Small business owners want to save money where they can so they can increase their profits and continue to funnel money back into the growing business. While many might be focused on things like decreasing product usage and similar points, they may not think about how much an incorrect property tax assessment can cost them.
Taxes on commercial property can be very costly, and they should be based on an accurate assessment. One issue that occurs in these cases is that the property has depreciated over time or the assessed value isn’t in line with the current market.
Why should small business owners worry about property tax assessments?
Some small business owners don’t realize that they can appeal an assessment, while others might think that simply paying the taxes based on the assessed value without question is a way they can support the local economy. The issue with this is that it sets a bad precedent for the business and costs it money that could be better used in other ways.
It’s possible that some business owners may assume that appealing the property tax assessment will be too costly. The fact here is that they’ll have to absorb the initial cost, but that money should be easy to recoup over time with the savings they receive from having the correct assessed value. The long-term saving for the company is the primary reason to challenge property tax assessments that aren’t correct.
It’s imperative that you work with someone familiar with these cases and act quickly, so your business doesn’t suffer from having to pay exorbitant property taxes.