
The commercial real estate industry continues to face challenges with high interest rates, looming debt maturities, low transaction volumes, wide bid/offer spreads, ...
The commercial real estate industry continues to face challenges with high interest rates, looming debt maturities, low transaction volumes, wide bid/offer spreads, and reduced property values. It would be easy to assume that local property tax assessors would take these widely publicized issues into account with their assessments.
Jack Schinder says otherwise:
“You might be surprised! A commercial property’s real value will generally exceed its assessed value. But in today’s economic environment, we are seeing situations where property tax assessments are actually exceeding a property’s real value, often because assessors are using historical data that might not reflect current market conditions. It is imperative that commercial real estate owners make the review of their notices a priority.”
Property values are reassessed at least annually. In many geographies, once assessment notices are sent to property owners, there is a limited window of time to file an appeal. And if an appeal deadline is missed, real estate businesses and their investors could miss out on significant tax savings.
CLA’s property tax team is here to help. Reach out today!
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