Rolling Basis: Property-tax reassessment estimates for CRE

01

Jurisdiction rules first

Sale reset, growth caps, millage, and reassessment mechanics are applied by jurisdiction instead of flattened into one generic tax rate.

02

No carve-out without cause

Office, retail, multifamily, and industrial stay at full real-property basis. Hotels and flagged exceptions show the allocation, confidence, and source trail.

03

Output your file can use

Year-one tax, multi-year trajectory where supported, NOI/DSCR impact, citations, and memo-ready language ship in the same PDF.

How it works

What’s a taxable basis you can actually explain in the IC memo?

A purchase price can bundle the real estate with furniture, equipment, and the value of the business operating on it. Only the real estate belongs on the tax roll; the report shows when a carve-out is supportable, and when it is not.

01

Resolve the jurisdiction

Start with the address or parcel, then identify the assessor, current value, tax rate, and sale-trigger rule.

02

Set the real-property basis

Allocate the purchase price by property type, with hotels and special cases separated from standard real estate.

03

Carry it through underwriting

Convert the reassessment into tax, NOI, DSCR, forecast, source citations, and a memo paragraph.

The warehouse example is intentionally plain: there is no going concern to strip out of a triple-net industrial lease, so the full purchase price becomes the real-property basis.

The hotel example is different because the sale bundles real estate, FF&E, and operating business value. The report carves out what does not belong on the roll, then shows the remaining taxable basis.

Warehouse / distribution · Miami-Dade County, FL

$12,000,000 purchase price

FF&E + business value carved out$0

Taxable real property (base)$12,000,000

Reassessed year-one tax$237,600

vs. seller’s in-place bill$200,098

Naive full-price reassessment$237,600 (identical)

Confidence: medium. County value on record, industrial default allocation (no going concern to strip out). Sources: Miami-Dade County Property Appraiser parcel record; Fla. Const. art. VII §4 (non-homestead cap removal on sale).

Select-service hotel · Alameda County, CA

$18,400,000 purchase price

FF&E + business value carved out$4,968,000

Taxable real property (base)$13,432,000

Reassessed year-one tax$164,600

vs. seller’s in-place bill$71,200

Naive full-price reassessment$225,700

Confidence: high. County value on record, confirmed hotel use code, deal-specific FF&E allocation. Sources: Alameda County Assessor parcel record; California Rev. & Tax. Code §110 (acquisition-value reset).

Underwriting output

What does the output look like in the memo?

The same estimate, written in underwriting register: sourced, hedged where it should be, and free of anything that reads like marketing copy.

“California resets assessed value to the transaction price on change of ownership (Rev. & Tax. Code §110). Stripping FF&E and business/going-concern value from the $18.4M purchase price yields a taxable real-property basis of $13.4M, producing an estimated year-one bill of $164,600 against the seller’s current $71,200; budget for the step-up at closing rather than assuming taxes stay flat.”

Beyond year one

What happens after the closing-year shock?

A single reassessed figure tells you what changes at closing. It doesn’t tell you what happens in year three, once the jurisdiction’s own growth cap starts compounding again.

In jurisdictions where the statutory growth cap is a real annual rate (California, Florida, Arizona, and several others), the same estimate extends into a Year 1–5 projection instead of stopping at the reset. Each state’s cap mechanics are coded individually rather than compounded with one generic assumption.

Year-by-year reassessed tax, not just the year-one step-up.
NOI and DSCR impact carried through the same horizon.
Jurisdictions excluded where the cap doesn’t compound annually are flagged, not silently forced into the same formula.

Coverage

Which commercial property types does it cover?

One reset-rule engine, priced for office, retail, multifamily, industrial, and hotel deals alike. The active panel shows how the real-property share is treated for each type.

Multifamily

95-100% real property

Full real-property basis across garden, mid-rise, and high-rise assets.

See the full breakdown →

Who it’s for

Who is Rolling Basis built for?

The same report reads differently depending on which side of the table you’re on: underwriting the purchase, sizing debt against it, or standing behind the number in a memo.

Acquisitions & asset management

Size the year-one step-up before it shows up as a budget miss, and carry it past year one instead of assuming taxes stay flat.

Debt & credit teams

Run the reassessed tax through NOI and DSCR before sizing the loan, not after the borrower calls asking why the escrow moved.

Brokers & advisors

Back up an asking price or a pro forma with a number sourced to the assessor and the statute, not a generic reassess-the-full-price guess.

Pricing

How is Rolling Basis priced?

One purchase gets you one defensible number for one deal. Move to a flat monthly rate once you’re running it every week instead of once a quarter.

Launch offer: $19 for your first report

Single Report

$19 then $39

launch price for your first report · no account required

One address, one purchase price, one sourced answer.
Real-property carve-out, NOI/DSCR impact, and the multi-year forecast where the jurisdiction supports it.
Memo-ready language and a PDF you can attach to the file.
$19 launch price for the first 100 reports or 30 days, whichever comes first, then $39.

Run your estimate

Pro

$29

per month · ~20 reports/mo cap (≈$1.45/report)

For brokers, analysts, and lenders running addresses every week, not once a quarter.
Same report, no per-deal purchase friction.
Requires a Pro account: free sign-in, no password, self-serve billing.

See Pro pricing

Underwrite the tax bill before you price the deal.