Do you know that property taxes can comprise as much as 40% of a commercial property’s operating expense?
As you well know, these figures are not subject to negotiation like other commercial expenses as they are based on the government’s estimate of the value of your property.
With such a potential outflow in your business, property tax management ought to be a constant priority for you.
Usually, commercial property owners are so deeply engaged in several business concerns that they only think about property tax when they receive their property tax assessment.
Even then, it’s not uncommon for such business owners to ignore drastic increases in their property value and pay the tax instead of filing an appeal.
If you belong to such a category, here are 5 reasons why you should hire a professional property tax specialist to manage your property tax more effectively.
Table of Contents
·You need to ensure the accuracy of your property tax assessment
As a property owner, it’s important to know the actual value of your property or properties. This would go a long way in helping you determine whether or not your property tax assessment is fair or you need to appeal.
Partnering with a professional property tax specialist would simplify the process. Not only do they possess the required skills and experience, but they would also be more likely to keep up with the different property appraisal benchmarks in different jurisdictions.
·You need to set up an effective liaison with your tax department
Your interaction with the tax department in your jurisdiction is not limited to receiving a property tax assessment or filing an appeal. You must be prepared to receive random requests for site inspections, or information on your properties.
This can prove problematic especially if your portfolio contains multiple properties. A specialist can liaison with the tax officials and field these requests whenever they come in.
·You require expertise to fully take advantage of savings opportunities and incentives
An experienced property tax specialist will not only be useful in analyzing your tax assessment but also in helping you save costs. An expert in real estate valuation can offer useful advice on the best approaches that would yield the most benefits to you as a property owner.
This way, you’ll not only achieve your optimum tax objective but also increase your bottom line in the long run.
·You need to improve your appeal success rate
After identifying a hike in the property value recorded in your tax assessment, you have a long way to go before your request for a lowered assessment is granted.
You require resources to make market comparisons, prepare valuations, and present a persuasive case to your jurisdiction. Property tax specialist has access to these resources required to file and guarantee the success of your appeal.
·You need to be prepared for your next assessment
There’s usually a short window of time between when you receive your property tax assessment and when you can file an appeal. Deciding to partner with a property tax specialist today can save you valuable time in the future.
Rather than have your assessment come as a surprise, you can be proactive and make necessary arrangements to begin the filing process as soon as possible.