![]() For example, if an office building is valued at a market value of $100 per square foot, but comparable properties are valued at $95 per square foot, the uniformity approach requires the assessment be adjusted to $95 per square foot. The uniformity method allows you to challenge the assessment if the market value is not “equal and uniform” or “fair and equitable” with comparable properties. ![]() There are two types of appeals you can pursue to challenge your assessment: the market value approach or the uniformity approach.Ĭhallenging the market value focuses on determining the actual market value of the assets using traditional approaches to value. These methods can help you assess your appeal opportunities and support your commercial property tax appeal with factual evidence, making the process a smooth one. So it’s up to you to make a course correction if needed - and that means gathering the right evidence to prove your case.Įnsuring your property receives accurate valuation - and appealing an assessment - are all part of being a commercial property owner. You know which properties are most comparable to yours, and you may also have access to detailed information an assessor wouldn’t. You’re the only advocate for your particular property. For the most part, assessors are doing bulk appraisals - and in some cases, they’re looking at entire towns or cities and using averages for metrics. The appeals process was put in place for your benefit. Would you know what to do if you received an assessment notice for one of your commercial properties? If the amount seemed too high, hopefully you or another member of your property tax team would check the accuracy of the valuation then appeal the property tax assessment if need be.
0 Comments
Leave a Reply. |