HAS YOUR PROPERTY BEEN NEGATIVELY AFFECTED BY THE COVID-19 PANDEMIC? YOU MAY BE ABLE TO SAVE MONEY ON YOUR REAL ESTATE TAXES BY SUBMITTING A PROPERTY TAX ASSESSMENT APPEAL. CONTACT THE REAL ESTATE ATTORNEYS AT STRASSBURGER MCKENNA GUTNICK & GEFSKY TODAY TO GET STARTED ON YOUR APPEAL. DON’T MISS THE MARCH 31, 2021 DEADLINE!
The global COVID-19 pandemic impacted and disrupted nearly every aspect of our daily life in the past year, and that includes real estate values. State-wide shutdown orders and occupancy limits have led to significant losses in rental income and general profits for many local businesses and companies. As a result, property owners now have sizable tax bills for commercial property that’s considerably decreased in value.
If you own commercial property and suffered a loss in rental income or have increased tenant vacancies caused by the COVID-19 pandemic, you should consider filing an appeal of your tax assessment. The Allegheny County Board of Assessment does not reassess the taxable value of commercial properties every year and the only way to obtain a reduction in your tax assessment is by filing an appeal before March 31, 2021.
For tax assessment purposes, commercial and industrial property valuations are complex, and the market value of commercial property is often determined through an evaluation of the “Income Capitalization Approach.” The Income Capitalization Approach looks directly to the relationship between a property’s potential income and its market value in reviewing investment elements such as income revenue, expenses, investment risk and property stabilization.
If your commercial or industrial properties are producing less income, resulting in a disproportionate amount of rising costs and expenses, you may have justification for a decrease in your tax assessment.
The officials evaluating your tax appeal at the Board of Property Assessment or at the Board of Viewers are well-versed on the intricacies of commercial and industrial real estate value and the considerations necessary to determine the taxable value of a property. The real estate team at Strassburger McKenna Gutnick & Gefsky can help you review the current market value of your property and decide whether you have a legal basis to file a property assessment appeal. The appeal deadline of March 31, 2021 is fast approaching. Contact Kimberly Tague at the Strassburger McKenna Gutnick & Gefsky Office today at 412-281-5423.