There are times that your commercial property tax skyrockets. You don’t need to swallow this bitter pill. Indeed, you should make a point to appeal the commercial property tax. However, there is need to understand that many companies do not know that they can appeal such tax. The right is statutory. The tax assessment can actually be appealed.
It is important o point out that there are complexities that are involved in the appeal process. The result of the appeal can be very favorable or it may not favor you at all. Poor handling of the appeal can always guarantee a bad outcome. 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. Different counties have specific deadlines for filing the tax appeal. The same case applies to different states. As a consequence, there is a need for acting 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 for property appeals. 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. Again, it is important to pay the taxes so that your appeal may be legit. The money will surely be lost if you do not pay the taxes. You, therefore, need to prioritize payment.
Again, there is need to be versed with the valuation criteria. Indeed, it is needful to have a proper understanding of what the value of your property is. 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. There are three approaches that are used so as to determine the value of property. the approach that is most common is the income approach. The cost approach is another one that uses the depreciation of property. The third one is the sales comparison approach. There is a factoring in of the price of similar property in the same 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. Remember that you can never say that you have over prepared for the case.
Get a lawyer to help you in the process.