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St. Louis Real Estate Tax Legal Blog

Tax assessors target Airbnb properties

When you travel, you may like the convenience and predictability of a hotel chain. On the other hand, if you have ever used Airbnb to find a place to stay on your trip, you know the benefits include a wider variety of locations and a room that feels more like a home. Perhaps your positive experience with Airbnb is what prompted you to list your own property for travelers to Missouri.

If you are one of the many St. Louis property owners who list your property as an Airbnb rental, you may have been shocked to receive a notice from the city assessor's office informing you that their agents had reclassified your property from residential to commercial. Now you are dealing with a property assessment that may more than double your tax bill.

Business Property Owners: You may not have to accept what the tax assessor says you owe

When you receive your commercial property tax assessment, do you simply grumble for a bit and then pay it? It might surprise you to know that as many as 60% of properties nationwide receive too high an assessment, according to the National Taxpayers Union. And only a small percentage of people appeal tax assessments, sometimes as low as 2%.

If you were to appeal yours, you may be pleasantly surprised to discover that you owe a lesser amount. By this point, you may be asking how you get on board with this deal.

Is your commercial property assessment too high?

If you have not yet received the tax assessment for property you own, you can expect it in the mail soon. The assessment shows you the jurisdiction's estimation of the value of your property, which then determines the amount of taxes you will pay. Like many business owners, commercial property owners and owners who rent property, you probably want to keep your taxes as low as possible. This may be difficult to do if you receive an inflated assessment of your property's value.

Fortunately, you can take steps to appeal the assessment of the property you own. It may go without saying that the appeals part of the assessment process is just as complicated, if not more so, than every other aspect of property taxes and assessment. Nevertheless, if it is possible to reduce your tax burden, you may want to exhaust every possible opportunity.

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