- Pay Attention on May 1st for a letter coming to your mailroom that says “Notice of Appraised Value” on it. These letters will be sent by the appraisal districts to the commercial property owner’s mailing address. The appraisal districts will be revaluing commercial properties this 2014 tax year due to the uptick in market conditions.
- Look for Information: If your market value is raised by the county appraisal district, look for this information to gather.
- Find What You Claimed: From your IRS tax filing, make a copy of the income and expenses claimed for the 2013 tax year. The appraisal district will need this only if the property is leased to a tenant(s).
- Obtain Sales Comparable Information of similar type properties in your area from brokers or online services.
- Find Current asking prices for leases of similar type properties by using www.costar.com and www.loopnet.com. These are free and both easy to use. From the information gathered, determine what do you think a listing price for your property might be and compare this to the total market value from the appraisal district. This should be received each year around May 1st.
Visit my website www.CarlsonPropertyTax.com to learn more about real estate taxes and how we can help you.