Follow this guideline below to have a hassle-free property tax assessment appeal for your commercial properties in the USA.  

1. 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.  

2. 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. 

3. 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.  

4. 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.  

5. 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.  

6. 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.  

7. 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 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 are already halfway there in 2022, and these trends are here to stay and make long-term changes in the CRE biz. Check them out and take them into account while planning your strategy and leadership to better your business and management plans.  

1. Retail is being reshaped  

Retail shopping was badly hit during the pandemic due to all the social distancing norms and travel restrictions. Leisure shopping or shopping for non-essentials took a backseat. Since then, malls and other retail outlets have been grilling under pressure and are yet to bounce back to their original form. But there is a high inclination toward retail being reshaped. People are now going for hybrid shopping options where they choose a product from a company’s online website or app and place an order. Later they drive by the retail outlet and pick up their order. For this new type of business, retail shops need to replan their inventory management and get in new storage spaces to handle this extra load.  

2. Multi-family homes are in demand 

There is a rise in demand for multi-family homes. Why? Remote work is slowly being removed from most company policies, and employees are called back to offices. Many first-time renters, fresh graduates, and college students who had moved back home or to the suburbs during the pandemic are now heading back into the cities. They are all looking for cheap rental options, and multi-family homes are the answer.  

3. The industrial sector is consistent 

Industrial construction in CRE is still consistent as before. With the high demand for e-commerce goods and to produce them and get them delivered, the industrial sector real estate remains popular. Factories and warehouse spaces are in high demand to make and store the added orders coming in through online shopping portals. Forbes reports back up these changes; e-commerce saw a 14.2% rise between 2020 to 2021 and a 50.5% rise between 2019 to 2021. Among these, Amazon accounted for over 40% of the sale. This is why Amazon went on to increase its number of warehouses around the country.  

4. Tourism real estate to rebound 

Tourism and hospitality real estate are slowly but steadily getting back in business. When the pandemic hit the world, this industry was one of the worst-hit. Travel is treated as one of the most non-essential, and both leisure and corporate took a backseat in people's priority lists. But in the present age, people are rethinking tourism to help beat the pandemic blues. New hotel spaces to encourage “workation” crowds where they offer both working spaces and leisure options under the same roof.

5. Offices types set to change  

The typical office space is being reimagined after the pandemic. Hybrid workspaces with more open spaces and workstations are rising in demand. Both offices and their employees are now focusing on leisure and relaxation offices and work. If you are a real estate property manager or owner of office spaces, you must consider these demands to make more sales.  

6. Investment in technology 

The use of PropTech is on the rise. There is much new-age tech that is shaking up the real estate market. You can do a lot with the correct technology, from integrating software like Yardi or MRI to automate your property management work to using autonomous drones for home tours. You can also use RPA chatbots or CRM software to automate customer communication.  

7. Mixed-use properties are rising 

Another major CRE trend is the rise of mixed-use properties. People no longer want to travel in their cars and get far from home to access other amenities. CRE is now developing properties and complexes which residential spaces, office spaces, retail outlets, recreational facilities, and shopping malls all under the same compound. This gives tenants are wholesome life within the same compound without setting foot outside or working hard to get to their things of need.  

8. Sustainable real estate is crucial 

Forbes news reports have pointed out that real estate accounts for 40% of the global carbon emissions. That is a scary number, and CRE is a major contributor to this problem. But the present tenants or homebuying crowd are the millennials, and this generation is highly conscious about the environment. You need to make an effort to make your real estate more sustainable or try to build zero-net energy homes to cater to this crowd. Why? This generation is ready to pay for more eco-friendly housing options than invest in non-sustainable properties.