Commercial property taxes can be the largest cost associated with owning and occupying commercial real estate. It is important for every commercial property owner to be aware of their ability to effectively lower what they pay each year with a little bit of strategic effort. Follow these tips to keep your commercial property taxes fair!
Houston Property Taxes
Know what you’re paying.
Check to see what you are paying and take note of it every single year. Knowing what you pay and what your valuation is, is the first step in deciding if you have some work to do to lower your commercial property tax expenses.
Check for accuracy.
Check the local appraisal district’s description of your property for accuracy. If it is over-blown, it may be time to appeal your property value.
Pay your taxes on time in full to avoid late fees.
Just like any bill in your life. If you pay it before it is due, you avoid unnecessary expenses.
Track changes.
Changes at your property make a big impact on the value. Whether changes are renovations, repairs, or damages, take pictures with a date stamp. Just by pulling a permit, you could see your valuation rise. If your property was damaged it could be seriously over-valued by the appraisal district, and your proof of those issues is crucial to lowering your valuation.
Keep detailed records.
Keep records of everything related to your property value including assessments, income-earned, vacancies, or local economic events. Property values can ebb and flow due to a large variety of local and state-wide factors. Any little thing can play a part, so keep it all in a file as it happens.
Know your market.
Take note of current average rental rates for similar properties. This information can be extremely valuable if you decide to protest your commercial property valuation.
Keep detailed expense records.
Track operations costs for your building. Relevant to the value of your property, if operating costs are higher than expected, your value would be lower. The evidence of this fact could be crucial in a property tax appeal arbitration.
Protest your Houston property valuation.
Appeal your property valuation every year. It might sound like a huge hassle, but the appraisal boards have too many properties to keep track of the subtle nuances of changing values that are hyper-local or the result of an unseen change. By following the steps above, you’ll be in great shape for appealing your value – just be sure to file by May 15th each year.
Work with a property tax consultant.
The best way to ensure timely filing and maximum results are by hiring a tax consultant who specialized in property tax appeals. If you choose Property Consulting Group, we’ll use our combined real estate and property tax knowledge to gather all the most important information about your property to get your valuation changed to a fair number – effectively lowering your tax burden.
Call today to learn more. There is no need to wait until valuations come out, we can get you on the roster to appeal your property taxes now! 281-880-6500
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