The commercial property tax bill has an unusual way of eliciting all sorts of emotions at once. There’s anxiety about the unknown as you evaluate that sealed envelope. There’s the weight of knowing a payment is coming.
Oftentimes there’s confusion, too.
At Lane Property Tax Advocates, we believe a bit of insight can make a world of difference when it comes to the complicated world of commercial property taxes. Here, we lay out the important information you should be looking for when your commercial property tax bill arrives, what exactly that information is telling you — and steps you can take to make tax season easier on the whole.
Understanding the Different Parts of Your Commercial Property Tax Bill
Tax assessors and collectors have an uncanny knack for fitting a large amount of data into a seemingly small physical space. And if you aren’t prepared for it, it can take a moment for those numbers to make sense. Here are a few key areas you should zero in on.
Scroll through the various columns and you’ll see the rate you’re charged for each individual jurisdiction — and the overall amount that jurisdiction will receive, based on your assessed value.
Understanding Where Your Commercial Property Tax Bill Fits into the Overall Process
The commercial property tax bill is something of an end cap for the overarching tax and protest process. By the time your bill arrives, you will have already received your initial notice, determined whether or not a protest was necessary and undergone the hearings required to negotiate your owed amount down to something reasonable.
And, while your bill is important, it isn’t the only document that provides crucial information throughout the process.
The notice you received at the start of the process includes pre-hearing amounts for the data mentioned above, and also indicates how your assessed value for the current year compares to that of the year before. It lists that information out by valuation amount, and percentage increase or decrease, too.
Your notice contains quality information in a fairly easy-to-digest format, so long as you do some reading. And it can be an easy way to determine whether you should consider pursuing a commercial property tax protest. (In most instances, you should!) We recommend holding onto all such correspondence, as it can help with current and future commercial property tax protests.
Know What to Do Long Before Your Commercial Property Tax Bill Arrives
As we mentioned above, your tax bill is a culmination of all the work that went into the protest process. In order to get your bill’s amount lowered to something more in line with what you should be paying, it helps to start commercial property tax season strong. Here are a few tips to keep in mind:
We hope the above information makes decoding your commercial property tax bill a bit easier and helps you take on tax season with a bit more confidence. If you have questions about anything you’ve just read, or if you’re interested in learning how Lane can help you along the way, please feel free to contact Lane. Our team would love to hear from you!