Sooner or later, property tax assessments arrive in taxpayers’ mailboxes. Then, the clock is ticking for owner to take action or the assessors wrap up will remain the same.
A home’s valuation could be the house’s most recent purchase price or based on a blanket assessment of the surrounding neighborhood’s estimated property values. The actual value that the assessor places on the home needs to be multiplied by a ratio that is calculated every year called the sales ratio or director’s ratio. In other areas that value can be multiplied by a percentage — often called a millage — to calculate what each individual owes in property taxes.
Point is, you have to do the math in order to tell what the tax assessor is really thinking what a house is worth. Assessments are not equal to market value. There’s some smoke and mirror’s lurking within assessment figures.
If there is a case to be made for lowering that property tax, an appeal needs to be created. Many areas of the country have extended the deadlines for filing property tax abatements because of the COVID-19 pandemic.
Lots of businesses have lost months of income and need to act since using the Income Method of valuation is their vehicle for valuation. Unfortunately, for many of these businesses, the future does not look rosy.
The U.S. gained 2.5 million jobs in May but another 1,542 million filed for new unemployment claims as of June 6. It leaves us with 44 million out of work. Those numbers are the highest since the Great Depression.
Factory order fell. Starbucks took a 3 billion dollar hit. Mall operator Simon Properties sued Gap (who owns Banana Republic and Old Navy stores) for $66 million in lost rent and the list goes on.
Business owners feel heat and, unless they are capitalized well enough to survive, may be in big trouble. This is a roller coaster market with a catastrophic earnings scenario afoot.
Drops in retail sales means they are losing revenue. That means businesses will be firing people because they are not making enough money to stay afloat and need to reduce their expenses.
Some think the Federal Reserve can print us out of any crisis. That money seems to have gone into chasing Exchange Traded Funds and the prices of those stocks within those ETF’s assets upward within the stock market. Any rise in inflation is going directly into a volatile stock market and not into the real world. We are in a bubble economy fed by the FED.
I wish all the waiters, cooks, barristers will be getting back to work but I’m skeptical if that demand will come back any time soon. But there will be a demand for Property Tax Consultants. It’s not difficult to learn with done for you adjustment category examples weighing the various factors that culminate in an assets valuation based off of past sales. Demand is there. Go here to lean more: http://propertytaxconsult.com Over-Assessed U.S. Homes & Businesses = Big $$$ 4U.
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