Property Tax Appeal Deadlines: What You Don't Know Can Hurt You

Posted by Anne Sheehan on Mar 15, 2017

property-tax-appeal-deadlines.jpgHave you recently received a property tax assessment? Most properties’ assessments are too high, causing the property owners to pay too much in taxes. In fact, many property owners look at their tax assessment and pay the bill, unaware of their option to file an appeal.

If you want to file an appeal to challenge your property taxes, you should look closely at the deadline listed on your property tax assessment. This deadline, if not adhered to, ends your appeal before you even get started.

Find out some facts about property tax appeal deadlines you may not know, and learn how partnering with a property tax expert makes it easier to meet these deadlines and craft a successful appeal.

What You Should Know About Commercial Property Tax Appeal Deadlines

  • They differ from jurisdiction to jurisdiction. If your real estate portfolio includes properties in multiple states, or even jurisdictions within the same state, your deadline to file a property tax appeal could be different for each property. This makes it particularly hard to keep track of all the deadlines that could impact your business.
  • Deadlines are usually short. Some deadlines are surprisingly short – as few as 15 days from receipt of your assessment. So if you want to appeal, you have to file the paperwork quickly. This means it’s essential to already have an appeal strategy in place in the event your assessment is too high.
  • You have to pay the full tax amount, even if you plan to appeal. Just because you believe your assessment is higher than it should be, you don’t get a free pass on paying the amount your jurisdiction has determined you owe. You have to pay the tax bill in full; if your appeal is successful, you’ll receive a refund for the excess. So you need to have the available cash to cover a property tax bill that’s much higher than you expect.
  • Jurisdictions don’t grant extensions. If you miss your appeal deadline, you’re out of luck – there is no extension or second chance. You’ll simply have to wait until you receive next year’s assessment and appeal that.

Your Deadline Is Approaching. What Should You Do?

To address your assessment and secure property tax savings, you need a plan of action. Your biggest responsibility is to call your property tax advisor promptly after receiving a property tax assessment. Your advisor will know exactly what to. They’ll have the experience and resources to determine the validity of the assessment, and they’ll ensure you meet your appeal deadlines.

Explore the steps property tax experts take to address your assessment.

1. Your advisor reviews the assessment. Your property tax expert starts by reviewing your assessment, taking note of the deadline and strategizing on how to secure savings. This review of the assessment also includes determining how your jurisdiction arrived at this valuation of your property. In the same way all jurisdictions’ deadlines differ, the way they assess properties varies, too. Understanding how the jurisdiction valued the property helps your property tax advisors build a stronger appeal.

2. Your advisor compares your assessment to market value. Property tax experts gauge the fairness of your assessment by comparing it to assessments on similar properties in your market. If those properties have much lower market values, that information is valuable support for your appeal.

3. Your advisor builds an appeal. Crafting a successful property tax appeal is no simple task. Filling out the appeal paperwork involves attention to detail, and compiling evidence to support a lower assessment requires experience and an expert knowledge of property taxes. Your advisors have all the resources needed to ensure your appeal aligns with your jurisdiction's requirements.

If you’re facing an assessment with an impending deadline, the best action is to contact a property tax expert as soon as possible. Working with a property tax expert increases your chance of conducting a successful appeal, and ultimately securing major property tax savings

Learn more about how to maximize your commercial property tax savings by downloading the free checklist, How To Fight Rising Commercial Property Taxes.

Checklist: How To Fight Rising Commercial Property Taxes

Tags: commercial property tax, property assessment appeal

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