Cole Schotz, along with professional appraisers from Integra Realty Resources, presented an informative seminar to clients and interested commercial property owners, managers and brokers titled “The Time to Fight City Hall is Now — Why a Real Estate Tax Appeal Makes Sense” on March 3, 2010. The presenters covered the nuts and bolts of tax assessments, the appeal process, strategies to win on appeal, as well as a market-wide survey of current conditions and expectations, laying out a roadmap for action.
Because a property’s tax burden can represent one of the more significant components of its operating costs, conducting an annual review of a property’s assessment with your professionals: lawyers and appraisers alike, is critical to good management. Last year saw record filings with the tax court. This year, with the commercial real estate market continuing in recession, significant filings are again expected.
Despite this trend, the amount of qualified candidates filing appeals continues however to represent only a fraction of those who should be availing themselves of the tax appeal procedure. In a market where major sectors: Office, Retail, Industrial and Multifamily have experienced increased vacancy rates and greater demand for rent concessions and landlord work letters, the market values of these properties have decreased resulting in overassessments for real estate tax purposes.
Tax appeals must be filed by April 1, 2010.
As the law continues to evolve on these matters, please note that this article is current as of date and time of publication and may not reflect subsequent developments. The content and interpretation of the issues addressed herein is subject to change. Cole Schotz P.C. disclaims any and all liability with respect to actions taken or not taken based on any or all of the contents of this publication to the fullest extent permitted by law. This is for general informational purposes and does not constitute legal advice or create an attorney-client relationship. Do not act or refrain from acting upon the information contained in this publication without obtaining legal, financial and tax advice. For further information, please do not hesitate to reach out to your firm contact or to any of the attorneys listed in this publication.