CAN YOU STILL GET A PROPERTY TAX REDUCTION IN A BOOMING REAL ESTATE MARKET?

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Author: Caterina Christakos

Article source: http://www.articlealley.com/. Used with author's permission.

Let's rephrase the question. Let's ask, "Can I afford not to appeal my property taxes when I can retain someone to do it on a contingency basis?"

Case in point: A friend of a friend was considering not retaining me this year to appeal the property taxes on apartment buildings she owns in Miami and Miami Beach. I suggested she hire me and work more closely with me by making sure I get records of her income and expenses. I explained to her that in today's market, valuation analyzed on an income approach frequently yields lower valuations than on the market, or "comparable sales" approach heavily relied on by the county property appraiser in preparing tax assessments.

The result: success!

By preparing income and expense analysis in addition to the traditional comparable sales approach, I obtained a reduction on the Miami property of 16% and on the Miami Beach property of 15%, results certainly worth the candle.

For property tax appeals, the appropriate adage is, "Nothing ventured, nothing gained." Where, as in this industry, tax appeal agents work on a contingency basis, the taxpayer has nothing to lose.

As with the retention of any professional, choose carefully. Ask friends or professional colleagues for referrals. If you own commercial property, ask fellow property owners who they use for this purpose and how they like the results and the professional relationship.

Or just contact this property tax attorney to review your commercial property tax assessment at no charge.

About The Author:

Daniel A. Weiss is a former Attorney Special Master for the Miami-Dade County Value Adjustment Board and was recently named to the list of Florida Super Lawyers for 2006. For more information go to:http://www.tannebaumweiss.com/property_tax.php