Property Tax Reduction Advisors

POST-COVID-19 PROPERTY TAX IMPACT

Covid-19 has had a enormous negative impact on property valuation especially in the commercial office sector. Retail has also undergone a massive transition as the impact of online shopping has retailers downsizing to smaller footplates. Many metro areas are heavily impacted. As old leases expire, vacancies rise and property values fall. Vacancy coupled with the rising interest rate environment is invoking lower property values.

The counties are not in the business of voluntarily reducing property taxes-. If you don’t challenge your property tax assessment, your property tax bill will continue to rise.   

Centergy Tax Inc., specializes in commercial property types including but not limited to: Retail, Office, Mixed Use, Industrial, Automobile Dealerships, and Gas Stations. We perform the following services:

• Real Property Tax Assessment Review
• Real Property Reduction Appeals (Decline in value appeals)
• Real Property Tax Maintenance (Maintaining lower values)
• New Construction Assessment Appeals
• Escape Notices (Supplemental tax bills )
• Changes In Ownership ( Gifting, Selling family entities, Death)
• Calamity ( Flood or Fire )
• Stagnant Market Refunds

Are you over-assessed on your property tax? If current market value is less than your assessed value you are!!! Centergy Tax offers commercial property tax advisory services in the state of California. If you are paying too much property tax for a property you own, we can help reduce your property taxes. Property taxes paid by the taxpayers in California are based on an opinion of value by the county assessor. Under the law a property is generally re-assessed when ownership changes, or when new construction is completed. Proposition 13 caps the growth of a property’s assessment at no more than 2% each year.

In California, property owners are entitled to file a property tax appeal to reduce the amount they owe in property tax each year. In each county there is usually one or multiple assessment appeals boards or a county board of supervisors that will hear property tax appeals. This board is an independent entity whose primary function is to resolve property tax disputes. The decisions of the appeals boards are legally binding and enforceable. These decisions can be appealed via litigation. The State Board of Equalization issues property tax rules and guidance to assist boards perform their duties. At Centergy Tax, we have a team of commercial real estate professionals, each skilled in a different area of real estate. This includes Investment Sales, Commercial Leasing, Commercial Appraisal, Legal, Tax and retired county assessors. We have the knowledge and expertise in each respective discipline to appeal and prevail in your assessment appeal. These services are offered on a contingency basis, although other fee structures are available. Since the end of “the great recession” in November 2011, most counties in the state of California had seen a rapid rebound in real estate values.  The recent outbreak of COVID-19 has affected all sectors of the real estate market and properties have again entered a period of decline. Even in a “normal” market, despite county tax collectors’ best efforts to tax fairly, mistakes are made. It is imperative that you examine your property tax bill annually to ensure the taxes you pay are based on a proper allocation and reflect a true and current value of your property.

Factors that Influence Your Property Tax Assessment

There are a number of reasons that your property tax assessment may be incorrect. 

First, mistakes happen as assessors are human. Often the assessor has received incorrect information about your property, or property owners have not provided the information requested in a timely manner which results in an incorrect assessment.

Second, California utilizes mass appraisal technique to assess both real and personal property. This technique prompts mistakes, as appraisers are not given ample time to come up with a true property valuation. 

Third, due to budget concerns, layers of red tape, cutbacks, hiring constraints,and attrition through retirement, and a lack of qualified candidates, counties are now understaffed to tackle the challenge that lies ahead. 

You should pursue your right to appeal your property taxes if you feel any of these circumstances apply to you. You should appeal as soon as you find the error or receive  a tax bill or supplemental notice from the county.

Appeal filing deadlines vary by county. Most California counties impose the deadline of November 30th but some are set for September 15th. Once the deadline is passed, you may not be able to appeal the assessment. 

Contact us with any questions you may have regarding the deadline date for your county or, click the  Appeal filing link to access the  CA. county websites for information.

CALL 888-499-8188 to determine if Your Property is a candidate for Property Tax Appeal.