Property Values Fall
Over the last five years, commercial real estate investors experienced tremendous declines in property value. This is largely due to the lack of available credit. In 2008, commercial sales dropped by over 70%. Owners who were fortunate enough to find buyers for their properties were unable to consummate sales because traditional sources of purchase money dried up due to the continuing financial crisis in the banking industry. This lack of available credit continues today. With sellers unable to sale and buyers unable to obtain credit, it is understandable that loan defaults moved from the residential market to the commercial market. The bottom line is that commercial real estate values are down by as much as 41% in some markets, and many are questioning the reports that the market has allready hit bottom.
Unfortunately, for owners of commercial real estate, the tax assessments have not been reduced in proportion to declining property values. With Owners paying from 1.5% to 2.5% of their property values each year in property tax, they are paying thousands of dollars in unnecessary property taxes. It is for this reason that Georgia Tax Appeals, LLC represents property owners in appealing unfair property tax assessments.
We Do All the Work
Beginning in early January, Georgia Tax Appeals, LLC will begin preparing 2013 tax appeals. To set the tax appeal process in motion, property owners pay a $199 research fee. If research findings indicate an appeal would likely be productive, we will prepare and handle the commercial property tax appeal for an additional 30% of the first year’s tax savings. Our service includes: a complete review to verify the accuracy of your tax records; a determination of market value using the comparable sales, income, and cost less depreciation approaches; a filing of your Tax Payer’s Return of Real Property; and an appeal to the Board of Equalization, if necessary. Our service is all inclusive. Georgia Tax Appeals, LLC handles the details and attends every meeting in the property owner’s behalf.
If, after reviewing your records we determine that an appeal is not warranted, you will be informed of the findings and receive a full refund of the $199 research fee.
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