Over the last eight years, commercial real estate investors experienced tremendous declines in property value. This is largely due to the lack of available credit. In 2008, commercial sales dropped by over 70%. Owners who were fortunate enough to find buyers for their properties were unable to consummate sales because traditional sources of purchase money dried up due to the continuing financial crisis in the banking industry. Even though in many areas the market has improved, this lack of available credit continues today. With sellers unable to close, and buyers unable to obtain credit, it is understandable that loan defaults have increased. "There is a commercial real estate crisis on the horizon," says a report issued by the Congressional Oversight Panel led by Harvard Law professor Senator Elizabeth Warren . The report notes, “Commercial property values have fallen more than 40 percent nationally since their 2007 peak. Vacancy rates are up and rents are down…More than 60 percent of commercial mortgages maturing in 2012 and 2013 were underwater.” The bottom line is that some commercial real estate values are down by as much as 41%, and many are questioning the reports that the market is recovering.
Unfortunately, for owners of commercial real estate, in many places the tax assessments have not been reduced in proportion to declining property values. With Owners paying from 1.5% to 2.5% of their property values each year in property tax, they are paying thousands of dollars in unnecessary property taxes. It is for this reason that Georgia Tax Appeals, LLC represents property owners in appealing unfair property tax assessments.
Beginning in early January, Georgia Tax Appeals, LLC begins preparing tax appeals. To set the tax appeal process in motion, property owners pay a $199 research fee. If research findings indicate an appeal would likely be productive, we will prepare and handle the commercial property tax appeal for an additional 35% of the first year’s tax savings.
Our service includes: a complete review to verify the accuracy of your tax records; a determination of market value using the comparable sales, income, and cost less depreciation approaches; a filing of your Tax Payer’s Return of Real Property; and an appeal to the Board of Equalization, if necessary. Our service is all inclusive. Georgia Tax Appeals, LLC handles every detail, and attends every meeting on the property owner’s behalf. This is our guarantee. If after reviewing your records, we determine that an appeal is not warranted, you will be informed of the findings and receive a full refund of the $199 research fee.