Appeals For Commercial Real Estate Tax
Commercial property is assessed and taxed at a higher rate than residential property. A significant increase in the assessed value of your property means a substantial hike in your property tax bill. At The Law Office of Cathy Steele, P.C., we have a successful record of challenging the county assessor’s valuation. We have helped business owners across the St. Louis area save thousands — even hundreds of thousands — of dollars in annual taxes through commercial property tax appeals.
Commercial Property Tax Appeals
The county reassesses real estate property values in odd-numbered years. Assessors use one of three methods to determine the fair market value of your property:
- Income approach — What a buyer could expect the property to generate in rental income, against projected operating expenses.
- Market sales approach — Valuation based on sales of similar commercial properties within the recent past, accounting for market conditions, actual square footage, age of the building and other factors.
- Cost approach — Cost of the land and cost of the building new, depreciated for age and functional, physical and economic obsolescence. This is often the method used by area assessors.
Attorney Cathy Steele has practiced in this area of the law for 35 years. She has a sophisticated understanding of the formulas and factors of each approach to valuation. She has successfully represented commercial clients before county Board of Equalization and the Missouri State Tax Commission.
In commercial real estate tax appeals, we often choose a different approach to valuation, or apply alternative data to the same parameters the assessor’s office used. For instance, we may compare actual and estimated expenses, or challenge rental rates or sales data that do not reflect current market conditions.
Arrange Your Free Consultation
If you believe that your commercial, corporate, office, warehouse or industrial property was improperly valued, call us at 314-732-4238 for a free consultation or email us today. Clayton, Missouri, tax appeal lawyer Cathy Steele represents owners in the city of St. Louis and St. Louis County, as well as St. Charles, Jefferson and surrounding counties.