Posts Tagged ‘Commercial Property Tax Assessment’

Deadlines Loom for Commercial Property Tax Assessments

Wednesday, June 2nd, 2010
File Your Appeal on Time

File Your Appeal on Time

Many communities close their fiscal years in June or July, which means that business owners need to keep an eye on pending deadlines to appeal commercial property tax assessments. The states, desperate for revenues to meet their own budget shortfalls, did not take into consideration the full impact of the recession on property valuations. The result is that many businesses are burdened with inflated tax assessments. Business owners simply cannot afford to overpay their tax obligations, particularly in this difficult economy. Accounting firm Grant Thornton LLP recommends that commercial property owners who suspect that their assessment may be overvalued should retain the services of a certified, independent appraiser, experienced in commercial valuations. According to Terry Conley, a partner at Grant Thornton, “an independent appraisal is the biggest influencer for an appeal. A business owner can get a truncated appraisal that that allows them to compare their business to similar properties in the area, which is usually enough for an appeal. When more proof of overvaluation is necessary, we conduct an in-depth assessment that considers everything from infrastructure to landscaping to entryways.” Business owners also need to establish where to file their property tax appeals, as commercial properties are often considered by separate agencies than those that treat residential properties. Appeals can be challenging, but those who undertake them have a high rate of success. Of course, if you own your own home, you should consider your residential property valuation as well. Every dollar of tax relief is a dollar you should fight to obtain.