Becoming a new business owner is an exciting time for any passionate entrepreneur. It’s like a dream come true. But there is one event most business owners may not be aware of – Property Taxes.
Whenever you receive your property tax assessment and tax bill, keep these below-mentioned tips in mind to double-check that you don’t pay an excessive amount for taxes on your commercial properties.
What are Property Characteristics for an Assessment?
Your local property assessor’s office is responsible for evaluating all your properties throughout your area. Many times mass appraiser programs are used to estimate the price of commercial properties.
Sometimes an assessment can end up with inaccurate characteristics that raise the estimated amount you have to pay in Taxes.
What are the common characteristic mistakes on commercial property assessments?
Improvements that have been made on the property
Building square footage
Zoning mistakes and more
How do you ensure that you are taking proactive steps for the correct assessment of your Property?
You can reach out to a property tax consultant and conduct your evaluation of your properties value.
Suppose you have an accurate idea of the commercial property’s value once the assessment arrives. In that case, you’ll have a realistic and easy view of the property’s characteristics to compare the estimate to.
Review FOR FAILURE TO Evaluate AGAINST Related PROPERTIES
Although your new business is your primary concern, you should always know what’s going on in the businesses around you. In Texas, commercial properties in a similar area with related qualities must be taxed equally and uniformly. Unfortunately, discriminatory assessments often occur, and some property owners are left overpaying on property taxes because they don’t understand their Property’s value compared to comparable properties in the area.
After obtaining your assessment, we suggest reaching out to a Texas commercial property tax specialist to examine your check and the value of your neighboring commercial properties.
Remember You Appeal Deadlines
To appeal a commercial property tax, you’ll need to understand your local appeal deadlines. The deadline to appeal a properties assessed value in Texas is either May 15 or 30 days after the assessor mailed out your estimation. The primary rule is to recognize here that the deadline is whichever date comes later. Always keep this deadline in mind. Otherwise, you could finish up paying considerably more than you’d necessitate on your annual commercial property taxes.
Get the Commercial Property Tax to help you need from Ovation Lending.
If you feel overwhelmed with the property tax aspect of your new business venture, the property tax experts at Ovation Lending can help!
Our property tax consultants will be happy to review your annual assessments, assist you in organizing important appeal documents, and guarantee that you never have to pay more than required on your yearly property tax.
Contact us today to schedule a free consultation with us. 877-419-7392