There are times that your commercial property tax skyrockets. This is a thing that you don’t have to accept. You need to appeal such inflated commercial tax. However, there is need to understand that many companies do not know that they can appeal such tax. There is indeed such a statutory right. You need to appeal the assessment of the tax.
The appeal process is complex enough. Ultimately, the appeal may turn out to be something that you do not want to remember or it may bring goodies. The unfavorable results emanate from poor handling of the appeal. There will be need of a strong presentation to support your case. Continue reading to know how to successfully appeal a commercial property tax appeal.
It will be needful that you have a proper knowledge of the tax appeal process. The tax appeal must be done within specific deadlines in different counties. This is also not alien to different states. This means that you need to act swiftly. It is the case with some states that you cannot exceed 15 days once you receive your assessment.
The intricacies of the process need to be researched on even as you learn the jargon in the property tax appeal circles. You and your company can save millions of dollars as a result of this apparently simple requirement. It will be very useful to be sure that you are well conversant with what the appeal involves in its entirety. Payment of your taxes is obligatory so that you qualify for the appeal. The money will surely be lost if you do not pay the taxes. You, therefore, need to prioritize payment.
At the same time, you need to know the criteria that is used to make valuation. You need to have a fair estimate of the worth of your property. Therefore, any company that wants to appeal the commercial property taxes needs to familiarize with the valuation criteria that is applied to know the value of property. The approaches used in determining the value of property are three. First, there is the Income approach that is actually the commonest. Still, there is the cost approach that depends on the depreciation value of the property. The third one is the sales comparison approach. This approach uses comparisons of similar properties in the local area.
You do not need to waste time to start preparing your case. There is nothing that needs to be left to chance in this preparation. Understand that there is no time you can have excess preparation for the case.
Get a lawyer to help you in the process.