MINIMIZE THE COST OF PROPERTY OWNERSHIP
Property taxes represent a very large expense item in the operation of a property; usually second only to debt service. A reduction in property taxes can make a significant difference in the value and performance of your properties. Property tax savings go straight to the bottom line. When the property taxes decrease, net operating income increases proportionally. Furthermore, any yearly property tax savings is exponentially realized at disposition by directly capitalizing that year's tax savings (ex. a $100,000 property tax saving divided by a 6.5% cap rate is over a $1,500,000 savings at disposition). Our property tax services include:
Property or Portfolio Tax Assessment: We are committed to developing a clear format by which the client can easily identify property tax obligations. We will prepare a schedule of parcels owned, with clear descriptions of each parcel, their individual assessed values, and each property tax liability.
Property Tax Appeals: After the initial assessment should we determine you are overpaying on a particular property we will reach out to the proper taxing authority to negotiate a lower assessment. However, if this informal process does not produce what we believe to be a fair and reasonable value we file a formal appeal with assessor. At that time we will attend cases before the review board and may additionally employ appraisers or attorneys to bolster your case during the formal hearing process as needed.
Pre-Acquisition or Post-Development Tax Estimates: An understanding of the taxing authorities and assessment process implications can lead to more informed acquisition and divestiture decisions.
Tax Bill Administration: We can take receipt of your property tax bills and therefore proactively assess your portfolio yearly to monitor property tax reassessments and help file business personal property taxes on your behalf.