Property Tax Reduction
Lower Property Taxes will Increase Your Bottom Line
Store Closures + Lowered Rents = Declining Value
Act Now to lower your Property Tax!
It is your right to ensure that the property taxes you pay each year are based upon a true and current value and proper allocation. County assessors are not in the business of voluntarily reducing property taxes…We are!
COVID-19 PROPERTY TAX IMPACT
Store Closures + Lowered Rents = Declining Value When property values decline, Proposition 8 allows a property to be temporarily assessed at a lower value. If you have been affected by COVID-19, you have a window of opportunity to file an appeal to ensure that the property taxes you pay are based on a true and current value.
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 is not viable under COVID-19, as various sectors of real estate have been, and will continue to be impacted differently. Third, many businesses have stopped paying rent as a result of the statewide Shelter in Place order which will ultimately result in bankruptcy and permanent closure for small business and corporate entities. This affects cashflow which in turn effects value. This event will drive values down and will trigger the need for reassessment of property values and appeals. These include (but are not limited to) retail, hospitality, and special purpose properties. Values in these sectors are plummeting in these unprecedented times. Fourth, due to budget concerns cutbacks and constraints, most counties are now understaffed to tackle the challenge that lies ahead. You should consider pursuing 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 are mailed 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 now to determine if your property is a candidate for Property Tax Appeal.
Centergy has offices in Northern & Southern California. We have a team of appraisers, retired assesors, CPAs, attorneys, real estate brokers, cost segregation and finance professionals that will handle the process from start to finish. Most fees are contingency based, so if we don’t prevail, you don’t pay.