Economy is burning heels at a far corner and recession coupled with global economic slowdown has resulted in property slump. The prices are steadily coming down and the real estate euphoria is over. More and more property owners are contesting their property tax appeals for getting leverage on their property taxes. On the contrary, government is pushing very hard so that they get their tax structures protected. They have a battle at hands and they still need to recover from sub-prime effects.

With a successful property tax appeal, owners get the great satisfaction of seeing their tax rebates registered as saving in NOI. This can accumulate to quite a big sum in a matter of a couple of years. You must be prepared for the ploy of your city or municipality taking fair market value COMPS. They would not want to go ahead with short sale, or foreclosure properties as these come up with lesser price per square footage. This can hamper the tax base of the city.

This entry was posted on Tuesday, January 27th, 2009 at 9:10 am and is filed under Property Tax, Tax appeals. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.