Commercial Property Tax Reductions for Recent Purchases
You’ve just purchased commercial real estate: congratulations. This blog post explains how you can reduce your property tax payment in the first year (twice) and every year thereafter, often by $5,000 to $15,000 or more annually.
How Commercial Property Tax Reductions Work
If the sales price of your new property is lower than its assessed value, we can make a compelling case for a commercial property tax reduction. We have the sales data and assessed values for all commercial properties sold in Cook County, and we can quickly identify if we can make a successful sales argument with our proprietary property tax reduction algorithm.
For commercial properties that produce income, we may be able to make an argument for an assessed value reduction on the basis of the income and expenses in the subsequent years.
Property owners have the opportunity to appeal their commercial properties’ assessed values in Cook County twice a year: once at the Cook County Assessor’s Office and once at the Cook County Board of Review.
All of the above is yet another way to keep business costs down.
Estimate Your 2016 Commercial Property Tax Reduction Now
If you recently purchased your property we can provide you with a free estimate today of how much you can expect for a 2016 property tax reduction. It just takes a few minutes and can be done over the phone. We only get paid if you see a reduction, so we only appeal cases we believe can be won.