Tax Appeals
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If you are a property owner and you own more than one property, these additional taxes could exceed $10,000, $30,000 or higher per year. Additionally, during a booming economy vacancy rates typically stay low and property owners are not exposed to the risks posed by vacancies; however, in the current economy, many property owners are left footing the tax bill when their tenants vacate and potentially move to competing locations with lower triple net charges (taxes, insurance and common area maintenance charge). It should be noted that property owners can get their properties reassessed (through a tax appeal process) if they feel their properties are over-valued. If the RMV as determined by the county assessor exceeds what the property would easily sell for in an open market (MV) then property owners should file a property tax appeal (see your local county Assessment and Taxation website for details on the tax appeal process). Generally speaking, if the property is affected by a decrease in value caused by: (a) declining prices and market conditions; (b) damaging conditions like dilapidated roofs, cracked slab, construction defects, condemnation, obsolescence, environmental problems or (c) other causes; then property owners should file an appeal. The savings to property owners will more than likely pay for the fees associated with getting the property appraised.