Commercial Real Estate
in Wisconsin with Molony Real Estate, LLC
in Wisconsin with Molony Real Estate, LLC
How Do You Challenge the Tax Appraisal Value of a
Commercial Business Due to Declining Values?
As owners of commercial property experience reductions in income and the
accompanying decline in the value of their real estate, often the only available
remedy is to pursue a real estate tax appeal.
As with most legal proceedings, there are pitfalls; before filing an appeal an owner
should consult with a qualified tax specialist. For example, there are strict filing
deadlines, filing requirements for owners of income-producing properties and tax
payment provisions that vary by jurisdiction. In fact, some jurisdictions require
property owners be represented by an attorney. While owners may prefer to work
with attorneys on an hourly fee arrangement, attorneys frequently handle tax
assessment appeals on a contingency basis, which is calculated as a percentage of
tax savings. If an appeal is successful, the tax savings may be retroactive to the first
year for which an appeal is filed, and interest may be payable on the tax
overpayment.
In any case, it’s important to carefully review and analyze an assessment to avoid
needless and potentially frivolous litigation. If an appeal is filed without cause, it can
in some instances result in a tax increase.
The appeal process generally commences with the review of the case and then filing
of a complaint or petition of appeal. Appeal deadlines vary by jurisdiction and may be
set by the state, county or local municipality. In order to begin the process, hotel
owners (1) should familiarize themselves with the real estate tax appeal rules and
procedures for their relevant jurisdiction, or contact an expert; and (2) analyze tax
records and market data to determine whether a property tax assessment should be
appealed. If an appeal is warranted, it’s incumbent upon shrewd owners to
become familiar with the appropriate steps to potentially lower one of their
largest annual operating expenses for the current and future tax years.
If you have specific questions or need additional information, please contact a tax
professional or the Internal Revenue Service at 800-829-1040.
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Molony Real Estate
PO BOX 194, Lodi, WI 53555
608-592-7306 & 608-445-8464
Website: MolonyRealEstate.com
Email: molonyrealestate@Yahoo.com
PO BOX 194, Lodi, WI 53555
608-592-7306 & 608-445-8464
Website: MolonyRealEstate.com
Email: molonyrealestate@Yahoo.com
Molony Real Estate
PO BOX 194, Lodi, WI 53555
608-592-7306 & 608-445-8464
Website: MolonyRealEstate.com
Email: molonyrealstate@Yahoo.com
PO BOX 194, Lodi, WI 53555
608-592-7306 & 608-445-8464
Website: MolonyRealEstate.com
Email: molonyrealstate@Yahoo.com