Financing
| Seize the opportunity to reduce your commercial real estate property tax |
| Published Monday, August 17, 2009 7:00 am |
Appealing your commercial real estate property tax
Declining commercial real estate values and the effect on real estate taxes have made headlines and been the fodder for many newscasts in the past few months. It is anticipated that the assessments for real estate tax purposes will be reduced. We hope that this will also result in lower taxes to the property owners, based on the approved millage rates of the relevant county and local municipalities.
There is a certain protocol for the submittal of information to support a request for a lower assessment (and therefore lower tax) which our firm, in conjunction with a strategic partner, is prepared to pursue for clients. A preliminary review will determine the justification for this process and possibly obtaining a lower assessment. The preliminary review merely requires a copy of your TRIM notice and 2008 real estate tax bill.
The first notice to commercial property owners concerning assessments will be issued on or about August 15, 2009. The Notice of Proposed Property Taxes (called the TRIM notice) will contain the proposed assessment of the pertinent property which, in turn, serves as a base for establishing the tax to be owed.
However, the assessed value may be higher than you think is warranted. If so, it is possible to appeal the assessed value with the intention of having it reduced.
The TRIM notice enables you to compare the prior year assessed value and taxes with the present year assessed value and proposed taxes, and the amount of taxes if there is no budget change for the upcoming year. The notice lists the date, time, and location of all budget hearings at which the taxing authorities will hear from the public. The notice also shows the deadline for filing a petition to protest the assessment and any denial of exemption.
Once this proposed assessment is mailed by the appropriate county, you have 15 days upon receipt (or no later than September 15, 2009) to file a petition for appeal of the property appraiser's valuation and request a reassessment (i.e., lower assessment) to possibly obtain lower net taxes.
If you feel there should be a lower property valuation and have support for a lower assessment, and, therefore, reduced real estate tax on your commercial property, please contact us at the number below to discuss how we can help. We would be happy to discuss your situation and provide assistance as needed.
Call Steve today.
Stephen H. Barnett, Ph.D.
Partner
WhiteKnight Solutions LLC
2401 NW Boca Raton Blvd 
Boca Raton, FL 33431
561.392.3399
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