Menu

Property Tax Resources

Sep
25

Lower Your Property Taxes with High Tech Tools

"Enter technology. Appropriate software and data management processes can yield consistent appeals results on a large scale. These tools leverage a variety of state and national data sources, both public and proprietary, to the taxpayer's advantage..."

By Walter Wolff, as published by Commercial Property Executive Blog, September 2011

Property taxes represent the largest operating cost for most real estate portfolio owners. By combining powerful technology with a solid data management plan, that pesky annual tax bill can likely be cut, adding dollar-for-dollar to the bottom line.

Successful property tax appeals depend on facts. Not only are facts about the property important, but data pertaining to competing properties, equality of appraisal, intangible components, market trends and macroeconomic forces play a vital role in obtaining meaningful tax savings.

Gathering information about your own property is easy. Rent rolls, income statements and deferred maintenance lists are readily available. Unfortunately, this is where most property tax appeal reviews and preparation end.

It's often the thorough analysis of the myriad of outside data sources available that provides the ammunition needed to maximize tax savings at assessment hearings.

These data are not always easy to access, sort, compare, format and make ready for a convincing presentation. To perform an adequate job, the property owner's tax specialist would need to allocate many days of analysis time for each property.

Now jump into the shoes of your tax consultant, who may be handling thousands of appeals for hundreds of clients in a very tight appeal window. Chances are many stones are left unturned.

Enter technology. Appropriate software and data management processes can yield consistent appeals results on a large scale. These tools leverage a variety of state and national data sources, both public and proprietary, to the taxpayer's advantage.

Good software seamlessly assimilates a property's data, tax roll comparables, recent sales, income models and cost formulas. Equally as important, these efficient systems allow full analysis of each property and printing of final reports in less than 20 minutes.

The next time you meet with your tax consultant, ask for a tutorial on how they analyze your valuations and prepare for hearings. If you don't see a judicious use of technology incorporating third-party data and work-up automation, you may be leaving something big on the table.

Wolff

Walter Wolff is chief technology officer at the Austin, Texas, law firm Popp, Gray & Hutcheson. The firm devotes its practice to the representation of taxpayers in property tax disputes and is the Texas member of the American Property Tax Counsel (APTC), the national affiliation of property tax attorneys. Mr. Wolff can be reached at This email address is being protected from spambots. You need JavaScript enabled to view it..

Continue reading

American Property Tax Counsel

Recent Published Property Tax Articles

Achieving Fair Taxation Of Big Box Retrofits

Issues to address to ensure a big box retrofit doesn't sustain an excessive tax assessment.

As more and more large retail spaces return to the market for sale or lease, creative investors are looking for ways to breathe new life into the big box. These retrofits saddle local tax appraisal districts...

Read more

Beware of New Property Tax Legislation

​Many states are attempting to change established law, causing commercial property taxes to skyrocket.

No one wants to be blindsided with additional tax liability. This is why many businesses belong to industry groups that closely monitor liability for income taxes. Unfortunately, these same companies rarely stay on top of legislation that...

Read more

How to Reduce Multifamily Property Taxes

Take advantage of the following opportunities for tax savings in the booming multifamily market.

With healthy multifamily market fundamentals and increasing demand from investors, apartment property values are on the rise. For owners concerned about property tax liability, however, there are still opportunities to mitigate assessments and ensure multifamily assets are...

Read more

Member Spotlight

Members

Forgot your password? / Forgot your username?