Levy represented Creative Hairdressers (Hair Cuttery) in a 400 salon cost segregation revaluation that resulted in a $1 Million plus Federal income tax refund. He sold the engagement to the CEO and CFO, managed and oversaw the analytics team and presented the report and findings.
Professional Credentials, Educational Background and Appraisal Institute Training
- Carnegie Mellon University – BS, Management Science and MBA, 1984 and 1985, respectively v Appraisal of Retail Properties – Maritime Institute
- Advanced Applications – Univ. of Maryland
- Standards of Prof. Practice, Part A – Washington Conference Center
- Cap Theory & Tech, Part A – Univ. of Maryland
- Cap Theory & Tech, Part B – Univ. of Maryland
- Advanced Income Capitalization – Johns Hopkins School of Continuing Ed