Take Control of Your Property Taxes with Paramount Property Tax Appeal
Have you ever wondered if you're overpaying on your property taxes? At Paramount Property Tax Appeal, we believe in empowering our clients with the knowledge and tools to navigate property tax assessments effectively. Our recent video, helmed by our seasoned expert, dives deep into this crucial topic.
In this video, we unpack the intricacies of property tax assessments, appeals, and potential loopholes that could save you significant money annually.
Challenge the Assessor
Just as you wouldn't let the IRS do your taxes, we urge you to apply the same critical thinking to your property tax assessments. Blind acceptance could lead to overpayment.
The Impact of Property Taxes
Property taxes can constitute around 30% of expenses, making it the single largest expense line item for real estate owners and brokers. Challenging an assessment can profoundly affect your financial health.
When Should You Review Property Taxes?
We explore scenarios such as new construction, changes of ownership, 1031 exchanges, and distressed sales. These instances often lead to discrepancies between the purchase price and the Assessor's valuation.
We outline two types of assessment appeals - supplemental and base-year appeals. You have a four-year window to challenge an assessment, providing ample opportunity to rectify any overvaluation.
Appeal the Purchase Price or Value
We share a valuable loophole: Assessors usually don't review the rent roll. Property owners can potentially lower their taxes by arguing that rents established in previous years are higher than current market rents.
Valuing New Constructions
Learn how to value new constructions and the effect of separate valuation of land and improvements on your overall tax assessment. We demonstrate how considering the current value of the land (instead of the purchase price) could result in lower taxes.
Real Property vs Business Personal Property
We clarify the distinction between real property and business personal property. Assigning a higher value to depreciating business personal property can help minimize the amount subjected to the 2% annual increase under Prop 13.
Arm yourself with the knowledge to take control of your property taxes. Our video provides a comprehensive guide to understanding and effectively challenging property tax assessments and appeals. Watch it here, and let Paramount Property Tax Appeal help you potentially save thousands of dollars in property taxes annually.
Remember, knowledge is power – and it can also lead to considerable savings!