Paying commercial property taxes is a large expenditure that every self storage facility must contend with. And while you cannot protest the taxes themselves, you can, however, protest the assessment of your property. By learning the rules of the game, you can save thousands or even millions on your taxes. And with the help of tax expert, Jay Kanter of Realty Tax Consultants, you can learn the ins and outs of the process.
An upcoming webinar, “How to Protest Your Commercial Property Taxes,” will be held April 21 from 10 a.m. to 11:15 a.m. and can be taken by anyone who has access to high-speed internet service. The webinar is offered by the Texas Self Storage Association (TSSA) and registration for the event can be completed online. Participants will learn the steps to take and when to take them, what not to do, “The Income Approach to Value,” how to present your case, and steps to take if you “lose” at your hearing.
Jay Kanter is a tax professional with more than 45 years of experience. He formed Realty Tax Consultants in 1986 and has successfully reduced the valuation, at least once, on nearly every piece of commercial real estate he has challenged. He is also a storage owner himself, and during the webinar he will lead participants down the road of successful do-it-yourself protestation.
Some examples of what to do to successfully challenge the valuations from your appraisal district are as follows:
• Understand that you are protesting valuations, not taxes. The Appraisal District (AD) concerns itself only with valuations.
• It is your right under the Open Records Act to obtain a copy of the information the AD uses to set your valuation.
• Know if the AD uses the cost approach, market approach, or income approach to set the value on your property.
• Make sure the AD has accurate information on your gross area, net leasable area, construction type, and climate versus non-climate areas.
• Do not contest your valuation before your receive your notice from the AD in April.
• File a protest and then set up an informal meeting with the staff appraiser.
• Go to the Appraisal Review Board (ARB) hearing scheduled for your property.
Sources Used:
Kanter, Jay. “The ‘What’ and ‘When’ of Protesting Your Property Taxes.” Texas Self Storage News. April, 2011.
“How to Protest Your Commercial Property Taxes.” Texas Self Storage Association. April, 2011.