Annual property tax on commercial properties is one of most property owners' biggest tax exposure areas. There are multiple reasons behind this. Commercial property tax is complex, and there are too many steps. This can sometimes become a logistical issue for some property owners and managers. To avoid the hassle, many property owners do not go through the property tax assessment and appeal process to reduce exposure. They just pay whatever tax the government values their property with.
Many commercial property owners also do not know that their property can benefit from many tax exemptions. Many people mistake this appeal to be just for residential property owners. But reports by USA Today say that property taxes can be humongous in some states, and it can burn a hole in your pockets. So, why pay the amounts blindly when you have a chance to rightfully fight the claims?
This certainly does not mean we will be able to completely waive all property taxes for you. No, that is not how we do things. We run reassessments and appeals to help you pay the amount that is fair and justified for your property.
Read this article to find out all the steps you have to follow successfully appeal your property tax assessment.
Steps to appeal a property tax assessment
Follow this guideline below to have a hassle-free property tax assessment appeal for your commercial properties in the USA.
Know all the rules for reassessment in your region
Each county and jurisdiction has very different rules for property tax reassessment in their region. The timelines for filing appeals are different, and the assessment process is different. Check the tax assessment notice you got from your local office. There will be clear instructions for appeal dates and timelines.
Check the property tax benefits you deserve
Any property depreciation value, any change of ownership, change in asset value, new tax laws and other such factors need to take into consideration during evaluation. Also, the size of the commercial property, its type, its age, and its physical conditions are all crucial factors. There are certain benefits that most jurisdictions offer under these categories. Make sure to check under which categories you can benefit.
If your property faced any serious damage over the last year and that has caused any change in the value of the property, even that needs to be taken into consideration.
Recheck the assessment and verify the facts
You must visit the local property tax sites to check and verify your assessment statement. According to reports, in many counties in the USA, there is an unsaid practice where property owners can make an informal appeal to the local authorities. The appeal goes to the local Board of Equalization and Review. Then you can opt for a settlement outside the court without a formal appeal. If this is the case in your area, you must check out this option.
But if there is no chance for an informal appeal, you must opt for a formal appeal process. But make sure to verify your facts before you go ahead with this step.
Compare your property with similar properties
Before you file an appeal, always compare your property with others to recheck the value. If there are similar commercial properties in the area, see how they have been evaluated. This is a common practice to always evaluate similar properties in comparison to each other to get the best market value. If you see a vast discrepancy then there is a solid ground for argument.
Collect evidence to build your appeal
When you plan to file an appeal for your property tax assessment and challenge the government reports, you need evidence to prove your point. This can include rental agreements, leases, asset valuations, and any evidence of depreciation or damage to the property. Or in case you spent money to conduct hefty repair works to make the property usable for your tenants. All of these costs need to be documented for you to make a valid appeal in court or with your local authorities.
File an appeal and show up for your hearing
Once you have all the evidence needed to prove your case, you can file for an appeal and show up with the evidence at the hearing. In such cases, you will need to fight your own case without any external help in case you want to do it independently. This can be challenging because the city will bring real estate experts and lawyers to fight on their behalf. Reaching a settlement and getting a refund can become tougher.
Consider hiring a professional tax appeal service provider
To make things simpler, it is always best to work with a professional tax appeal service provider. Like Assetsoft, here we assess your property, and file the appeal on your behalf. We also gather the evidence on your behalf and then build the case. Then we will also go to the meetings and hearings with you with our expert team to ensure you get a justified reassessment.
We will work with you till the time you get a tax assessment value that all parties can agree on. Then we will get the new assessment signed by all parties and follow up on the refund status till it reaches your account.
Commercial property tax assessment is now easier with Assetsoft
We offer our expert commercial property tax assessment and appeal services for most commercial properties. Our expertise lies in properties like,
Office spaces
Retail real estate like shopping complexes, malls
Industrial areas like factories and warehouses
Multifamily properties
Hotels and restaurants
Special purpose properties (self-storage, churches, temples, or other religious places, educational institutes)
We also have access to multiple ground-level assessing offices and can get information from across the country. We have local experts on our team who have an in-depth understanding of the way things work in each county and can help you rightfully assess your properties.
If you think you have been unfairly assessed but do not know how to go about the appeal, it is time you contact us. We will file, conduct an unbiased assessment, do the appeal on your behalf and get you the refund you deserve. And our promise? You will not have to pay us if we can not reduce the assessment value.
Get in touch with our property tax assessment and appeal team to get your commercial properties in the USA evaluated.