California Property Tax Update: Unpacking the Olympic & Georgia Partners Decision

In this episode of GeTtin' SALTy, host Nikki Dobay welcomes back Greenberg Traurig Shareholder Colin Fraser to break down the California Supreme Court's recent decision in Olympic & Georgia Partners.  They address the complexities of property tax assessments for hotels and other businesses receiving government subsidies, focusing on three key issues: the treatment of a unique city subsidy, the "key money" payment for hotel management agreements, and the application (and limits) of the "Rushmore" method for excluding intangibles from property tax valuations. Colin walks listeners through the Supreme Court's reasoning, including its nuanced distinction between intangible assets derived from enterprise activity versus those linked to real property.  They also discuss the implications for taxpayers, contract drafters, and assessors—not just in California, but across the country, given the state's influential precedent.  The episode closes with practical insights for hotel owners and developers on contract structuring in light of the decision, plus a fun detour into extreme sports and risk-taking.