With the federal tax deadline behind us, you might be thinking you’re done with tax deadlines for a while. But if you own commercial property, you’re not quite in the clear. You’ve likely already received your notice of appraised value from your county, but have you filed your commercial property tax protest yet? The deadline to file a protest is fast approaching, and with so many different tax deadlines to keep up with, it’s easy to forget one.
Don’t let this be the one you forget, as it could cost you tens or even hundreds of thousands of dollars. If that’s not something you’re prepared to shell out, it’s time to gear up for a commercial property tax protest. Here’s everything you need to know:
Why file a protest?
For commercial property owners, the stakes are high. This year, commercial landlords are seeing an overall average tax increase of 23%. Depending on the size of your property, just one year of taxes could run you tens or even hundreds of thousands of dollars. That’s money you could use to expand your product line, hire more employees, or beef up your marketing strategies – all things that can boost your profits and bring in more clientele.
If you’ve got more than one commercial property on your hands, protesting your property taxes is even more vital. In today’s market of highly inflated valuations, you’re likely overpaying on one or even all properties in your portfolio. Protesting your property taxes helps ensure that you don’t pay more tax than necessary, and saves you and your business money.
How often should I file a property tax protest?
In order to obtain the best possible outcome and accrue the most savings, it is imperative that a property owner protest his or her property taxes every single year. The practice of protesting your property taxes year after year stops the appraised value of your property from soaring. Even if you do not achieve a significant reduction, by protesting your appraised value and going on record as being dissatisfied with your evaluation, you have strengthened your case for the following year and increased the likelihood of minimizing your tax burden in the future.
A successful property tax protest can have long lasting benefits, producing savings for several years. In order to reduce the risk of being over assessed and over taxed, as well as increase the chances of having a successful protest, property owners should protest their property taxes each and every year.
Property Tax Timeline
With so many different tax deadlines throughout the year, it’s easy to forget or lose track of all the ones that apply to you. You probably have the federal tax filing deadline of April 15th ingrained in your head, but are you aware of the important dates when it comes to property taxes? Check out the list below to be sure you don’t miss a payment date or your chance to lower your property taxes.
- January 31- Property tax payments are due to your local appraisal district.
- February 1- Property tax payments are officially late.
- April 1- Notices of Appraised Value will come out, letting you know what the appraised value of your properties is.
- May 15- This is the deadline to file a property tax protest.
- October 1- Property tax statements are mailed out to all property owners. This statement will tell you your property’s assessed value, as well as how much you owe in taxes on it.