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Commercial Real Estate
Choosing the Right Commercial Real Property Tax Firm
Minimizing property tax expenses is crucial to enhancing your bottom line as a business owner. Choosing the right commercial property tax firm that offers specialized commercial property tax services can reduce your property tax liabilities, provide peace of mind and strengthen your financial strategy.
This comprehensive guide will delve into the various types of commercial real estate property tax consulting firms, outline their benefits and drawbacks and offer valuable insights to help you make the best decision for your commercial real estate portfolio.
Types of Property Tax Firms and Considerations
Big4 Accounting Firms
Big4 firms offer comprehensive financial services, including property tax assistance, but property tax may not be their primary focus. For broader financial needs, a Big4 partnership is beneficial; however, specialized property tax services might lack the same depth of attention and support.
Local Firms
Local property tax firms operate within specific cities or counties. They often emphasize their close relationships with assessors as a selling point. While this can lead to high percentages of property reductions, there may be a potential conflict of interest due to their strong ties with assessors.
Additionally, if you own properties in multiple jurisdictions, managing separate local representation can be burdensome.
Law Firms
In some states, legal representation is required for property tax appeals. Hiring a law firm specializing in property taxes becomes crucial in such cases. However, it’s important to note that not all states mandate legal representation.
Texas, for example, has a significant number of property tax representatives who are not attorneys. It’s advisable to evaluate if legal representation is necessary based on your specific state requirements.
National Property Tax Consulting Firms
National property tax consulting firms specialize in property tax matters and often have a wider presence across multiple jurisdictions. These firms offer expertise in property tax reduction strategies and have experience handling diverse portfolios.
They can also provide personalized attention and have appraisers on staff to enhance their capabilities. Choosing a reputable national property tax consulting firm ensures comprehensive coverage and expertise tailored to your needs.
Property Valuation Services (PVS) is a national consulting firm in the United States specializing in the specific property tax services required for commercial real estate (CRE).
We offer targeted solutions that streamline property tax processes and optimize property owners’ financial outcomes. Additionally, our local expertise ensures that we provide nuanced insights and strategies tailored to each jurisdiction’s unique property tax landscape.
Our team includes commercial property valuers and commercial property tax specialists equipped to handle everything from commercial real estate appraisals to building valuation services.
Case Studies of Successful Commercial Property Tax Appeal
Corporate Office Campus in Fulton County, Georgia: PVS challenged an overvalued corporate office campus assessment. The assessment was reduced by $25 million through detailed market analysis and comparisons, saving $204,918 in property taxes.
Big Box Store in Missouri: PVS represented an overvalued closed and vacant big box store, securing a 50% reduction in assessed value and saving the owner $89,665 in property taxes.
National Hospital Operator: PVS achieved $690,000 in property tax savings for a national hospital operator by addressing the overvaluation of an obsolete hospital facility, successfully revaluing it despite initial assessor resistance.
Considerations for Choosing the Right Firm
Value over contingency fees
Base your decision on the value provided rather than solely focusing on the lowest contingency fee. Quality and effectiveness should be prioritized over cost.
With PVS, you benefit from a comprehensive approach where each property tax bill is carefully reviewed for accuracy before any payments are made, ensuring you never overpay. Our standardized approval process provides clear, timely information on payment amounts and deadlines, optimizing your financial planning and cash flow management.
Team Qualifications
Evaluate the qualifications, experience, and expertise of the professionals who will handle your property tax appeals. Look for a firm that emphasizes communication and transparency.
PVS is led by a team of nearly 100 dedicated commercial property tax professionals, including a property tax expert with the esteemed Member of the Appraisal Institute (MAI) designation, ensuring that highly qualified experts manage your appeals.
We have 26 years of experience and a solid track record in property valuation. PVS not only holds necessary certifications and accreditations but also provides compelling case studies demonstrating expertise in commercial real estate assessments.
Specialized expertise
Consider if the firm has appraisers on staff to provide a higher level of expertise for property valuations and appeals.
PVS offers expert valuation analysis to ensure fair market value, thorough market comparisons and continuous market monitoring to ensure your property’s assessed value remains aligned with the market. This specialized expertise allows for proactive management of your property taxes.
Jurisdiction coverage
Consider if the firm has appraisers on staff to provide a higher level of expertise for property valuations and appeals.
PVS offers comprehensive coverage, handling nearly 40,000 property tax parcels annually across all 50 states. Our proactive approach ensures that your property taxes are continuously monitored and adjusted in response to market changes, safeguarding your investments from over-taxation.
What are the advantages of outsourcing commercial property tax needs to a specialized firm?
Outsourcing your commercial real property tax needs to a specialized firm brings expertise in complex property tax laws, saves time and ensures accurate valuations. This approach frees up resources and helps minimize property tax liabilities by leveraging in-depth knowledge of local market conditions.
A commercial property tax firm efficiently manages every aspect of the entire property tax assessment process, including real estate valuation, freeing up your resources for other strategic activities.
Additionally, their detailed knowledge of local markets guarantees that your property valuations are precise, helping to minimize commercial property tax liabilities for your commercial properties.
In today’s rapidly changing CRE market, selecting the right commercial property tax firm is more critical than ever.
According to the Tax Policy Center, “Changes in workers’ expectations about the location of work and declines in urban population suggest these recent trends could be here to stay. A recent academic study estimated that New York City could see a long-run decline of 44 percent in the value of office buildings, which equates to about $50 billion. This has prompted worries beyond the office real estate market. Overall, the authors approximate a destruction of over $500 billion in office value in the US.”
With such significant fluctuations, partnering with Property Valuation Services (PVS) ensures you’re well-prepared to navigate these uncertain times.
Let PVS Help Navigate The Complexities Of Property Taxes
Selecting the right property tax team requires careful consideration beyond contingency fees. You can find a firm that will deliver significant savings and safeguard your business interests by evaluating expertise, team qualifications, and jurisdiction coverage.
Partner with PVS to optimize your commercial property tax strategy and ensure robust financial health for your commercial real estate property investments.
Gerhart Van Note
Gerhart Van Note, Senior Director of Real Estate at Property Valuation Services, has led the department since 2006. He has expanded the client base to over 1,000+ and the parcel count to 20,000+. A Georgia Southern graduate, Gerhart is committed to providing expert property tax services nationwide.
Considerations for choosing the right firm include value over contingency fees; team qualifications; specialized expertise; and jurisdiction coverage.
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