Spring greetings from PVS!
I am pleased to introduce myself and provide a few timely updates from the world of ad valorem tax. My name is Jenna Reyes, and I am the Director of real estate at Property Valuation Services. I started with PVS in 2007 in our personal property department, preparing tax returns and arguing appeals for our hospital and imaging clients. A few years later, I made a change and transitioned to the real estate department, where I now oversee all consultants and clients and assist with our IT development, sales Account Executives and various other aspects of the company. I am a licensed agent in Texas and multiple other states across the country, and an active member in the Institute for Professionals in Taxation (IPT) and the national CREW network. While I have honed my baking and cocktail-making skills since the start of the pandemic, the hardest part of remote working has been the loss of in-person interaction with our clients. From Boston to Nashville to Dallas, I look forward to a break from our Zoom and Teams calls in the future, and to getting back out on the road, touching base with PVS’s clients.
Like the spring weather, things are heating up here at PVS. Tax assessors around the county have begun mailing taxpayers their 2021 notice of value, which in most states is based on the real property’s fair market value as of January 1, 2021. These assessments should reflect any unpaid rent, loss of tenants or vacancy and decline in market rents or income that occurred in 2020. Even if your property remained stable over the last year, the industry itself may not have fared as well, and your assessment could be excessive. Our team has started filing tax appeals in states like Michigan, Arizona, North Carolina and Kansas. Several states around the county will be conducting countywide revaluations this year: Tennessee (Davidson), North Carolina, and the entire state of Iowa and Missouri. Our real estate
consultants have collected year-end income figures from our clients, and combined with market sales, local rental data and industry statistics, we will be aggressively pursuing tax savings for our clients where assessments are over market value or are unfair or unequal compared to similar properties in the county.
The pandemic is not the only threat to hit our country and impact property values over the last year. Recently the state of Texas was hit hard by a nasty winter storm, leaving property damage and financial loss in its wake. Texas Tax Code 11.35 outlines exemption parameters in an area declared as a disaster by the governor. The Texas attorney general opined in 2020 that this section of the tax code applied only to physical damage and did not apply to Covid-19 losses. But on February 12, 2021, Governor Abbott declared a state of disaster in all 254 Texas counties due to the storm. Those properties with at least 15% physical property damage can apply for a temporary reduction in value this year. PVS’s real estate department will be reviewing Texas assessments carefully as they’re issued over the next two months. Along with annual tax protests (due May 15), we will be applying for exemptions on behalf of our clients prior to the May 28 deadline. Our service goal is simple: make sure our clients are paying only their fair share of property taxes.
Spring is synonymous with rebirth and renewal, a fresh start. I cannot think of a year where that optimism resonates more than 2021. We hope all our clients have made it through this last year safely, both in a personal and professional manner. As your tax agent and partner in business, PVS looks forward to rolling up our sleeves and getting to work, helping reduce the tax liability for our clients in a time when it is so needed. We look forward to sharing our results with you in the coming months, and as always, we thank you for your continued support of Property Valuation Services.