Meet Steve Thompson, a seasoned property tax expert with two decades of experience in the industry. Steve’s journey in the tax world has been anything but ordinary, taking him from an initial role as an associate consultant to becoming a trusted leader at Ryan. His deep knowledge in property tax consulting and passion for mentoring his team have made him a valuable resource in navigating complex property tax matters and building teams that excel. In this interview, Steve shares insights from his career, the rewarding aspects of his work, and some of his proudest professional moments.
Q: Can you tell me about your background and how you got started in the tax industry?
A: I graduated from Georgetown University in 2003 with a bachelor’s degree in political economy and had planned on going to law school. But after college, while searching job boards, I came across an opening for an entry-level consultant at a property tax consulting firm, which happened to be Marvin F. Poer. Ironically, we acquired that firm about two years ago. So, right out of school, I started as an associate consultant working under Michael Allen, who is still at Ryan today as our Northeast region leader.
After about two years, I moved to South Florida and worked for Cushman & Wakefield doing commercial real estate appraisals. However, I quickly realized South Florida wasn’t a great fit for me, so I moved back to the D.C. area. I reached out to Michael, and at the time, he was preparing to move to Ryan from Marvin Poer. After he made the transition, he contacted me, and we started at the Ryan metro D.C. office.
There were only three of us back then, working out of a Regus executive suite in Alexandria, Virginia. We had zero revenue and no book of business, but fast forward to today, and the D.C. office is projected to meet their annual operating plan (AOP) of $20 million in revenue with about 50 team members. I’ve been with Ryan for 18 years now, and one reason I’ve stayed so long is that no two days are ever the same. As property tax consultants, we wear many hats—appraisers, attorneys, sales people, and negotiators—making every day unique.
Q: What specific areas of tax do you specialize in, and what led you to focus on these areas?
A: Success as a commercial real property tax consultant requires a unique skillset—one that no singular educational background can provide. Property Tax is very much an art rather than a science. When valuing properties, there are three main approaches: the income approach, which we use the most; the cost approach, primarily for new construction or complex properties like factories; and the sales comparison approach. A good consultant needs to understand all three and more importantly how to employ them in a way that benefits the client and is credible to the assessing jurisdiction.
I’ve studied through the Appraisal Institute and the Institute for Professionals in Taxation (IPT), where I earned my Certified Member of the Institute (CMI) designation. As advocates for our clients, our goal is to use financial modeling to mirror the behavior of buyers as of a particular date of value. We primarily use the income approach or discounted cash flows to determine property values, but we also work to uncover items that detract from value—things that a picky buyer would require the seller to fix or to discount their agreed-upon purchase price. Ryan’s approach yields superior results because we go the extra mile to really understand our client’s properties. We inspect properties to identify obsolescence and to be able to tell the boards, commissions, and courts that we’ve been to the site—nine times out of ten, the assessor has never set foot on the property. Our visits create tremendous credibility.
Q: What do you find most rewarding about working in the tax industry?
A: I love the fact that I’m constantly learning, especially from my colleagues here at Ryan. The Ryan business model has opened so many doors for me. Having mastered property tax, I’ve really enjoyed being able to uncover new opportunities to add other service lines to my sales process. That variety keeps things fresh and challenging, which I find incredibly rewarding. Ryan attracts and retains the brightest—and often most stubborn minds—in tax. We never give up and I love that.
Q: What is the proudest moment of your career so far?
A: I take great joy in mentoring a team. It usually takes a couple of years to fully understand our tax appeal process. Nothing makes me happier than witnessing that moment when it finally “clicks” for one of our consultants. One of my proudest moments was seeing two directors in D.C. (with whom I worked with closely for years) become principals. Watching them rise through the ranks—from consultant to principal—was incredibly fulfilling, especially knowing I played a role in mentoring them, teaching them not only the ins and outs of property tax consulting but also how to sell our services. I always advise teammates that are coming up in the ranks to observe as many partners as they can—watch their style and see what each does best—and then learn to leverage your own strengths. There’s real power in that approach, I think.
From a more property tax specific standpoint, one of my biggest achievements was a case that I worked on for five years, which ultimately went to the Virginia Supreme Court. It involved the DEA headquarters in Arlington, where we argued that a soon-to-be-vacant building should be valued lower than one with a long-term lease in place. Despite our evidence, the local assessor and the judge initially dismissed our argument. However, we persisted, took it to the Supreme Court, and ultimately prevailed. Winning that case was a huge milestone for me, especially because cases rarely go that far and succeed.
