Every property owner who wants to file a property assessment appeal is well-advised to hire the best Gwinnett County tax advisors that his/her money can afford. The appeal process will require comprehensive knowledge and skills about property tax rules and regulations as well as demand time, energy and effort, all of which you may not possess. You will appreciate the competent knowledge and skills of the tax advisors regardless of the type of property that you want to be subjected to the appeals process.
Residential Property Appeals
The majority of Gwinnett County’s appeals caseload consist of residential property appeals on any given year. This can be attributed to two factors, namely, the frequent fluctuations of average home prices and the volatility of the housing market. Both of these factors can leave substantial inaccuracies in the computerized mass appraisal process applied by the county.
With the best Gwinnett County tax advisors on board for your appeal, you have the assurance that their staff of appraisal experts will look into the relevant characteristics of your residential property. The independent analysis is a must when contesting the appraised and assessed values of your property during the hearings with the Board of Assessors or the Board of Equalization.
Commercial Property Appeals
The appeal process for assessment values for commercial property is the same for residential property, as it is true for industrial and agricultural property. But there are differences in the complexity of the appeal because of the inherent differences in the size, use and income, among other factors, of the different types of real estate.
For most commercial property, the appraised values are closely related to the income and expenses on it. As in case of residential property the appraised value can also be based on the market sale prices of similar property in the neighborhood. The Gwinnett County tax advisors will have their appraisers study the property’s net operating income and market data for the purpose of determining a more accurate appraised value.
Industrial Property Appeals
These types of appeals are among the most complicated because of the complexity of the property’s characteristics. In most industrial property appeals, the Gwinnett County tax advisors and their staff will perform comprehensive research and data gathering before determining a more accurate appraised value for the property.
As with other types of commercial properties, industrial properties can be appraised using the income and the sale comparison approaches to value. Industrial properties that are leased, such as multi-tenant warehouse properties, can be valued using the actual income and expense experience of the property to generate a value to compare to the assessment. If market rents are lower than contract rent then market rents can be used to lower the net operating income.
Some industrial properties are built-to-suit and aren’t easily compared to other sold properties. As a result the tax assessors will often use a cost approach that estimates the cost to build new, deducts for an estimate of accrued depreciation, and adds land value for a total value estimate. The cost approach is most appropriate for newer properties so if your industrial property is older, the Gwinnett County tax advisors have many arguments to use against the cost approach.
Agricultural Property Appeals
Ask Gwinnett County tax advisors about the possibility of appealing the assessed values on agricultural property within the jurisdiction. These tax professionals should have the knowledge about the complex rules and regulations governing agricultural property from their appraisal to their taxation.
In all cases of property assessment appeals, the concerned taxpayers will comply with a set of rules and regulations designed to provide taxpayers with a fair and equitable opportunity to present their side. You should tap into the process but be sure to contact the best Gwinnett County tax advisors that your money can afford considering the complexity of the steps involved.
