BusinessWire | April 5, 2022
FORT WASHINGTON, Pa.–(BUSINESS WIRE)–With inflation, rising energy costs, supply chain interruptions and continued fallout from the pandemic exerting financial pressures on commercial property owners, Incenter Tax Solutions is urging them to find new ways to maximize savings–including scrutinizing their property tax assessments.
“between 30 and 60 percent of taxable property in the United States is over-assessed.”
“As property values continuously rise and fall with market conditions, these assessments are not always adjusted properly, especially in the current commercial market,” said Alison Tulio, Esq., President of the firm, whose mission is to make sure property taxes are accurate and fair. “We are telling our clients to be proactive and have their assessments reviewed annually so they never overpay.”
According to the National Taxpayers Union Foundation, various experts estimate that “between 30 and 60 percent of taxable property in the United States is over-assessed.”
Lowering assessments could free up capital for property improvements, help compensate mall owners for the loss of anchor tenants and give multifamily property owners an edge when competing for new renters.
“The opportunities to leverage this potential source of hidden savings are numerous,” said Ms. Tulio. A few examples include:
- Reducing (or not raising) rents to keep tenants happy, and prevent them from leaving for “somewhere better”
- Adding amenities, collaborative spaces and safety/security improvements to make buildings more attractive for hybrid work
- Repurposing restaurants to accommodate less dining in and more takeout/delivery
Incenter Tax Solutions, which has a national network of real estate attorneys and appraisers covering the country’s 19,495 municipalities, provides complimentary property tax assessment reviews for their commercial clients.
If the firm determines that they are excessive, they will offer to handle the entire appeal process, which includes preparing and filing an appeal free of charge, except for an initial appraisal (which clients then own), and attending a hearing if required. Incenter Tax Solutions only receives a one-time contingency fee if the appeal succeeds. The firm’s principals have prevailed on behalf of their clients 100% of the time, saving them thousands of dollars.
Tax appeal deadlines vary from state to state, ranging from May 15 (in most cases) for Texas and June 1 for Colorado, to August 1 for regions of Pennsylvania.
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