Real estate values across property types, on average, have reduced. Tax assessments don’t always track or follow local market valuations. Property owners should be aware of the tax assessed value of their real estate. Excessive taxation and inaccurate assessments can be very costly. Lowering your property taxes is a sure way to increase your NOI without infusing additional capital. If values in your market have declined, it’s time to work with your broker to determine comparable recent sales. Build your case for a lower assessed value. It’s surprising how many times this is simple analysis is overlooked.
Source: Sperry Van Ness|RealSite Commercial Group