If you disagree for any reason with your commercial property tax assessments, you always have the option to file an appeal. Whether or not it is sensible to do so really varies from situation to situation.
Here are just a few of the factors to consider when deciding whether or not to file a commercial property tax appeal in Georgia.
The size of your assessment increase
If you see a dramatic increase in your property tax assessment, rather than a small, gradual one that is in line with previous increases, then it can make sense for you to file an appeal. Anytime you see an increase of more than 15 to 20 percent, that should be a triggering point for an appeal.
Of course, there are a few circumstances in which a large assessment increase is merited. If you built an addition to the property and thus created more square footage, then the increase may actually be accurate. Or, if you made other significant improvements to the property, you may have a hard time succeeding in an appeal. But if you did not make significant improvements, such a large increase can be difficult to justify.
The amount of documentation you have on file
If you have any hope of winning an appeal for your commercial property tax assessment in Georgia, you’ll need to have plenty of documentation and evidence to support your position. Some of the most important information you should collect includes information about submarket sales and prices of nearby commercial properties, information about what nearby commercial properties are being leased for and information about submarket conditions, or any elements of your neighborhood that could be affecting the value of your property.
Documentation should cover past property assessments, any improvements you’ve made to your property, or any conditions that show why your operation might not be running at its full capacity.
The need for an appraisal
One of the best ways to determine the value of your property is to have it appraised by a professional. Keep in mind that appraisals can be quite expensive, especially for commercial properties, so it’s only a good idea to move forward with one if you are convinced it will help you in your appeal.
For example, if there is a significant difference between your assessed value and some major market indicators, getting an appraisal done makes a lot of sense. If the tax savings would be greater than the appraisal cost and any other costs you might incur during the appeals process, then you should get the appraisal done on the property.
If you believe an appraisal would be worthwhile for the savings possibilities, then it stands to reason that the appeals process will also be worthwhile for you to go through.
For more information about appealing your property tax assessments and paying less in commercial property tax in Georgia, we encourage you to contact Property Tax Eagle of Georgia, LLC today to arrange a consultation. We look forward to hearing from you soon!