Steven Potsic has more than 17 years of professional experience in national property tax consulting, valuation, compliance and software development. With expertise in tax appeal work and organizational operations, he has counseled clients in a variety of industries and assets, including apartments, hotels, industrial, manufacturing, office, residential, hotels, motels and retail. Steve also has nationally represented clients before assessors and property tax boards.
Steven's tax experience includes acquisitions, purchase price allocations, bankruptcy, budgets, accruals, landlord reimbursement, mergers and obsolescence. In addition to consulting clients in real estate and personal property, he has designed multiple property tax systems and developed networks to support consulting companies' multistate offices.
Before joining FaegreBD Equity Property Tax Group, Steven was the Director of Technology for Advantax Group LLC in Saint Charles, Illinois. He managed all internal technology for the group as well as architecting the development of its property tax software. His primary day-to-day responsibilities focused on the valuation and appeals of high value locations as well as personal property reverse audits, staff consultant mentoring and appeal strategy development for clients.
Previously, Steven served as Senior Property Tax Consultant at Ad Valorem Tax, Inc. in Rolling Meadows, Illinois. He managed the appeal work for large retail and hotel accounts nationally as well as other clients in the central region. Steve gained extensive experience with bankruptcies and developed AVTI's property tax management system, which was externally marketed by the firm.
Steven has completed more than 420 hours of property tax education in valuation and assessment from the Appraisal Institute, International Association of Assessing Officers and the Institute for Professionals in Taxation.
Representative Real Estate Assignments
- Managed more than 600 properties in 20 states for real estate and personal compliance, review and appeals
- Negotiated favorable values of multi-use development, office, retail and hotel operations
- Managed /developed process for tax bill processing, 3,000 properties
- Managed /developed process for personal property returns, 20,000 annually
- National hotel/motel client, developed income approach methodology producing material tax savings
- National retail anchor chain, worked with professionals to develop a consistent valuation methodology for material property tax savings
- Local market analysis reduced client's tax liability by $250,000
- Excess land analysis /classification reduced values by 30 percent
- Worked value reductions for a historical flood event
- Acquisition due diligence and underwriting
Representative Personal Property Assignments
- Reverse audit for large manufacturer — conducted multiple national personal property audits and asset tagging to identify ghost and misclassified assets for tax saving of more than $1 million
- Freeport valuation for capital intensive client — helped reduce a personal property tax by more than $550,000
- Developed allocation basis for leased equipment tax payments
Representative Functional Areas Experience
- Developed tax industry software systems
- Developed various systems and processes to handle real estate assessment and appeal tracking, personal property reverse audits, property tax project management, valuations and bankruptcy
- Extensive experience with property tax budgets and accruals
- Extensive lease agreement reviews
- Certified Member of the Institute for Professionals in Taxation (CMI)
- Senior Property Tax Consultant, Texas, No. 3158
- Former General Certified Appraiser, Colorado
- NPTA – National Property Taxpayers Association
- IPT – Institute of Professionals In Taxation
- IAAO – International Association of Assessing Officers, Former Member
- Knights of Columbus — 4th Degree
- Oak Grove School — Consolidation Committee
- Greater Libertyville Soccer Association - Coach
- "Process, Efficiency and Effectiveness — Make It Happen," Association for Computers and Taxation, 2005
- "PTR — Property Tax Software Review," Association for Computers and Taxation, 2005
- "Process, Efficiency and Effectiveness — Make It Happen," Institute for Professionals in Taxation, 2005