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Property Tax Reimbursement Audit

Property taxes are often the largest pass-through expenses permitted under real estate leases. The process required to properly validate property tax charges is quite complex. Property tax bills and refunds typically span multiple years and may include several tax assessor accounts. During these periods, property rentable area and occupancy may change, property taxes may be appealed resulting in reduced taxes, and prior years' appeals may be settled resulting in refunds to the landlord. The fluid nature of the property tax process requires a very careful accounting of all past, present and planned property tax actions. Greenback is uniquely qualified to analyze property tax reimbursement expenses because of our extensive background in property tax representation.

Greenback frequently uncovers property tax reimbursement errors in these areas:

  • Calculation and clerical errors
  • Decrease in tenant prorations due to increase in property square footage
  • Property tax refunds received by landlord for prior years
  • Reduction in initial assessments
  • Charges for vacant space allocated to paying tenants
  • Incorrect tax assessor accounts
  • Incorrect square footage

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