Real Estate Value Appeal Services
To reduce real estate tax liability, your Greenback tax consultant performs a detailed analysis of real estate valuations and builds a case for real estate tax appeal. The consultant uses the following process to appeal real estate values:
Real Estate Tax Value Estimate
Depending on the circumstances of each location, Greenback develops real estate value estimates for the client's portfolio using a combination of income, market, cost or eqality approaches.
The income approach employs direct capitalization or discounted cash flow methods to estimate value based on a property's income generating potential. Special care is taken to arrive at a value based on the fee simple value vs. the leased fee value, which often is used by assessors to support a higher valuation.
The market approach identifies and adjusts market transactions to arrive at a value based on sales comparables.
The cost approach uses estimator programs to determine replacement costs for a building and then deducts all forms of obsolescence (physical, functional and economic). Assessors frequently only account for physical depreciation in their use of the cost approach resulting in excessive valuations. Greenback aggressively analyses the functional and economic obsolescence components.
An often overlooked, yet powerful approach to value reduction is basing the appeal on equal and uniform appraisal. Properties with similar characteristics should be valued similarly by tax assessors. Due to assessors' use of less than accurate mass appraisal techniques combined with inconsistent results from value hearings produces a wide range of values. Greenback leverages massive tax roll databases to ferret out inequalities which endures our clients pay no more than other taxpayer with similar properties.
Based on the appropriate real estate valuation methods, Greenback develops a valuation model for the portfolio to generate value variances compared to the assessor's value. This modeling identifies overvalued real estate property and allows for a systematic, prioritized appeal attack on excessive real estate valuations.
Real Estate Property Tax Value Appeal
The most direct opportunity for taxpayers to increase company profits is to appeal overstated property tax values. Greenback provides real estate appeal filing, site inspection, data gathering, case preparation and hearing representation. Greenback determines the most advantageous route of real estate tax appeal and proceeds through all appropriate informal and formal administrative hearings. In extreme cases where there is a legal basis for further appeal, Greenback can recommend qualified attorneys and coordinate legal efforts when necessary.