Commercial Property Value Reassessment & Appeal
Commercial property taxes are based on the assessed value of the commercial property. Commercial property values are reassessed periodically by county tax administration departments. Instead of waiting for the next periodic valuation of a commercial property, a successful appeal could adjust the commercial property value to a more accurate fair market value.
Common commercial property reassessment and appeal opportunities may include:
(i) Errors in initial property assessment due to incorrect or outdated property information, improper inclusion of abandoned, sold, or otherwise other-owned property, double assessment, or under-depreciated assets.
(ii) Shifts in market conditions due to economic downturns, changes in demand, or increase in vacancy rates.
(iii) Property damage or functional obsolescence.
(iv) Unequal valuation of similar properties.
(v) Recent purchase of similar property(s) at a lower price
(vi) Unaccounted for depreciation
Authorities For Further Research(i) Refer to the tax authority for the county in which the property resides.
(ii) State specific tax statues, regulations, procedures, and case law.
