Help with HIGH tax assessment

3 Replies

Hi BP Community,

I've found a property for an investor In East Williamsburg, its a 6 unit and C-2 zoned. The taxes are incredibly high for this type of commercial property and I was hoping somebody might have some advice on why it is so high and how/if it can be adjusted. I appreciate any and all help.

Listed below is the property I want for my client and its tax breakdown

YearUse codeMarket valueAssessed valueTaxableTax rate%Base taxCurrent property tax
2013/14C2$871,000$331,800$331,80013.145%$42,009$45,530
Listed below is an exact same 6 unit C-2(this is common for almost all in the neighborhood)
YearUse codeMarket valueAssessed valueTaxableTax rate%Base taxCurrent property tax
2013/14C2$558,000$36,792$36,79213.145%$4,836$5,221

every state and county is different but in my area you would first go down to the property appraisers office show equiviland sales and assessments in the area, and they will usally adjust, if over assessed.  If that doesn't work they have an appeals possess though a citizen board.  Be nice and approach it like I think there might be an error here. The apraiser has a lot of flexibility. 

Originally posted by @Cameron Skinner :

every state and county is different but in my area you would first go down to the property appraisers office show equiviland sales and assessments in the area, and they will usally adjust, if over assessed.  If that doesn't work they have an appeals possess though a citizen board.  Be nice and approach it like I think there might be an error here. The apraiser has a lot of flexibility. 

 Cameron thanks for the help! Enjoy your weekend!

Tim

I agree with @Cameron Skinner. Most property owners/investors under-estimate the public relations outreach conducted by local property assessment offices. They WANT you to understand the assessment process and take action if the assessment is unfair (measured by market value OR uniformity with similar properties). Most will explain the process, help you identify comparable market data, and encourage you to seek resolution if you feel the assessment is unfair.  Don't listen to naysayers who say local assessors are out for more tax revenue. It's simply not true, or very rare at most.