When you receive a tax assessment, do you treat it as a fixed occupancy cost? Many companies make the mistake of accepting assessments without question, often overpaying property taxes.
When these unfair assessments are identified and successfully appealed, you could save thousands on property taxes. However, developing an appeal and meeting the jurisdiction’s filing requirements takes time, effort and property tax experience.Whether you have three properties or 300, managing property taxes is a full-time job.
That’s why turning to a property tax expert for property tax management is a good idea. Learn about the criteria you should consider when looking for a commercial property tax expert.
5 Metrics To Evaluate When Choosing A Property Tax Expert
- Appeal Success Rate. Appealing increases in property value assessments is one of the biggest ways a property tax expert saves you money. Since this is such a key part of the process, you want to find a partner that has a high success rate when appealing on behalf of clients.
- Average Market Value Reduction. It’s not just about securing savings for clients; it’s about how much they save. Look for a property tax advisor that gets the most savings for their clients every time. Ask for their average market value reduction, or the percentage of value they’re able to reduce properties by when they appeal.
- Number Of Square Feet Managed. You probably don’t have the bandwidth to manage the taxes for multiple properties, so you need a property tax expert that does. Ask potential advisors how many square feet of client property they manage and what their capacity is to manage more. It’s important that an advisor can dedicate the necessary time and resources to your property tax management.
- Which States They Work In. Property tax laws vary by state, so not all property tax experts work in every state. Having an advisor that does work in all 50 states is helpful if your business expands to new jurisdictions. In addition to not having to find a new property tax expert, your advisor also can offer guidance based on which states provide the best property tax rates.
- Types Of Industries They Work With. Ensure that your partner has expertise in the property types that apply to your company. For example, managing property taxes for a hotel differs from managing property taxes for an office complex. It’s important to find a property tax expert that is familiar with your industry and understands your unique property tax management needs.
Don’t take property tax management on yourself when you’re able to outsource it to an expert. You just have to know the strategic questions to ask and the metrics to evaluate. When you use the above metrics to find the right property tax advisor for your business, you’ll be one step closer to securing potential tax savings.
Schedule a free consultation to learn more about choosing the right property tax advisor.