Property tax appeals can be complicated — but they don’t have to be. That’s why we created MountainSeed’s Commercial Property and Bank Branch Tax Appeal Business.
If your yearly tax assessment seems high or if you’re looking to lower your property tax bill, our team of experts is standing by with a risk-free solution. For banks, appealing property taxes on your bank branches can be a great way to lower operating costs which will drive down your non-interest expense. Successfully appealing OREO assets can help increase marketability for those properties. For commercial property owners, cutting expenses can prove helpful for cash flow purposes or if preparing to market your asset.
WHY CHOOSE MOUNTAINSEED FOR YOUR PROPERTY TAX APPEAL?
Since its inception, MountainSeed has worked with over 600 financial institutions in addition to thousands of real estate owners. Our team has extensive experience in property tax appeal scenarios and is led by an individual who oversaw a large metropolitan area’s tax assessment division for over 30 years.
We also have full-time staff located throughout the country with clients located in each state. Our operational team has a multiple asset class understanding which helps us build the correct case and strategy when going through the appeal process.
A Risk-Free Solution
Our Property Tax Appeal Service is risk-free and does not require any upfront or fixed costs. We work on a straight contingency basis and are only paid a nominal fee if we save our clients money.
WHEN TO APPEAL YOUR PROPERTY TAXES
It’s a common misconception that bank branch property taxes are a fixed cost or always assessed correctly. If your bank has never appealed your branch property taxes, chances are you’re overpaying. In reality, many banks can be more proactive in managing their costs, and a tax appeal on branches or OREO is a great starting point.
In some cases, there might be an error on your tax assessment. Bank branches are also notoriously overassessed due to the fact that some municipalities suggest there are multiple uses for branches. Occasionally, there might be specific laws in place that could potentially raise or lower your taxes that would go unknown without an expert reviewing.
LET MOUNTAINSEED WALK YOU THROUGH THE PROPERTY TAX APPEAL PROCESS
Through our Property Tax Appeal Service, we’ll manage the following steps and guide you through the process.
1. Review annual notice of assessment. We’ll pay close attention to the year-to-year changes in your property’s appraised value. If the percent increase seems high over a short period of time, that could be an indication that something is off.
2. Evaluate comparables in the area. A visit to the Board of Tax Assessors will reveal what’s on file. Local brokers or appraisers in the area may also share data regarding sales, listings, or lease information.
3. File your property tax appeal. This involves filling out a form with the Board of Tax Assessors. Many require supporting evidence at the time of appeal. Such evidence could be comparable data, recent appraisals, photos of deferred maintenance, a description about an issue with the property (i.e., zoning restrictions, ingress/egress, noise, traffic, etc.), listing or contract information, or rental/income history.
4. Wait for the outcome. After the appeal is received, there’s typically a waiting period. If the appeal is approved, the tax authority will amend the value. It may or may not be the results you desire. If the appeal is denied, you can either let your appeal die or go through a more formal process of appearing before a board or filing litigation.
If you’re feeling overwhelmed by the prospect of filing a property tax appeal, let MountainSeed help. Contact us today for more information on our Property Tax Appeal Service and Bank Branch Tax Appeal Business.