Securing Fair Valuations for 2024’s Declining Office and Retail Properties

Stressed Out and Overpaying? How Commercial Property Owners Can Combat Unfair Tax Assessments

As we navigate through 2024, commercial real estate, particularly office and retail properties, faces unprecedented valuation challenges. Despite the observable drop in property valuations, property assessments and the consequent taxes often remain unchanged. Assessors, while quick to increase taxes annually, exhibit a notable reticence in adjusting them downwards in light of current market conditions. This discrepancy raises a pivotal question for commercial property owners, especially those who have invested in office or retail spaces post-2017: What can you do to ensure your property taxes reflect today’s fair market value?

The Case for Reduction:

For any commercial real estate owner witnessing a decline in their property's valuation, the opportunity and indeed the right to seek a reduction in property taxes is clear. Many properties are burdened with taxes based on valuations that no longer align with the realities of today's market. This scenario is particularly acute for properties purchased after 2017, a period marked by relatively higher market optimism compared to the current valuation trends. Owners of these properties are not just candidates for a reduction; they are entitled to a refund for the excess taxes paid due to outdated assessments.

The Assessors’ Stance:

It's a common grievance among property owners that while assessors are vigilant in increasing taxes to reflect market highs, they are far less proactive when it comes to recognizing market lows. This one-sided approach necessitates proactive action from property owners to secure a fair assessment. Simply put, if you don't take the initiative to contest your property’s assessment, the likelihood of receiving an adjustment in your favor is minimal.

How CRE Tax Pros Can Help:

This is where CRE Tax Pros steps in. Unlike other agencies that may spread their focus across residential and small property appeals, CRE Tax Pros specializes exclusively in commercial real estate. Our strategic relationships within the industry and our combined 70 years’ experience in commercial property valuation sets us apart. We don't just appeal; we secure the largest possible reductions for our clients.

Our understanding of income-producing properties and the unique factors affecting their valuation allows us to craft creative and compelling cases for reduction. Whether it’s navigating the nuances of a retail space's changing foot traffic or an office building's evolving tenant demographics, our expertise is unmatched. Moreover, our technology-forward and individualized approach to each appeal ensures that we're not just representing your case; we're advocating for your property's true value in today's market.

Your Next Steps:

If you're a commercial property owner grappling with the discrepancy between your property's current market value and its assessed valuation, it's time to take action. With CRE Tax Pros, you’re not just challenging an unfair tax assessment; you’re partnering with specialists who understand your property's specific challenges and opportunities. Our goal is to ensure that your investment is taxed fairly, reflecting its true value and enhancing your property's financial performance.

Get In Touch:

CRE TAX PROS

Email Us: info@cretaxpros.com

Call Us: 818-466-6499