Patty Richards, CMI, is a Managing Director in Newmark Valuation & Advisory’s Property Tax practice based in the firm’s downtown Chicago office. Richards serves as the group’s North Central Regional Leader and is responsible for managing and overseeing all aspects of client service and business development in her region.
As an accomplished property tax consultant, Richards has assisted clients with all aspects of the assessment review and appeal process for properties throughout the United States, achieving assessment reductions and tax savings through formal and informal appeals, negotiations, and hearings. She has acted as the point-of-contact and engagement handler for national portfolios of industrial, office, and retail properties. Additional areas of expertise include jurisdictional procedures and intricacies, pre-acquisition and pre-construction due diligence, budgeting and accrual estimates, tax refund allocations, uniformity and equalization studies, legislative updates, and property tax exemptions and abatements.
Prior to Newmark, Richards worked in the Chicago office of Cushman & Wakefield, most recently as a Director in the firm’s property tax practice. Prior to Cushman & Wakefield, Richards was a Property Tax Manager at DuCharme, McMillen & Associates and a Senior Associate in property tax services at Duff & Phelps.
Professional Affiliations and Coursework
- American Society of Appraisers, Machinery & Technical Specialties ME 201, ME 202, and ME 203
- Appraisal Institute, General Appraiser Income Approach
- Institute for Professionals in Taxation, Personal Property Tax School
- Institute for Professionals in Taxation, Real Property Tax School
Licenses and Designations
- Certified Member of the Institute (CMI) Property Tax Designation, Institute for Professionals in Taxation
Education
Richards is a graduate of the University of Illinois at Urbana-Champaign, where she earned a Bachelor of Science degree in mechanical engineering and minored in business administration.