If there has ever been a time when commercial real estate owners need to dispute their property taxes, it is now. One of the biggest expense for businesses is property taxes, but most do not take the opportunity to reduce their tax bill.
The commercial appeal process can be complex. Being prepared is the best way to poise yourself for success. Here’s an overview of what to expect:
- Know your deadlines.
Just one missed deadline can end of your chance of protesting that year. Before digging in on the process, take a moment to note the deadlines. You have 30 days following receipt of notice to appeal your value.
- Gather documents.
A successful tax dispute starts with documentation. Gather any documents that could lower the assessed value, such as rent rolls, operating statements, previous appraisals, inspection reports and photos.
- Build evidence case.
Prepare the hard evidence to support your value argument. You will need to provide and prove your opinion of value through the evidence.
- Present your case.
You might present your case in multiple hearings, typically starting with an informal hearing, then an Appraisal Review Board (ARB) formal hearing, and in some instances, arbitration or litigation.
Pro Tip: Get help from a property tax expert.
Contesting commercial taxes is a complex process, but you don’t have to do it alone. A property tax professional with expertise in the market, appraisal methods, and tax code will increase your chances of a winning tax protest and maximize your tax savings. On top of that, most charge only a portion of savings after they have successfully reduced your taxes.
Whether you own a single commercial property or a multi-property portfolio, Cameron Property Tax can help lower your tax bill. For more information, please visit www.CamPropertyTax.com.