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Top Reasons To Appeal Commercial Property Values

In Missouri, business owners and property managers receive tax assessment notices on the properties they own or manage every two years. But are the assessed values accurate? There is a possibility your property may have been assessed incorrectly as some counties use a computer mass appraisal system to arrive at the fair market value.

Missouri businesses have seen assessments rise substantially, especially in recent years, and sometimes they challenge these assessments. But how do you know if you could have a case to argue a lower value on your commercial property?

Factors that may be inaccurate in the county records.

Several things could be reflected inaccurately in your tax assessment such as:

1. Condition of building - The assessor may assume the property is in better shape than it is, which could cause your assessment to be higher than it should be.

2. Accuracy of property description - The square footage or number of rental units may have been recorded incorrectly.

3. Market value - The market value should reflect what your property could sell for at the time of the real property valuation. This amount is an estimate based on similar properties in the area.  Both comparable sales and market rental rates can be used.

Why appeal your business's assessment?

Lower values mean lower taxes - that means money back in your bank account; however, appealing an inaccurate assessment is also about arriving at the fair market value. When seeking an appeal, gather tangible evidence you can use to prove your property's market value.

Though the deadline has passed for local appeals, you may still file an appeal at the state level. To file with the Missouri State Tax Commission, you have until September 30, or up to 30 days after the date of the decision notice to appeal.

If you have questions about your commercial assessment or want help with an appeal, The Law Office of Cathy Steele can help.

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