Property Managers Can Save Big with Property Tax Appeals
If you are a property manager or the owner of rental or investment property, overlooking one of the multiple ways in which your property may qualify for tax reductions can be an expensive oversight.
At Kensington Research and Recovery, our work on behalf of property managers and investors has resulted in tens of thousands of dollars in savings generated from little-known avenues of appeal.
$20,000 in Savings per Year for 22 Properties
Our research for one investor who came to us last year with 29 properties for review yielded analyses supporting appeals on 25 of them. 22 of those property tax appeals were successful for a first-year savings of nearly $20,000. That’s money the investor would have been overpaying this year, and for years to come.
Some of those appeals were based on arguments available to arms-length property purchasers whose assessment reflects a market value higher than the purchase price. Most were based on arguments around lack of uniformity. Success depends on being able to uncover truly comparable properties with lower assessments.
Property Managers May Be Overlooking Significant Tax Savings
There are various ways in which the tax assessment for rental or investment property can be too high, in addition to all of the arguments that can be made related to the assessments of comparable properties. These include reductions for a rental property that has been vacant for a portion of the assessed period as well as reductions for properties that are under construction or undergoing significant repairs or renovation.
Without an in-depth review of the assessments of all of the properties in your portfolio, you are almost certainly paying more than you should be.
Take Advantage of Our Free, No-Obligation Estimate of Your Potential Tax Savings
At Kensington, our comprehensive analysis of your properties will identify any and all avenues for you to appeal the assessed values of the properties you manage. You only pay when savings are achieved.
We can also provide a pre-acquisition tax analysis of properties that are under consideration so that you have the most accurate picture of tax costs in advance.