Have you ever been hit with an unexpected amount in your commercial property tax? Well, you are not alone. Many property owners go through this every year. If you’ve been paying insanely huge amounts on your commercial property tax, it’s time to start protesting to ensure the assessment of your property value has been done correctly. Here are three reasons you should think about this.
1. Property Tax Reduction
Tax savings are perhaps the main – and obvious – reasons why you need to protest your commercial property taxes. A dramatically high tax bill will not only cripple your business but also stunt the growth of your company.
If you appeal successfully, you’ll cut your expenses down and pay the just amount you owe Travis County.
2. Lower your Financial Risks
When your property is assessed and valued at a higher amount than it should be, you’ll end up paying more than you should in your commercial property tax. This means your cash flow will decrease considerably, making your business run into unexpected difficulties when it comes to budgeting the expenses.
Once you appeal and succeed, things will change in your business. The new valuation will mean you now have a better idea of what you’ll be expected to pay and managing your taxes will be easier. This will also help you budget for the future of your business accurately.
3. Ensure Reasonable Assessment of your Property
Look at this from a different angle. Your local government usually sends your assessment information, which includes an assessment of the building and the land it sits on. Because this assessment is used to come up with the final tax bill, you will have to pay the amount they arrive at.
Now, this information can be inaccurate. Sometimes you may find they have incorrectly documented the type and number of rooms in your building and other changes from your previous assessment. With a successful appeal, you’ll be sure the assessment done on your property is accurate and the right market value for it is what it’s supposed to be.
“Five Stone is always… On Point, Meticulous, and Very Responsive when I have a question or need a quick answer. Thank you for the knowledgeable Service you always provide!” ~ Monica Litle, Director of Operations: Dura Bilt Products / Aspen Property AND Partner: Seven Properties LLP/ Sego Harlingen, LLP/ The Bradford Group, LLC
Are you looking for commercial property tax reduction this year? Let Five Stone Tax Advisers research and compile any relevant information to appeal the assessed value of your property to help you save some money.