Property tax assessments & appeals
Take a proactive approach to managing your commercial property tax and improve your bottom line
Many organizations view property taxes as a fixed expense and only act defensively when there is a drastic increase in the assessment value. But from acquisition to disposition, property tax is a controllable expense that should be proactively reviewed at each decision point, as well as on an annual and mid-cycle basis.
Our consultants can help you understand the valuation parameters, legislation and tax policy that drive each property’s assessment and tax liability.
We provide recommendations and cost-benefit analyses to facilitate decision making throughout the tax appeal process, including negotiation and litigation. Our positive relationships with local assessment authorities and government representatives ensures that you have the best possible chance of reasonable assessments, successful appeal procedures and timely access to refunds.
Be aware of any risks and potential benefits
The status of appeal, compliance and tax management issues can impact a property’s future profitability. Ensure you have the correct answers to these questions before closing a real estate transaction:
- Are there outstanding assessment appeals and what is the potential impact of those appeals on your tax expense?
- How could those appeals impact taxes in future?
- Which party will receive the refunds/allocate refunds to tenants?
- How might purchase price affect appeals (positive/negative)?
Altus can help find answers and will provide recommendations to facilitate decision making.
Achieve the correct assessment – the first time
During development, changes in assessment and tax class can have a significant impact on taxes both during the development period and when the property becomes operational.
Management of the assessment process through the development stage can minimize carrying costs and maximize the future profitability of your project.
At all stages of development, our consultants can assist by:
- Advising of appeal deadlines outside of normal boundaries for new builds or major developments
- Negotiating future assessments with the assessment authority prior to the official filing of the Assessment Roll (in jurisdictions that have a pre-roll or advance consultation process)
- Confirming valuations and tax classifications are correct and equitable at each development stage
- Ensuring you take advantage of available levies & grants
Pay no more tax than is fair
As the largest expense item in your operating budget, property taxes should be reviewed on an annual and mid-cycle basis to prevent inaccurate tax growth assumptions and identify opportunities for tax savings.
An assessment appeal provides the opportunity to minimize your tax expense, enhancing your operational efficiency. Controlling operating costs provides a competitive advantage when leasing and fosters positive tenant relations.
Altus will review each property assessment to determine its fairness and accuracy and will advise on the merit of pursuing a reduction through all available tax appeal channels.
Our services include:
- Pre-roll negotiation of assessments (where applicable)
- Timely filing of appeals and submissions required by legislation
- Review and analysis of submissions by and to the assessment authority
- Research, analysis, investigation and evidence preparation for assessment appeals
- Ongoing settlement negotiation prior to a hearing
- Representation and advocacy at board or administration hearings
- Summarized documentation of the decision and recommendations for further action
Strategize your next move
Determine the best time to sell your property while improving or preserving your bottom line.
Understand how any outstanding or future appeals and timing of refunds should be addressed in closing documents.
We can advise you how to retain your rights to any outstanding appeals or pending refunds and can work with both vendor and purchaser to facilitate a smooth transition.
Property tax assessments & appeals
Understand the valuation parameters, legislation and tax policy that drive your property’s assessment and tax liability.
Property tax management & compliance
Manage your single largest operating expense and remain compliant where you own or lease property.
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Our multi-disciplinary team of professionals brings a wealth of industry experience and unparalleled data-driven insights, providing the clarity you need to make informed decisions.
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The Nova Scotia Property Valuation Service Corporation Releases 2019 Preliminary Values
Sep 25, 2018
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