A Publication of WTVP

Property taxes are one of the most significant expenses affecting ownership of commercial real estate. Many owners don't take advantage of available strategies to reduce them. Especially in a slow economy, market and property-specific factors should be considered to reassess a property's value and possibly lower its taxes. However, tax assessors aren't necessarily attuned to market fluctuations or the particulars surrounding a certain property type, and owners often fail to point out such circumstances during revaluations.

In addition to changing market conditions, owners should be aware of timing and regulations to mount a successful property tax challenge. In the tri-county area, property owners must file the protest within 30 days following the newspaper publishing.

When analyzing a property after a revaluation, consider the following factors to determine if a reassessment is justified:

Property owners should be aware of factors affecting each specific property type.

Commercial property owners must be proactive to ensure all factors influencing the assessment of their properties have been considered by an assessor. When owners successfully reduce property taxes, the effects are dramatic. Another option for owners is to engage a property tax specialist to investigate the factors affecting value and make an appeal on the owners behalf. Typical charges for such an appeal are 50 percent of the first year's savings. IBI