Your Trusted Midwest Property Tax Advocate

What to gather when you appeal your commercial property taxes

On Behalf of | May 23, 2022 | Commercial Property Tax Appeals |

In the last several years, there’s been a sea change in the way that people live, work and shop. Internet shopping has virtually ended the self-contained mall, devastated strip malls and caused a lot of other businesses to close. Many of the retailers that remain are struggling to adapt.

While a big commercial property tax bill isn’t exactly ever welcome, it can be devastating to pay more than your fair share of taxes when your business is already operating on razor-thin margins. You know that you have the right to appeal the numbers, but where do you even start?

Work your way through this list

The key to winning an appeal is showing that the property tax assessment is inflated (or outright wrong), and you need to bring plenty of evidence to make your case. That means documenting things like:

  • Evidence of any mistakes in the assessment: You want to carefully review the assessor’s paperwork for simple errors that may have increased your bill, whether that’s in the description of the building, the size or location of your lot, or the building’s square footage or its overall condition.
  • A professional appraisal that highlights problems: Your property’s value can be reduced by the need for renovations and repairs to your building or other unmet needs. A broker, too, may be able to lend their wisdom and help you determine your property’s true value based on current market conditions.
  • Comparable property values: “Comps” are often used in all kinds of real estate disputes simply because they provide some historical context for a property’s appraisal. Comps may be particularly important if commercial property values have generally declined in your area.

When you’ve been handed a property tax bill that’s blatantly unreasonable, take the time to learn more about your legal options. Experienced guidance can help you fight back and keep your business thriving.