It is widely known that commercial property real estate values had decreased over the last several years. Since the real estate market has more recently improved, values may stabilize and begin to trend upward. This is an excellent time to review the current assessed value of your properties with the intent to possibly reduce assessments and, therefore, real estate taxes.
All counties will soon be distributing the Proposed Property Tax Notices to commercial and residential owners. It is estimated that property owners should receive their notices by the third week of August. The document, also known as Truth in Millage (TRIM), provides property owners with a detailed explanation of the proposed real estate tax.
Once this proposed assessment is mailed by the respective county, the property owner has 15 days after receipt (usually no later than mid-September) to file a petition for appeal of the property appraiser’s valuation and a reassessment (i.e., lower assessment) to attain a potentially lower net taxes.
A formal protocol is required for the submittal of information to support the request for a lower assessment (and therefore lower tax). WhiteKnight Solutions, in conjunction with an experienced professional/partner, is able to assist with this process; a preliminary review will determine the justification for this process and the potential for a lower assessment.
If you feel there should be a lower property valuation, thus a lower respective tax, and that your records or other information may support this, we would welcome the opportunity to be of assistance.
For questions, contact Stephen Barnett, Managing Partner at WhiteKnight Solutions, LLC, at 561.953.1421 or [email protected].