appeal of tax evaluation for multifamily property

Tax, SDIRAs & Cost Segregation
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appeal of tax evaluation for multifamily property

Marysue Connelly
Member since 2018 · 60 posts · 14 votes

Any recommendations on how best to appeal tax assessment on a multifamily property in the state of MO.  Our property tax just went from 5,000 to 13,000.

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  • Jessica Zolotorofe
    Attorney · NJ · Member since 2016 · 1k+ posts · 794 votes
    7y

    Where are you located?

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  • Account Closed
    Rental Property Investor · New Braunfels, TX · Member since 2018 · 141 posts · 103 votes
    7y

    @Marysue Connelly

    https://stc.mo.gov/file-an-appeal/

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  • Joshua ThompsonBusiness Member
    Accountant · Melissa, TX (Remote) · Member since 2017 · 210 posts · 135 votes
    7y
    Originally posted by @Marysue Connelly:

    Any recommendations on how best to appeal tax assessment on a multifamily property in the state of MO.  Our property tax just went from 5,000 to 13,000.

     I've heard of certain companies out there that will challenge your assessment on your behalf but they usually take a percentage of what they save you as payment. Could be worth looking into. 

    You could also send it a request on your own but you may want to do some research on the proper way to go about it that increases your chances. You probably don't want to go in there and just say "Hey this is crazy".

    Thompson Tax Group LLC550 Reviews
    WebsiteView Page
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  • Marysue Connelly
    OP
    Member since 2018 · 60 posts · 14 votes
    7y

    thanks Mike,  I just printed the form and will work to get an appointment.

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  • Marysue Connelly
    OP
    Member since 2018 · 60 posts · 14 votes
    7y

    Jessica, 

    We are in  City of St Louis in  St Louis county

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  • Mian Rizwan
    St. Louis, MO · Member since 2017 · 32 posts · 5 votes
    7y

    I came across this problem in Granite City, IL back in 2017 and a good real estate agent was able to help me for 500 $

    Recently had to file another such appeal in Belleville, IL and did it myself (will get response in 1 yr )

    When I was looking around in 2017-8, there are few local companies who charge 50 % of tax saving for 1 yr ( not worth it if you don't mind filling few forms etc)

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  • Donald Robers
    Kenosha, WI · Member since 2015 · 89 posts · 81 votes
    7y

    There could be many reasons for a property assessment jump, but often it is the sale of a property that the assessor considers comparable to yours.  Your approach would be to show why the properties are not of equal value.  This can be counter-intuitive to a real estate investor because comps are usually used in hopes of maximizing the value for financing or sale.  If your local Registry of Deeds has records available online you could look up several properties in your area that are similar to yours and check the sales and tax history.  If any show a significantly higher assessed valuation you can try to show why your property is worth less. 

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  • Marysue Connelly
    OP
    Member since 2018 · 60 posts · 14 votes
    7y

    I believe it was the purchase of the building that caused the tax increase.  We bought the building at a considerably higher price than the previous owner who purchased it vacant.  Our Marcus and Millichap realtor assured us it would not cause tax increase. We've sent numbers to the tax evaluator and have gotten no encouragement.  He basically said we are out of luck.  If anyone has more ideas keep them coming.  Thanks!!!

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