Maximizing Savings: How Property Tax Appeals Can Lower Your Costs

Property taxes are a major annual expense for commercial property owners. With rising appraisal values, many owners are feeling the financial pressure. Fortunately, you’re not stuck with the number on your notice of appraised value, as filing a property tax appeal can be a powerful way to lower your costs. Understanding the appeals process could help you save substantially on your tax bill.

Understanding How Property Taxes Are Calculated

Your property tax bill is based on two main factors: the appraised value of your property and the tax rate set by local taxing entities. Depending on the state tax code, your property’s market value is set on a regular cycle – either annually or in some instances, a specified valuation period. This value is then used to calculate your property tax liability. Often, the mass appraisal model implemented by local governments overestimates your property’s value.  Without the proper oversight and appeal,s you’ll pay more than your fair share.

Why You Should Consider an Appeal

Many property owners don’t realize that appraisal districts are not infallible. They rely on mass appraisal techniques and automated models that can overlook important details related to the value of your property. If you believe your appraisal is too high, you have the right to protest.

Appealing your property tax assessment isn’t just about fairness—it can also result in real savings.

Talk to Wilson & Franco About Your Property Tax Needs

Appealing property tax decisions is only a small part of managing your obligations to the state and federal government. The team at Wilson & Franco can help you develop a comprehensive approach that ensures you never pay more than you are required to by law. Contact us as soon as possible to discuss your plans moving forward.