Filing Annual Tax Appeals: A Guide for Multifamily Operators

[Thomas Higgins]

Multifamily operators, you no longer need to stress over filing annual tax appeals.

In this article, we'll walk you through the steps to successfully navigate the process in any market. Let's dive in!

1. Research local laws & deadlines: Every jurisdiction has different rules and deadlines for property tax appeals. Start by researching your local regulations to understand the process, requirements, and timelines specific to your area.

2. Review your tax assessment: Carefully review your property tax assessment to identify any inaccuracies or discrepancies. Compare your assessed value to recent sales and rents of comparable properties in your area to determine if your assessment is fair.

3. Assemble your team: The tax appeal process can be complex, so it's crucial to have a knowledgeable team in place. This may include a property tax consultant, attorney, and appraiser who can help you navigate the process and build a strong case.

4. Gather evidence: Collect data on recent sales, rental rates, and other relevant market information to support your appeal. Include photos, property improvements, or any other factors that may impact your property's value.

5. File your appeal: Prepare and submit your tax appeal with the appropriate local authority within the specified deadline. Make sure your appeal is clear, concise, and supported by strong evidence. Keep a copy of all documentation for future reference.

6. Attend hearings if needed: In some cases, you may be required to attend a hearing to present your case. Be prepared to answer questions and provide additional information to support your appeal.

7. Monitor outcomes & repeat annually: Track the results of your tax appeal and make adjustments to your strategy as needed. Remember to stay vigilant and repeat the process annually to ensure your property's taxes remain fair and accurate.

8. Following these steps will help you effectively navigate the property tax appeal process in any market.

Remember to stay proactive and diligent so your property taxes are fair and accurate for improved financial performance.