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3 kinds of evidence for commercial property tax appeals

On Behalf of | Jun 16, 2022 | Firm News |

You believe that the assessment for your commercial property is too high. Perhaps it has slowly crept up a little bit every year at a faster pace than local property values. Perhaps you have just had a new assessment entered after years of the same rate, and the increases in the assessed value and your tax obligations are significant.

You have the right to appeal the assessment to reduce how much you have to pay in property taxes. During the appeal, you will need to prove that the assessed value is too high. What kind of evidence will Minnesota tax authorities accept in an appeal?

Property appraisals

One of the most authoritative kinds of evidence when fighting a property valuation or assessment is a professional property appraisal. If someone with experience establishing the fair market value for commercial properties sets an appraised value that contradicts the assessed value for the property, the report by that professional could play an important role in your property tax appeal.

Records of property sales

It can be more difficult to estimate the fair market value of commercial properties, especially those with very large facilities, with any degree of accuracy. Both current listings and recent sale records for similar commercial properties in the area could help you to show that the assessed value is far more than what you could sell the property for on the current market.

Property photos

Sometimes, the exterior of a commercial property gives an inaccurate perception as to its true condition and value. Photographs of your property could help you highlight issues that decrease its fair market value.

Gathering the right evidence as you prepare for a commercial property assessment appeal can help you keep your company’s property taxes low enough that you can continue to afford them.