Concluding our series of exploring specialized tax incentives, we’re talking about property tax mitigation. Most companies and businesses consider property taxes to be a fixed cost. Not only that, property taxes are often the single largest recurring cost for commercial property owners. And most business owners are being overcharged on such taxes. However, a review of personal property tax assessments can result in potentially lowering property tax bills, resulting in increased profitability.
What is property tax mitigation?
Property tax mitigation is an in-depth analysis conducted by industry professionals to reduce the amount of real estate and/or personal property taxes. Experts will assess and determine the valuation of a property to find opportunities for refunds and reduction in taxes. A property tax review can result in savings of 10-25 percent or more of the total real or personal property taxes paid.
What are the benefits?
Immediately, there would be a reduction of taxes owed and potential refunds on the excess of prior paid taxes. The years that follow could see a reduced tax burden, thus produce an increased cash flow for your business along with no fees on future filings.
How do I know if I qualify?
Commercial buildings with property taxes that exceed $50,000 per year qualify. Businesses within a wide range of industries often undergo property tax mitigation, such as manufacturing companies, auto dealerships, restaurants and retailers.
Protect your bottom line and contact us to find out if a property tax mitigation is the right strategy for your business. We’ll explore your options and see if your property qualifies. Contact Ray Hodges today to set up an appointment!
Also learn more about other specialized tax incentives: