Here's an often-overlooked opportunity that could save your clients significant money: challenging commercial property tax assessments.
In my latest Earmark Edge newsletter, property tax expert Josh Malancuk shares the complexities of commercial property valuations. Some key takeaways:
Approximately 80% of commercial properties are overvalued by 20% or more for tax purposes
Mass appraisal models often fail to account for property-specific factors, leading to inaccurate assessments
A real-world example where a $25 million assessment was reduced to $9 million, saving the client over seven figures in taxes
The potential for savings is substantial, but the process is complex. In some jurisdictions, appeal deadlines can be as short as 10 days, and the rules vary widely. This complexity creates an opportunity for accountants to provide valuable guidance.
By expanding your services to include property tax assessment reviews, you can:
Save your clients significant money on their tax bills
Differentiate your practice in a competitive market
Provide year-round value beyond traditional tax season services
Interested in learning more about this opportunity? Read the full newsletter here: https://www.linkedin.com/pulse/art-challenging-property-tax-assessments-blake-oliver-cpa-knhlc/
