How to Identify Property Tax Appeal Opportunities for Commercial Properties
Property Tax Resources, LLC
At PTR we believe that property tax consulting should be based on a deeply embedded relationship with our Clients.
Property taxes are often a significant burden for owners of commercial, retail, industrial, and office properties. If your property has been overvalued, there is an opportunity to appeal the assessment and reduce your tax liability. Below is a guide to help you identify whether your property may be a good candidate for a property tax appeal.
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1.????? Review Your Property Tax Assessment Notices: It’s important to always be aware of your property’s assessment by closely reviewing any notices of value changes sent by the jurisdiction. If you believe the assessment of your property exceeds the property’s fair market value, there is an opportunity to file a property tax appeal.
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2.????? Identifying Candidates for a Property Tax Appeal:
-????????? Property Performance: Consider appealing if any properties in your portfolio have experienced a decline in performance, such as lower rental rates, decreased occupancy, or a reduction in net operating income (NOI). ?
-????????? Market Conditions: Changes in the real estate market can significantly impact property values. If market conditions have declined, but your property’s assessed value has not been adjusted accordingly, you may have a valid reason to file an appeal.
-????????? Physical Deterioration or Deferred Maintenance: Properties that have suffered physical deterioration or damage impacting their value, could also be strong candidate for a property tax appeal.
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3.????? Consult with a Professional at Property Tax Resources: Navigating the property tax appeal process can be complex and time-consuming, requiring in-depth knowledge of local laws and practices specific to each taxing jurisdiction. At Property Tax Resources (PTR), we aim to simplify this process while maximizing appeal success. Our expert team will guide you through every step, from filing the appeal to securing property tax refunds and ensuring a smooth, streamlined experience. If you believe your property is over assessed or would like our team to review the assessment, contact us today for a review of your commercial real estate asset or portfolio.
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At Property Tax Resources, LLC, we believe in fostering strong relationships with our clients to ensure we are aligned with your objectives. Our team of seasoned professionals delivers exceptional results nationwide. Reach out today or visit our website to learn more about how we can help reduce your property tax burden.
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Property Tax Resources, LLC