Proposition 8 – Decline in Value Appeals: The real estate market is in the midst of a recession since the market peaked in 2007. Rents have declined and vacancy has increased for commercial properties. This has had a dramatic negative effect on the value of commercial properties over the past few years. The market value of your property could be 30-50% below the assessed value of your property. Retain CRE Tax Appeal to be your advocate to recover the taxes you have already overpaid. CRE Tax Appeal’s results and customer service are exceptional. Call us at 858-505-8065 today.
California’s Proposition 8 allows property owners to contest the assessed value of their property. When it is proven that the market value of their property is less than the assessed value of their property, the county temporarily reduces the property taxes due or refunds overpaid property taxes. Due to the current real estate recession, there are many property owners that can benefit from this type of appeal – even if you have owned your property for 20 years. CRE Tax Appeal operates effectively and efficiently, resulting in lower costs and we pass the savings along to you.
Supplemental & Base Year Appeals: Properties are typically assessed for the same value as the price paid to purchase the asset or the costs associated with constructing the property. If you receive a tax bill for your property indicating a value that is more than the amount that you paid, you should file a supplemental appeal. There is only a 60 day time period from receiving a supplemental notice at the property’s mailing address to file a supplemental appeal to receive the maximum amount of refunds that you deserve. However, you have up to four years to file a base year appeal that can get you some refunds and lower the property taxes for as long as you own the property. Any reduction in assessed value that CRE Tax Appeal generates from base year or supplemental appeals, will be realized as tax savings every year until you transfer your property.
These appeals arise when the county assessor assesses your property for more than the price that you paid to purchase or construct the property. This type of appeal is CRE Tax Appeal’s specialty. CRE Tax Appeal has great proficiency in identifying the valuation and taxation issues involved in the transfer or development of a property. These appeals require a substantial amount of research and communication with the assessor’s office. This service is incredibly valuable because the assessed value is reset to Fair Market Value; saving you property taxes for as long as you own the property. Due to the large amount of work and the ongoing value of this service to clients, CRE Tax Appeal charges 60% of the first year’s tax savings for this type of appeal – all other tax refunds or reductions as a result of the successful appeal are free of charge. Some competitors charge as much as 100% of the first year’s savings for these appeals!
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