Property Taxes Saving Techniques

The tax laws of Ohio, (as codified and revised 1884) … assessment of personal property …

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Property taxes are a major concern for the commercial real estate landlord.  No matter where you are, they are not going down.  There is, however, a method for appealing commercial property taxes

Every community has a different way in which they assess the commercial property tax.  The first thing you need to do is to understand how the community in which you own commercial property assesses taxes against that property.  Next, find out where it is you go to appeal that assessment.  The Assessor’s Office generally does not handle appeals.  In some areas you will need to appeal to the County Commission.  If you have trouble determining who will hear your appeal, contact the Assessor’s Office and ask.  They should be able to provide you with that information.

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Appeals usually attach a time limit; so make certain you prepare your appeal in a timely fashion.  In these tough economic times, you might find yourself waiting in line for a hearing to appeal commercial property taxes.

The typical appeal is a document asking you to quantify and qualify why you feel that your commercial property taxes are too high.  You will probably be granted an opportunity for a hearing, at which time you must be prepared to back up your claims with solid documentation.  Local governments are not likely to reduce property taxes unless you can make a very persuasive argument for them doing so.

There are a growing number of tax experts specializing in commercial property taxes.  You might want to consider hiring such an expert to represent your appeal.  They have experience in dealing with your local tax authority and should know exactly who to contact and how to proceed.  When you consider hiring such an expert, ask for references so you can speak with other commercial property owners and find out how successful the expert was in helping them.

Taxes on commercial property sometimes become unbearable.  If you feel they are unreasonable, there are ways to fight in the form of appeals

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Property taxes are the way that most local areas collect the tax revenue that funds the services citizens need in that area. The level of taxation, the method of assessment and the exemptions that apply vary from one area to another. This article explains how the property works in Hennepin County, Minnesota.

Property taxes provide the basic means of funding essential services such as schools, roads, transit, fire, police and mosquito prevention in Hennepin County. The taxes are raised on a county wide basis and then distributed between the school districts, cities, townships and special districts. They are an attempt to share the cost of the services which are necessary for civic life on an equitable basis.

The level of taxation that the citizen pays is based on the market value of the property they own. Tax assessors calculate the market value of the property. The individual property is then placed in a category according to its estimated value. The actual tax that the resident pays is then worked out according to the millage rate. The millage rate is a formula based on the level of the county budget. It varies from year to year and depends on the amount that is needed to cover the budget based on the value of the properties assessed.

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Residents will recieve a notification of the market value of their house as determined by the county tax assessor. There is an appeals process. If you think the valuation of your house is too high you can appeal. You must file uour appeal with the County Tax Board.

When your appeal is heard the Hennepin County tax assessor will explain why your house was valued as it was and what the assessment was based on. It is important to be able to explain why your house has been wrongly valued and make a case for a reduction.

If you win your appeal and the market value of your house is reduced you may be entitled to a refund of taxes already paid for previous years and to reduced taxation for the coming year.

Home improvements will normally increase the market value of your house and hence increase your tax assessment. However there are exceptions. If your house is more than 45 years old it may qualify for exemption under the “This old house” rule. An old house can be improved in some cases without becoming liable to higher taxation. This provision acts as an incentive to owners to improve older houses rather than allowing them to deteriorate.

There are also what are called Homestead exemptions. These apply to the primary residence of the tax payer. They do not apply to second homes or holiday homes. There are cases in which you can apply for a homestead exemption in which a qualified resident lives. Residents who are blind or severely disabled are entitled to homestead exemptions. You should file for homestead exemptions at the county offices.

Vancouver Real Estate Values Assessed Upwards, Along With Many Other Municipalities

The BC Assessment Authority has released its 2011 assessment roll. As most of you know, BS Assessment is responsible for producing independent property assessments on an annual basis for all real estate owners in BC. BC Assessors determine the market value of the land and improvements and enter those values on the assessment roll. For 95% of all properties on the roll, assessed value is the market value as of July 1 the previous year.

This blog’s main purpose is to summarize the changes in assessed values starting with those neighbourhoods that experienced the largest increases and what demand factors might be driving them. The following list sorts the lower mainland starting with the largest assessed increases:

Richmond – 17.14%
West Vancouver – 13.03%
Vancouver – 12.17%
Burnaby -  12.07%
Delta -  9.22%
Coquitlam – 9.12%
New Westminster – 9.11%
North Vancouver (District) – 8.84%
Port Coquitlam – 8.78%
North Vancouver (City) – 8.05%

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Check out the BC Assessment Market Movement Map

Without question the most notable assessment increase happened in Richmond. The story was all over last nights news and a city manager from Richmond pointed to very robust demand for single family homes from mainland China as the main demand driver. Most BC real estate folk know that this trend has had a tremendous effect on single family home values across the lower mainland but most notably in Richmond and on Vancouver’s west side. Looking at this year’s assessment, there’s no arguing the demand from Asia trend.

With broad increases in assessed value across the board, home owners should be happy and sad all at the same time. Happy because their house is worth more, sad because the stage might be set for property taxes to increase in the future. Keep in mind that an assessment increase does not mean you pay more property tax beyond the rate set by your municipality. However if your assessed increase is above average, you might be flagged for increases going forward.

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**REPRINT** Report on the assessment of real property in the city of Rochester, New York; submitted to the mayor and others. Rochester, 1921.**REPRINT**

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How to Lower Your Homeowner’s Property Taxes: A Property Tax Guide for the Homeowner

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