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I own a commercial property and want to appeal my assessment. Is this any different from a residential property?

Yes it is a completely different situation if you own commercial property. First, as mentioned previously, any property that is owned by a business entity (ie a corporation or LLC) must be represented by an attorney. More importantly the method of proving value is usually different for commercial properties. While the comparable sales approach is sometimes (rarely) available to certain commercial properties, the “income approach” to property valuation is the most common method of valuing commercial properties for property tax appeal purposes.

A cap rate is applied to the potential gross rental income of the property to determine value, with some adjustments for expenses and vacancy. Commercial appeals often require appraisal report, and bigger cases are usually litigated at the State Court level.

If you own a commercial property, or if you are a commercial tenant and pay the property taxes on a property through your lease, call me I may be able to help you. After asking a few simple questions, I will in most cases be able to tell you whether your property may be over-assessed and whether an appeal is warranted. Importantly, I will be able to tell you whether an appeal may be a bad idea as well. This is a free service I provide, whether you decide to retain me in the end or not.

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