Property owners nationwide are receiving higher commercial property tax assessments as economic conditions improve. But did your property really appreciate 50% over the last 12 months?
You have, every year, the statutory right to file a commercial property tax appeal, but you must act quickly — typically within 30 days of the notice.
As commercial property taxes are the largest cost of corporate occupancy, a lot of money is at stake. You need to make sure that you pay no more than your fair share.
Commercial property tax values are statistically over-assessed. Many commercial property owners are unaware of their statutory right to lower property tax assessments by filing a commercial property tax appeal.
The appeal process has tight deadlines and requires legwork, but it’s worth the effort. Consider this: RPTA clients combined have seen property tax value reductions worth more than $1.5 billion. That translates to $21 million (and counting!) in total savings.
The Clock Is Ticking: Act Now To Lower Your Commercial Property Tax Assessments
For busy people, 30 days can go by in a hurry. And if you miss your county’s commercial property tax appeal deadline, you’re out of luck. Leverage the appeal process so your taxing authority does not overcharge you.
The first step in the appeal process is knowing when the appeal is due. Deadlines for commercial property tax appeals vary by locality.
In California, for example, 11 counties have a September 15 deadline for commercial property tax appeals, while the rest of the state has until November 30 to appeal. Check your local tax assessor’s website to confirm the deadline for your commercial property tax appeal and collect proof of receipt of your filing. If you miss the deadline, you have no opportunity until next year.
You Filed Your Appeal. Now What?
Analyze the weaknesses in the jurisdiction’s tax assessment of your property. Build a case based on appraisal techniques and methodology.
Know the jurisdiction’s requirements to file a commercial property tax appeal and what attachments must be included in the appeal packet.
After you’ve filed an appeal, your work is not done. Be prepared to do more research and attend a hearing to make your case.
If filing a commercial property tax appeal sounds like a lot of work, you’re right — it is, and you have significant exposure if your appeal is not successful. It is worth it to outsource this highly specialized process to a team of dedicated commercial property tax management experts.
Property tax consultants have the skillset, jurisdictional knowledge and processes that most organizations don’t have in-house to support property tax appeals.
You must act quickly before your tax reduction opportunity slips away. For a limited time we are offering a free appeal consultation to help you assess your appeal options and if it makes sense for you, help you get started.