You recently received your property tax bill—were you shocked, discouraged, frustrated, or perplexed? While it’s too late to change the bill you just received, there may be something that can be done for 2011.
Be prepared for next year by having your property tax assessments reviewed now. The commercial real estate market has seen significant declines in the last two years. Has your property tax assessment kept up with the declining market? Now is the time to start looking at your property values for the upcoming assessment period.
Most manufacturers will receive notices of full value assessments in June 2011. Locally assessed property will begin to receive notices in April 2011. The appeal period will follow shortly thereafter. It is better to start the process earlier rather than later. It is important to take a proactive stance when it comes to your property tax assessment, especially in this period of declining values. There is a good chance your property may be overvalued for property tax purposes. Examine the Fair Market Value on your property tax bill. In an honest evaluation would you be able to sell your property for this amount? If not, this would be a great opportunity to have your assessment examined by Schenck for a possible challenge of your assessment.
Property values change as the economy changes
Not only has the real estate market declined, but these tough economic times can change property values. Think of the vacancies in large, older industrial properties as their products change and their manufacturing facilities are moved to more desirable locations. There are also vacancy problems in the office sector as well as warehousing, and in the hotel/motel industry with the decline in bookings. Have these properties been reviewed to take advantage of the full effect of the declines?
What can you do?
Businesses need to pay closer attention to their assessments and be more proactive in challenging these assessments. It is extremely important to review your assessments, and to know how your assessor is determining your value.
We would be happy to assist you in determining your assessment value and any other property tax concerns you may have. Getting the assessment correct early is better than trying to change it later.
We pride ourselves in protecting our clients’ interests. Please contact your account director or Skip Grubanowitch at 888-556-5580 to learn more.