Cole Schotz, along with professional appraisers from Integra Realty Resources, presented an informative seminar to clients and interested commercial property owners, managers and brokers titled "The Time to Fight City Hall is Now — Why a Real Estate Tax Appeal Makes Sense" on March 3, 2010. The presenters covered the nuts and bolts of tax assessments, the appeal process, strategies to win on appeal, as well as a market-wide survey of current conditions and expectations, laying out a roadmap for action.
Because a property’s tax burden can represent one of the more significant components of its operating costs, conducting an annual review of a property’s assessment with your professionals: lawyers and appraisers alike, is critical to good management. Last year saw record filings with the tax court. This year, with the commercial real estate market continuing in recession, significant filings are again expected.
Despite this trend, the amount of qualified candidates filing appeals continues however to represent only a fraction of those who should be availing themselves of the tax appeal procedure. In a market where major sectors: Office, Retail, Industrial and Multifamily have experienced increased vacancy rates and greater demand for rent concessions and landlord work letters, the market values of these properties have decreased resulting in overassessments for real estate tax purposes.
Tax appeals must be filed by April 1, 2010.