A property transaction can impact future taxes either negatively by producing a tax increase where the purchase price exceeds the current assessment, or positively, by providing an opportunity to reduce taxes where the current assessment exceeds the purchase price.
It is important that full tax due diligence is performed for every asset purchase. This includes a review of current property tax obligations and of the existing property assessment. It also includes an evaluation of any outstanding assessment appeals and an estimate of the tax liability for the property owner and the tenants with consideration to the sales transaction.
Our professionals will help to provide certainty and mitigate risks that may be assumed upon purchase. The process may include: