When engaging in the valuation of real property, there are three generally accepted approaches to value that are used in discussions between the assessor and the agent. These include the cost approach, the income approach, and the market approach. Simply put: what does it cost to rebuild the building, what are the economics of the building, and what is the building worth if placed on a free market for sale as of the assessment date (arm’s length transaction)? Real estate appraisal is an art, not a science. There are many technical factors to be considered when performing an appraisal, including determining which methods are most appropriate for a given situation. Our commercial real estate property tax experts have decades of experience appraising simple and complex properties and are ready to serve you.
- Our team will perform on-site inspections if necessary to uncover less evident market and/or functional obsolescence arguments.
- We scrutinize income statements and all factors financially influencing a property, information that largely effects the fair market value of a property.
- We run an aggressive but fair full appraisal on every property to include the income, market, and cost approaches to value to determine true fair market value.
- We review asset classification and apply aggressive depreciation, identify ghost assets and pursue market value aggressively in various cases.
- When NOV’s are issued, we perform a detailed review comparing the proposed values issued by the county to fair market value determined in our appraisal.
- In areas of disagreement when it comes to value, Our team engages assessors and appraisers in informal negotiations in an attempt to come to an agreement.
- In cases where an agreement can’t be reached in informal negotiations, we file a formal protest or appeal and present before the local ARB or BOE.
- Our team understands the necessity of reliable accruals. We manage this process for our clients providing annual reports and in some cases quarterly updates.
- As property tax bills are issued, our team processes them to you for timely payment. We offer several options including paper bill processing, electronic integration, and e-pay.
Frequently Asked Questions
While some think of contracting a professional to protest property values as a one-time thing, this is far from the case. Every year, your properties are at risk of being re-assessed by the local jurisdiction for taxation. In some states such as Colorado, they revalue properties every other year. Regardless, this is an area as a property owner that you won’t want to ignore.
No. To provide the best results in real estate valuation when negotiating with local jurisdictions requires an expertise in the specific industry of the property. While there are some generalities in real estate valuation, it is the added level of industry knowledge and expertise that will translate into maximum ad valorem property tax savings for a client year after year.
Yes. In a world where laws are constantly changing, and government budgets are being stretched to the limit, the first place local governments look to for additional revenue is ad valorem property tax. In an increasingly aggressive environment, property tax is the area that owners will want to monitor closely year after year.
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