lower property taxes

Lower Your Commercial Property Taxes

If you are a commercial property owner, then property taxes definitely make up a significant chunk of the expenses your business incurs. If the taxes you’re paying are too high for you to deal with, you do not necessarily have to close shop. In such situations, you may want to consider having your property tax assessment reviewed and if the property is overvalued you can file an appeal. Fortunately, there are professional tax consultants that can help you through the process of lowering your taxes.


If you feel overburdened by the taxes you are required to pay on your commercial property, you are probably wondering, ‘How can I lower my property tax?’ The good news is that there is hope. If you think that the assessment is unfair, or your property’s value is not in line with similar properties in the neighbourhood, you can request a reconsideration. And if you are not happy with the outcome, you can still file a formal appeal.


The Review and Appeal Process


If you do not know where to begin, there are reputable tax consulting firms that are well-versed with handling different tax-related issues, including reviews and appeals. With their vast knowledge and experience in the areas of tax assessment, tax management, tax reviews and appeals, the tax experts at these firms will advise you on whether you have a strong case. To lower property taxes, these professionals usually follow several procedures, which include:


  1. Assessment Review


Here, the experts will review your commercial property assessment while comparing it to its actual performance, recent sales and assessment of similar properties in the area. After performing their review, the professionals will give you a comprehensive report and advise you on whether it would be appropriate to proceed with the appeal depending on the tax savings you are likely to achieve should the appeal be successful. The property tax consultants will give you a detailed explanation and recommendations on the next steps to take and the chances of success.


  1. Appeal and Negotiation


Once the review has been completed and you have settled on proceeding further, the consultants will prepare and supply the property assessor with an alternative valuation and any supporting evidence for the proposed valuation. They will also respond to any of the assessor’s requests on your behalf and even negotiate a revised assessment if necessary.


  1. The Property Assessment Review Panel


If the above steps have not yielded results, the experts will prepare another professional submission that they will present to the Review Panel. This is a specially appointed panel whose role is specifically to review property assessments and it is completely independent of the assessment and taxing jurisdictions.


  1. Property Assessment Appeal Board


If there is no success at the Review Panel, the experts will proceed to file an appeal at the Property Assessment Appeal Board level. Ideally, this will include participating in Appeal Management Conferences as well as submitting any data that supports the case or that’s demanded by the Assessor. If there are hearings, these professionals will prepare the necessary submissions and appraisal reports.


Because of their knowledge and experience in handling different tax issues, finding the right tax consultants will go a long way in ensuring that you attain significant tax savings, and boost your profitability. If you are in a situation where you are overwhelmed by your commercial property taxes and are wondering, ‘How will I lower my property tax?’ you should try not to stress because there are tax consulting firms that can assist you.

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