When should you start thinking about tax appeals? Much earlier than you think.
For multi-unit operators with locations in multiple jurisdictions around the country, tracking all the appeal dates and deadlines is a lot like juggling Jell-O. However, there is one starting point for everyone—your state.
In some states, the tax laws heavily favor property owners. In fact, you have a higher than average chance of winning your appeal if you have locations in Alabama, Arkansas, Colorado, Georgia, Iowa, Kentucky, Louisiana, North Carolina, Oregon, South Carolina, Tennessee, Washington or Wisconsin.
In states like Illinois, New Jersey, Ohio and Pennsylvania, it becomes more complicated because attorney representation is required for tax appeals. The process can be even more expensive in Maine, Michigan, New Hampshire and New York because they require either a full appraisal in support of the taxpayer’s value or high filing fees. Depending upon the size of the asset, however, it may still be worth appealing since potential savings can often offset the cost of the appeals process.
Regardless of your state, timing is key. Know when your assessment/value notices are scheduled to arrive and jump on the process right away. If you wait until the tax bill comes, it may be too late.
Check out our 2020 Real Property Tax Calendar that includes all 50 states to get a sense of when your deadlines are coming up. Allow 1 to 2 months prior to the appeal window to determine the current market values of each property and appeal requirements by jurisdiction. This is a tedious process that requires an experienced tax assessment team, so contact us today and see how we can save money over the life of your lease.