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March 19, 2012

Are Your Real Property Assessments Too High!?

It is that time of year, assessors are compiling their assessment of your real property (whether you are an owner or lessee that pays real property taxes). By now, the assessors should have completed their inventory of your property and whether it is subject to exemption. The next step is to put together and file a tentative assessment roll (in most places, that must be filed no later than May 1, 2012). However, the process for reviewing your assessment (again, whether an owner or lessee) begins now. You need to compile information regarding the physical assets, the assessments, income and expenses, and present and future economic conditions and outlooks. Following the 2008 economic collapse, commercial and industrial real property values declined throughout New York. As business cash flows decline, property values follow.

We also note that non-profit organizations need to make sure they received all exemptions to which they are entitled (whether mandatory or permissive). Assessors are decreasing exempt property to boost tax bases. A quick call to the assessor will confirm whether your exemption is in place. If you never applied for an exemption and are an IRC §501(c)(3) you may be entitled to an exemption.

At Hiscock & Barclay, we can assist you in this process of either reviewing assessments or exemption status. For real property assessments and taxes, we review to determine whether there is economic value in challenging your assessments. For no charge, we can:

  1. Review tax bills and assessments (including equalization rates);
  2. Review income and expense statements, any sale/purchase agreements and list of capital improvements;
  3. Create a model for analyzing real property taxes, their management and solutions, where appropriate;
  4. Advise as to whether there are economical means to manage the real property taxes, including, negotiations, PILOTs, exemptions, and ( if necessary and justified by potential savings), litigation.

For exemptions, we review your operations and purpose of operation with the requirements of the Real Property Tax Law to see whether an exemption applies.

This free service is intended to provide you with the tools and means to make sound business decisions and to provide a structure for real property tax management.

If you have received this alert from a colleague and would like to subscribe to our Real Property Tax & Condemnation Legal Alerts, please reply to reachus@hblaw.


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