If you have experienced an increase in your commercial property tax, you may be wondering what actions you can take. One of the options available to you is appealing the tax assessment on your property in Fulton County. The process can be challenging and complicated, however. When things aren’t done the correct way, you may end up with an outcome you aren’t happy with.
In order to increase the chances that you win your appeal and lower the commercial property tax on your business, there are a number of things that you should do. Having a strong, compelling case is the best option for attempting to lower your taxes. We’ll share some information on how to do that below.
Research the Property Tax Appeal Process
The ultimate way to prepare for an appeal on your commercial property tax is by understanding the process from beginning to end. This can be complicated as each state has its own process and deadlines. In addition, your county may have specific requirements you need to know about. The first thing to know is how long you have to appeal the assessment, because there may be a deadline coming up soon after receiving it.
You also want to be aware of the language and jargon that is commonly used in property tax appeals. This will make your research process more straightforward. Having a thorough understanding of the process is crucial, as it may end up saving your business a significant amount of money. You should also be aware that paying the taxes is still mandatory. If you do not do so, you will not be allowed to appeal.
Understand the Criteria for Property Valuation
Having an idea of the fairness of the assessment that leads to the amount of your commercial property tax is important. It also means you need a full understanding of the value of the property. This can be complicated because there are various ways in which value may be assessed. It’s important to know what approach was used with your property when building an appeal. You will need to contact the assessor’s office to determine the approach.
Cost Value Approach
If a cost approach is utilized, it means that an estimate is made using the cost of the new property. Any form of depreciation is then accounted for along with the value of the land. The idea behind this approach is that nobody who is purchasing the property would pay more than the depreciated cost of the building or property.
Sales Comparison Approach
If this is the property valuation option used for your property, the value of your property is based on the price of units that are similar to yours that have been sold in the recent past. This gives a clear idea of what your property would be worth if placed on the open market at the time of assessment.
Income Approach
The income approach is one of the most common evaluation options used. First, net income and value through capitalization are considered as a whole on your property. The tax value of your building is then estimated based on that information. In some cases, this will be done using your actual expenses and income, in other cases it will use market assumptions. This approach can be highly reliable when it is properly adjusted and developed.
Confirm the Information Needed for an Appeal
You will want to be sure you understand your deadline for an appeal. Take note of this and mark it onto your calendar, so you ensure it is done in a timely manner. You will also want to be aware of whether the appeal needs to be received by this date or only postmarked by it. If it is the former, you will have less time to get things done and sent in properly.
Be sure that you have the correct mailing address for mailing the appeal. If it isn’t received, there’s not a lot that can be done. Surprisingly, this occurs quite often so double check your information. You may also wish to confirm whether you need to appeal my mail or if there is an Internet option available. You may need to use company letterhead or provide certain information with your appeal on commercial property tax.
In addition, having evidence, extra paperwork, or letters of authorization is often an excellent idea. However, this requires extra information, as well. You may want to inquire about which types of documentation are required or allowed when filing your appeal.
Preparing Your Case for the Appeal
There is no way to be too prepared for an appeal, which is why starting immediately is recommended. You are in charge of proving the value of your business, which means you need well-supported documentation. You’ll also need to set time aside for the actual hearing. You will present your case with simple facts. There will be a time limit associated with the case, so you want to show your main points and offer as much reinforcement as possible. If you have maps or photos that may be helpful for your case, be sure to bring those with you. It’s also an excellent idea to have a professional at your side who understands commercial property tax management to ensure the best possible result to your appeal.
Expert Resources and Assistance
Fair Assessments LLC offers expert assistance in regard to Fulton County commercial property tax appeals. We work with commercial property tax appeal in the Southeastern United States, along with residential appeal in Atlanta. If you are interested in learning more about the process and where to go from here, you can contact us at any time.
You can reach us by phone at 404-618-0355, by email at info@Fair-Assessments.com, or through the contact form on our website. One of our staff members would be happy to get in touch with you to clear up any questions you have.
