It is very common for commercial property tax to skyrocket once in a while. This is a thing that you don’t have to accept. 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. There is indeed such a statutory right. You need to appeal the assessment of the tax.
There are manifold complications in the appeal process. 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. To successfully appeal a commercial property tax appeal, read this article to the end.
It will be needful that you have a proper knowledge of the tax appeal process. For instance, different counties have different deadlines to file the appeal. The same case applies to different states. As a consequence, there is a need for acting swiftly. Indeed, there are some states that have such deadlines within the first 15 days once your assessment is received.
The intricacies of the process need to be researched on, even as you learn the jargon for property appeals. This may seem like a petty requirement but it has the capacity to save you millions of dollars. It is very critical to fully understand what the appeal requires and involved. Payment of your taxes is obligatory so that you qualify for the appeal. the taxes need to be paid if you have any hopes of receiving the payment. 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. There is need for anyone who wants to appeal commercial property tax to have an idea of the criteria that is generally used to gauge the property’s value. There are three approaches that are used so as to determine the value of property. First, there is the Income approach that is actually the commonest. The cost approach is another one that uses the depreciation of property. Still, there is another approach that is referred to as the sales comparison approach. In this approach the pricing of similar property is factored in.
It is essential that the preparation of your case needs to kick off instantly. This requires a thorough preparation that leaves nothing to chance. Understand that there is no time you can have excess preparation for the case.
Get a lawyer to help you in the process.