Are you a business owner in Florida? Whether you have a single business with just one building, or you own several businesses, including retail sites, warehouses, and other facilities, one thing is certain; you have to pay property taxes. These taxes help to make the area a better and safer place, and they are essential. However, you always want to make sure that you are only paying your share of taxes, and that you are not overpaying.
The property taxes on a business are similar to those that a person would pay on their personal residence. A commercial property is a piece of property used for making a profit. Both have to pay property taxes, though. The owner of the property is required to pay the tax, and it is important to budget for the property taxes properly. However, if you are paying too much in property taxes, or you believe that you are paying too much, it is time to get some help.
Differences Between Commercial and Residential Property Taxes
While there are similarities between commercial and residential property taxes, it is important to note the differences, as well. Not only are commercial properties utilized differently than a residential property, but they are also taxed at different rates. The commercial properties are often taxed at a much higher rate than a residential property, so even if you have a home in the same area as your business, it does not mean that your commercial property tax is going to be the same as the tax for your home.
One of the most important things to consider when you are trying to determine if you are paying too much in property taxes for your business is the way they are valued. While a residential property might be valued based on an estimate of the value of other similar homes in the area, the commercial property is often valued on how much income the property can generate at its highest. The “best” figure is taken, along with how much income the property is actually generating, and that helps the Florida property tax assessment to determine the valuation of the property.
It is easy to see that errors can happen with a commercial property just as easily as they can happen with a residential property. Many business owners believe that their property and the equipment on the property is being overvalued, which is causing them to pay far more in property taxes than they should pay.
Are You Paying Too Much in Property Tax?
Do you feel that your Florida property tax assessment and valuation of your property was incorrect? If it is, it means that you are likely paying more than you should in property taxes. The higher the supposed value of your property, the more you will be required to pay. If you feel that there was a mistake in valuing your property, you will want to let the Florida property tax assessment office in your county know about it.
In some cases, they might agree that there was an issue, and they will correct it. Other times, they may reject your request, which means you will need to file an appeal with them. The appeal process can be quite complex, and it can take months to have them reach a decision.
Naturally, you want to make sure that you are providing them with information about your property, and other properties in the area that are similar to yours, that are evidence that you are paying too much in your property taxes. Of course, this can be a big job to undertake.
Why You Should Get Help With Appealing Your Florida Property Tax Assessment
You have to spend your time running your business and making sure it continues to be profitable. This is not always an easy thing to do. When you also have to undertake filing an appeal and going through the appeals process for your taxes, it often means that the appeal will take a backseat to running the business. Instead of trying to handle everything on your own, you should get some help with the appeal of your Florida property tax assessment on the commercial property.
Having someone who understands this matter and who works in the field daily will allow you to spend your time working on your business. The property tax consultant can look through the paperwork and evaluate your property to get a better idea of the actual value and where or if the assessors made an error. They can also help you to go through the entire appeals process.
Working with a professional who knows and understands the business can help to increase your chance of getting the proper valuation for your commercial property. However, you need to make sure you are working with a great consultant who truly understands the field. The following can help to give you a better idea of what you should be looking for when you choose a property tax professional.
Find the Right Commercial Property Tax Consultant
If you need a property tax professional, it is important that you take the time to find the best company for your needs. Not all of the companies out there have the knowledge or experience needed to help with commercial properties. Always make sure that they have experience with business property taxes, and that they have a good reputation in the field. Check to see what their success rate is for appeals, and how much they have helped other business owners like you save on their property taxes.
When you find a great property tax consultant, they can help you with your appeals process, and they can often offer other types of services, such as consulting when you are buying a new property and need to know more about how it will affect your taxes. Take the time to find a consultant who can help you today.
