Keep in mind that effective property tax management isn’t just about paying the property taxes on time. Instead, it means minimizing your property taxes while getting the most value from the use of the property, whether it’s residential or commercial. This is what the best property tax advisors in Atlanta are experts in!
Let’s take a look at the five effective tactics used by these property tax professionals for their satisfied clients. You can also use these tactics although you may have second thoughts. You will soon find these tactics demand time, knowledge and skills, which you may not have now, so hiring a property tax consultant is the better option.
#1 Research the Processes
Each local jurisdiction in the State of Georgia has its own processes and procedures in property taxes. The differences can include the millage rate, the forms and supporting documents needed, and the methods used in the assessments, among others. The best property tax advisors in Atlanta will conduct an intensive research into these matters before making the first move.
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The reason: This will increase the chances of a winning appeal. The knowledge of the when, why, where, how and who is a must in complying with protocols.
#2 Understand the Risks
Every residential and commercial property has its unique conditions andissues related to property taxes. The best property tax consultants will take the time and effort to understand the characteristics of your property, even when it seems similar to all the other property they have handled. These issuescan include:
- Repairs and replacements necessary
- Environmental factors affecting its value
- Economic aspects of its operations, such as newer establishments
- Historical value
#3 Make a Proactive Plan
The best property tax advisors in Atlanta will not wait for the annual notice of assessment to come to their clients’ mailboxes – and you shouldn’t either. The presence of a proactive plan can decrease the risks of:
- Being delinquent on the payment of taxes
- Passing up the opportunity to enjoy reduced taxes by filing an assessment appeal
A strategic long-term property tax management plan is a must considering the impact of property taxes on your bottom line.
#4 Regular Monitoring of Property
The regular reviews of the property in your portfolio is a must in their effective tax management, too. First, valuation estimates can be made before the tax assessment notices are mailed. The profit and loss information for each property for the last calendar year can be analyzed to find changes in NOI and value.
Second, changes made to the property and its market area can be noted. These changes may or may not have a substantial impact on the property’s assessed value but it pays to have the evidence beforehand. For example, the property may be over-assessed considering that its rental rate is lower than the competitors’ rates.
#5 Follow the Procedures
Unfortunately, taxpayers don’t set the tax rules and regulations – at least, not in the direct manner. Following the processes and procedures is then a must to increase the chances for a favorable result. This is especially true when filing a formal tax assessment appeal where deadlines are strictly enforced.
Conclusion
As a property owner and taxpayer, you have the right and responsibility to work with the best property tax advisors in Atlanta in the protection of your bottom line. You should exercise them and enjoy reduced taxes in the process! Your best bet - Fair Assessments, hands down.
