Challenging Property Taxes 

Most people understand that their property taxes are based off the value of the homes or businesses they own. This valuation is reviewed yearly and property taxes are adjusted up (or down) accordingly. At least, this is how the system is supposed to work. In reality, valuations can vary widely and often times the assessor’s office is simply too overwhelmed to be able to do more than a cursory evaluation of the property’s value, leaving the property owner to wonder if they are being taxed fairly.

In the current market, it’s especially important to review your property tax assessment and, if needed file an appeal. Although the appeals process is fairly straightforward, having professional assistance in the process can mean the difference between a successful appeal (lower taxes!) or a great deal of wasted effort.

Municipalities do not like losing money and (again, thanks to the depressed real estate market) are being sticklers when it comes the appeals process.

Hiring a Professional

A professional appeals agent understands the appeals process, knows the market conditions and most importantly, knows where the little “gotchas” are when it comes to the red tape. Simply going in and appearing before the appeals officer and saying “I think my taxes should be lower,” simply will not cut it.

There are two different ways an appeals agent can help; coaching you through the process (you still plead your case yourself) or having the agent stand in on your behalf. Either way can help better your chances of winning your property tax appeal.

Coaching

A professional appeals agent can work with you on how to correctly come up with a property valuation based on comparable sales, walk you through the entire appeals procedure and coach you on how best to present your case. The agent can run through the various questions you are likely to be asked and help you best phrase your responses. This is usually a less expensive option.

Agent Representative

Going this route relieves you of all the work…from filing the paperwork, to collecting the required information to the appeal itself. This is a more expensive option, but it relieves you of the associated hassle as well.

How Much Lower Will My Taxes Go?

Of course, you are interested in saving money, but the fact is no one will be able to guarantee you an actual amount saved (if they do, they are scam artists…run!). The fact is you may not save a dime. The appeals officer may look at the information presented and determine your valuation is correct (or in some instances…not high enough and actually raise it!). However, hiring a professional and having a clear picture of your situation will go a long way to achieving your desired outcome. 

Is It Worth The Effort?

No one likes taxes. This is not about avoiding social responsibility. However, you have the right as a citizen to be taxed appropriately. Many property owners know they are being overtaxed, yet do nothing about it thinking it’s too difficult of a process. The fact is, appealing your property valuation can save you money and at the same time, help promote fairness in government.

Is There a Guarantee?

The short answer is no. However, with the proper information and planning many cases are ruled in favor of the property owner, resulting in significant tax savings.

How Do I Get Started?

The best thing to do is call a property tax agent and talk with them. They can usually give you an idea if your case if worth pursuing or not after collecting some very basic information. They are very likely to have a working relationship with the Gwinnett County tax assessor.

Property Tax Appeals http://www.Fair-Assessments.com 404-644-1667 Property tax appeals service focused on commercial real estate tax appeals. Property tax is a major commercial real estate expense and property tax reduction should be a top priority. We have been saving commercial property owners money for eight years. Contact us for your Fair Assessment.

Taxes are an inevitable part of life, an unpleasant one maybe but essential to the running of the country. In most cases, you receive the bill, grumble about it and then see that it gets paid; just occasionally though you receive a tax bill that doesn’t seem right. What can you do when the tax bill you receive for your commercial property doesn’t seem fair? By following a few simple steps and putting all your evidence together, you can appeal against the amount you are being charged and try to get the bill lowered.


Facts That Determine Assessment

Property taxes in Fulton start with the Fulton tax assessors whose responsibility it is to work out the value of a property before applying 40% to that amount to reach the assessed value of the property on which the tax is based. To get some understanding of whether your tax bill is fair you will need to compare it with those sent to owners of similar properties and, if possible, get help from someone, such as a realtor, who has a good understanding of property values in your area.

However, commercial property taxes are not based purely on the value of the building and to create a case against the assessment of the Fulton tax assessors you will also need to know your expense ratio, net operating income, and capitalization rate. The best way to get your capitalization rate is to derive it from the sales of similar properties.

Once you have these figures you are ready to start to build an appeal case; the next step is to decide on what grounds you are going to base the appeal. You could choose to argue that the market rental rate is lower than the rate that has been used by the Fulton tax assessors. If you can find grounds to do so you can argue that your property is unique and will, therefore, never have the low expense ratio that was used in the assessment. The third option is to argue that the capitalization rate used is the assessment was too low.


The Appeal Process

The Fulton tax assessor’s offices set out a 45 day period from receiving your tax notice, to lodge your appeal. If you are sending documentation to their office, it is always a good idea to send it as certified mail so that you receive confirmation that your documents have reached their destination. Appealing in person can involve an informal discussion with the County appraiser and allows you the opportunity to explain why you disagree with the assessor's decision, and to ask questions. Prior to any meeting, send only the necessary documentation, and take the rest with you as further evidence of your case.

If you lose your appeal at this stage, it is not necessarily the end of the process; you can choose to have your case heard by the Board of Equalization which is free or you could choose to go to arbitration. When attending your appeal hearing remember to be on time, to explain your case clearly and to listen carefully to what is being said. The hearings are quite short, and you may have a lot of details to go through, but stick to the point and keep it short and business like. Whatever else you do, remember to stay calm and professional.

Arbitration does have costs attached but may be the best option if you have had mixed previous experiences with using the Board of Equalization. If you are still not in agreement with their decision then your final option is the Superior Court appeal, whose judgment on the matter is final.

Owning property always presents a vast number of challenges, many of them financial. This is especially true when it comes to owning commercial property in Florida. Thanks to a famously warm climate and a number of famous attractions and cities in the panhandle, Florida is an extremely popular area for people from throughout the United States and the world to buy property, especially commercial property.

With the extended decline of property value in recent years, property owners, both commercial and residential, are looking for ways to save on their Florida property tax. Although it is difficult, if not completely impossible to sell the property for what it initially purchased for, it is possible to reduce the overall amount of taxes paid on the real estate. In recent years, property values have declined, in some locations, in excess of 30 percent. This marks a substantial drop in overall value, which should be rectified in the amount of taxes paid on property. If the property value has dropped, it only makes sense the taxes paid on the location should also drop. However, the taxes do not simply decline with the market value of the property. Florida property tax appeals must actually be filed. This informs the county of the loss in value and the wish to have the taxable value reviewed. There is no need to pay on a higher property value when the facility can't even be sold for the county appraiser's value. Due to this, filing an appeal on the property tax is essential, as this savings of money can prove rather substantial, especially for larger, more valuable real-estate. 

The tough economy has taken its toll on business owners throughout the state, as many have shrunk in overall employee size and total income. This makes it difficult to run and manage a commercial property, especially when the same amount of tax is paid on the real estate, despite the drop in revenue and overall value. Business owners are entitled to their fare shake, and although many realize their business may not ever return to what it was prior to the Great Recession, there is still hope to build the business back up to something strong. It all starts with cutting out needless expenditures, and for many, this is the excessive property tax on the commercial real estate. With the value of the property down significantly, there is no need to pay the higher level, especially with the net income from the business declining.

Before one is able to go about the Florida property tax appeals process, it is necessary to perform a few minor tasks ahead of time. The faster these tasks are performed and submitted, the better off the property owner is, and the quicker the response time is from the county government. Initially, and most importantly, a review of the assessment on the property must be done. This is essential in Florida property tax appeals. The property can be evaluated using recent sales, market rental rates, typical operating expense ratios, and market derived capitalization rates to get the overall value and note the difference between the county assessment on the facility and the current value. If the location is like most others throughout the state of Florida, there is a rather sizable drop off in the current value of the location. From there, the necessary paperwork requesting a reduction in property tax must be completed and submitted to the local property tax officials. Although a small percentage of individuals actually go about performing this step, it is important to do so sooner rather than later, because it does take time to hear back, and learning the outcome of the request is import as it especially needs to be complete before the next tax season. 

It may take a bit of work and some extra time to appeal a Florida property tax on a commercial property, but it is possible to reduce the overall tax burden of the establishment, as the overall value of real estate has dropped in recent years. This practice can help save a property owner thousands of dollars a year.

Property taxes are a critical source of income for both state and local governments. Property owners nation-wide are subject to taxes on their properties, both commercial and private. Property values and their associated taxes in the state of Florida are highly unique and require an intimate understand of the state's tax code. If a property owner feels that their property taxes are too high based on the states valuation of their property value, they can file a property tax appeal to reduce the valuation of their property and the associated taxes. Such appeals are not a common occurrence in Florida. According to an article in the Palm Beach Post, less than five percent of property owners typically file a property tax appeal in the state of Florida. However, when these appeals are filed and they are successful, the results can be dramatic. Richard Nilsen, the co-founder of a company called Mattress Giant filed a challenge on the county's $14 million valuation of his property and netted himself a savings of $124,000. Such results are, of course, not typical as the average value of an individual's property rarely approaches such a valuation, but the underlying message remains the same: property tax appeals in Florida can yield significant financial rewards if pursued appropriately.

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Georgia Tax Appeals. http://www.fair-assessments.com 404-644-1667 The leading Georgia property tax service focusing on commercial property tax reduction. Commercial real estate tax is a major expense that must be challenged regularly.

Property tax assessment is serious business. In Florida, the specifics span from the state constitution to local regulations. Section 4, Article VII of the Florida Constitution mandates that property appraisers use the "just value" assessment method. The Florida Supreme Court has ruled that "Just Value" and "Market Value" are legally the same. Other value considerations can include investment value and going-concern value, although they must be related back to "just value" to hold water. 

When appealing assessment results, wiggle room can often be found in the principles of value applied including:

In Florida, property owners have the right to appeal decisions they feel are unfair. Filing a petition to the county Value Adjustment Board can be done in a number of circumstances including:

• When in disagreement with the property appraiser's assessment of your property's value
• When you have experienced a denial of your application for an exemption including as a homestead, as a veteran, or as a senior citizen.
• When receiving a denial of your application for any property classification such as agricultural or historic.
• When you have been denied your application for tax deferral.

If this happens, you can take one or more of the following steps:

According to Georgia state law all property tax assessment notices were to be in the mail by July 1. That means for some counties the property tax appeal deadline will be mid August. Most of the Metropolitan Atlanta counties had appeal deadlines that have already passed. If you didn't get your Georgia tax appeals filed in a timely manner there's always next year. Also, according to George state law you will be getting an assessment notice every year.

The bottom in the real estate market has been called over and over again since the market peak in 2007. Once again, the so-called experts are out in force, saying that the data doesn't lie, the housing market is in recovery. But with an unemployment rate that is still over 8% and economic shocks, such as European debt crisis and the fiscal cliff, looming at the end of this year I doubt there will be any sort of robust recovery in the housing market.