Property taxes do not go away when you lose your job. Considering penalties and interest on property taxes still owned, many face foreclosure. While the full impact on unemployment has yet to show in government statistics, economists have seen it rise into double digits and many are in trouble … and for a long time to come.
Some feel that a fair tax that is based on income, whatever the source, should be the standard. That focus could be on the ability to pay for lower class homeowner rather than on a strict assessment as a property tax system. It would promote a healthier lifestyle for low-income struggling homeowners.
Considering the inefficiencies of government and the nagging over-assessment issue that ranges in the 40-60 percent range, the need for every homeowner to conduct a property tax review is obvious. Not only for the financially stressed, but as a basic overview for any property owner especially businesses.
Business property tax appeals are where the big contingency commissions lie. Considering the many businesses that have seen a lack customers, that audience is HUGE! Instead of valuating a business using a market value approach, the method for establishing the valuation for a business is based on an Income Approach.
At their expense and time, your client’s accountant will supply you with all the important information to solidify your case. You’ll only need to find the client … and they abound in the present financial climate … and we will furnish you the training. If your business client was paying $87,000 in property taxes and you get it reduced to $50,000, your 35% contingency commission on that $37,000 you saved him will feel good to both of you.
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In all probability, property taxes are still due despite the corona virus, likely online. As for businesses, there should be a huge number of appeals based on income loss, however many will not appeal and assessments will not be reduced.
Decidedly, considering the volume of evidence for a high percentage of over-assessed homes and properties, indications would favor investigating appeal. A typical property owner usually needs to be shown the evidence before they act since most don’t know how to put together a case.
If it is for your own home or rentals that you seek a property tax reductions for, or to use as a side business, you’ll need this course to prepare! Reason: 40-60%
