Reducing The Commercial Property Tax Burden
Taxes are inevitable, but paying more taxes than you should due to the overvaluation of your property and buildings is just bad business strategy. If your property is assessed at more than its current fair market value, you are paying too much.
Minnesota property taxes are among the highest fixed expenses of any commercial enterprise. That makes accurate property tax assessments a key target in business cost-reduction initiatives.
Challenging A Minnesota Property Tax Assessment
Minnesota tax law requires that real property – including land, buildings, and some kinds of fixtures and improvements – must be assessed at fair market value. The taxes you pay depend on the tax assessor’s judgment of the fair market value of your property.
When a property assessment does not match with your property’s actual value, Robert Hill and his team can guide you through a streamlined five-step property tax appeal process:
- Property evaluation – Analyze the assessments of comparable properties to arrive at an appropriate value.
- Question the methodology – Examine the methodology used by the assessor to determine a property’s value and identify the shortcomings when applied to your particular property.
- Informal negotiations – Present findings to the assessing authority and attempt to negotiate a revision of the assessed value.
- Formal appeal – Write effective petitions, file required appeal documentation, and present your case before the local Board of Appeal and Equalization in a timely manner.
- Litigation – If necessary, take your case for property tax reduction to court.