According to market reports by Investopedia, tax appeals and assessments are the best methods to get the best tax benefits and rebates on your property taxes. Many real estate professionals have a popular belief that property tax reassessment only works for residential properties and high-value homes. But this is a complete misconception. According to the Municipal Property Assessment Corporation (MPAC) of Canada, any commercial property owner who is unhappy with their tax bills can file an appeal.
If you feel that your property has been unfairly assessed. You can go ahead with the appeal. The only requirement is that you have enough documents and proof to support your claim. Even if you do not have the documents at the moment, you can contact a property tax reassessment partner to start the process. From helping you understand what documents you need to provide you with a reassessment report and filing the appeal on your behalf, the right partner does a lot of work.
Are you a commercial property owner in the British Columbia province? Want to know all about the property tax reassessment and appealing process? We are here for you. Read this article to get all the details about the process from our tax experts.
Why are the Assetsoft property tax assessment one of the best?
No matter what the type of your commercial property, you will surely get a notice from the BC Property Assessment for your tax bills. But they have to evaluate over 2 million homes under their jurisdiction. The high volume of properties they have to assess may sometimes lead to inaccurate assessments.
That is why commercial property owners must become proactive about their tax bills. Discrepancies also occur when you have outdated information and documents. But once you receive the assessment, you have until 30th April to file the appeal with PAAB. But this process can be overwhelming because the logistics are complex. That is why a professional like Assetsoft is the best option for you.
We have experts who conduct quick and efficient assessments and provide you with reports much before the deadlines. Our services are also very pocket-friendly, which is why so many customers love us.
The type of commercial properties we have expertise in
We have expertise in handling property tax reassessment and appeal work for properties like,
Office spaces and data centres
Industrial buildings like factories or warehouses
Retail spaces like malls and shops
Hospitality - hotels and restaurants
Multifamily housing complexes
Student Housing
Special-purpose buildings (temples, churches, other religious places)
Hospitals and nursing homes
Assisted living spaces
Medical facilities and buildings
Where does Assestsoft collect its property tax information from?
We are present in multiple jurisdictions of Canada and gather our information from places like,
Building permits for the property
Land titles office
Direct visits to the building
Previous real estate transaction details
Municipality documents
All property data. This includes sales, evidence, and data about damages, tax payments, and other documents
Any updates from the property owner/manager
How do you evaluate the tax of a property?
We evaluate the property under these factors,
The age and the current value of the property
The number of stakeholders in the property
A complete walkthrough of the property
Collect all the data from our on-ground evaluation and have experts assess the findings
Location and size of the property
Get property evaluation and assessment experts to identify errors in assessment and address areas of concern
The property value of similar properties in similar areas
Recent market reports and other sale prices in the area to stay fair to the process
Work with expert consultants to understand the local market and the current tax rate trends for other properties
What is the tax appeal process?
We follow a 5 step process to assess your property and make an appeal. Check out the steps below for a better understanding.
Step 1
Assessment notices come in January. Then we consult with our clients to find potential areas for savings. We provide advice on filing the appeal within the next 30 days with the City Assessment Review Board or withdraw.
Step 2
As a next step, we negotiate with the city assessor to get better assessments. Then we take this offer to the client; if they are content with the new assessment, we have a sign-off Acceptance of Amended Assessment Notice and withdraw the appeal. At this stage, we get all stakeholders at the table, and the assessment is signed off. But if the client is not satisfied with the turnout, we continue the appeal process with the City Assessment Review Board.
Step 3
Then we attend the City Assessment Review Board hearing. A notice is issued, and the new assessment is shared. If the client is not content, then we go to the next step of the process. Then we have 30 more days to file an appeal with the Municipal Government Board (MGB).
Step 4
Then we attend the MGB Tribunal hearing. If all stakeholders agree, then a Certificate of Recommendation is signed for the MGB to consider. Then you wait for the MGB decision. In the cases where there is no recommendation, we produce evidence at the hearing and wait for a decision. Then both client and the City get 30 days to contest this decision. If there is no contest, then the refund is initiated. The notice for the refund is sent out to the City.
Step 5
We keep following up on the refund status and process to ensure it works out.
Property tax assessment and appeal with Assetsoft
We work with local experts and grass-root level workers to gather our information. That is why our services are holistic and end-to-end. When assessing your commercial property, we will always ensure that you get the best value for your money. Our team goes all out in ensuring that you do not overpay your taxes.
Get in touch with our team to know how we conduct our services. Book a free one-hour consultation with our property tax assessment and appeal experts. Discuss with us all about your property tax issues, and we will provide you with a customised plan for the best appeal process. Talk soon for more!