Ep1044: How Accurate Are Commercial Property Tax Assessments?

 

Commercial property tax assessments arrive every year, but how accurate are they, and should companies appeal? After all, this is a number that owners want to see low, low, low.

Providing his in-depth knowledge, Jason Armstrong, Senior Manager, State and Local Tax Services, joined his colleagues and hosts of Weaver Beyond the Numbers Real Estate Edition Howard Altshuler, Partner-in-Charge, Real Estate Services and Rob Nowak, Partner, Tax Services.

Armstrong first urged that organizations “make sure you’re viewing them every year, and they are in line with the market. We didn’t know how assessors would handle 2020, but in most cases, valuations stayed flat or increased.”

Armstrong noted that assessors should be using data around the market, rent rates, cap rates, vacancies and collections for businesses questioning their assessments. “Find out their parameters and numbers and compare them to your actuals.”

There is an opportunity to lower the valuation if it seems high, especially if the property suffered losses. “If you had high vacancies because of shutdowns, it should lower the value, because your net operating income is less,” Armstrong explained.

Companies can appeal assessments. That varies by state, but, in Texas, the timeline is 30 days after receipt of the assessment.

Armstrong also noted the advantage of a consultant in making an appeal. “Working with a real estate professional and tax expert, they know the process and pain points. They also have access to market data. Some of that is accessible, but a specialist will have things like a cap rate study on hand.”

Follow us on social media for the latest updates in B2B!

Twitter – @MarketScale
Facebook – facebook.com/marketscale
LinkedIn – linkedin.com/company/marketscale

Follow us on social media for the latest updates in B2B!

Image

Latest

blue collar
Building Efficient and Engaged Blue-Collar Workforces Begins with Leadership Rooted in Personal Development
November 20, 2024

According to a study by Deloitte and The Manufacturing Institute, over 2.1 million manufacturing jobs could remain unfilled by 2030 due to a lack of skilled talent. This workforce shortage reveals a critical gap in leadership within blue-collar industries. Without strong leadership to develop teams and foster growth, businesses face inefficiencies, low morale, and…

Read More
Paying it Forward: Empowering Career Migration Journeys | Sinead Carbery and Gillian Williams | EP05
Paying it Forward: Empowering Career Migration Journeys
November 20, 2024

On the latest episode of Care Anywhere: The Global Health Workforce Podcast, host Lea Sims sits down with Sinead Carberry, President of International Staffing Solutions, and Gillian Williams, MSN, BS, RN, Senior Director of Clinical Operations, both from AMN Healthcare. The episode delves into the complexities of global career mobility for healthcare professionals, with…

Read More
Healthcare access
Improving Healthcare Access Through Nontraditional Benefits and Discount Plans
November 19, 2024

Healthcare costs are rising steadily, while insurance benefits struggle to offer sufficient coverage, driving demand for practical solutions like nontraditional benefits and discount plans. As premiums rise and coverage limits remain stagnant, many individuals and employers seek alternative ways to manage costs and improve healthcare access. With chronic conditions on the rise, the stakes…

Read More
CSR with Kelem Butts
Leading the Change in Corporate Social Responsibility with Kelem Butts: Tackling Health & Educational Challenges in a Disrupted World
November 19, 2024

In an era where corporate social responsibility (CSR) strategies are rapidly evolving, adapting to new challenges is paramount. As digital transformation accelerates societal shifts, organizations like United Way of Metropolitan Dallas are at the forefront of addressing critical issues, from education to economic mobility. This episode of DisruptED dives into the dynamic world of…

Read More