Real Estate Taxes
Our law firm offers legal counsel in the areas of commercial property and residential property tax. Every three years, when the tax auditor determines the value of your property, you have 60 to 90 days to contact that valuation. Our real estate lawyers help clients formulate strong arguments in support of lower valuations of their properties when evidence supports this argument.
We can help you prepare to file a form with your local board of revisions to appeal or contest the valuation given by the government to your commercial or residential property. You will have the opportunity to submit your own appraisal to be used to determine the actual value of your property. From there, if necessary, you can appeal to the Court of Appeals.
Real estate values for the sake of determining property tax have been a hot topic since the real estate downturn that started in 2008. Many taxpayers are convinced — some of them after putting their homes or business properties on the market — that their real estate is worth much less than the tax valuation put forth by the government. In turn, government bodies have a dilemma in that obtaining needed revenue is achieved primarily by collecting property taxes.
If values are greatly overstated in comparison with what they can be sold for, the dilemma is summarized as follows:
- Governments have a hard time obtaining the revenues that they depend on to function
- Property owners cannot resell at the value claimed by the government
- People with upside mortgages also cannot sell their properties at a price equivalent to what they owe
- Property owners contend that their property tax values are overstated by the government
If you are facing a large property tax bill, you are no doubt much less interested in politics than in getting your tax bill to what you consider a reasonable amount. Our Ohio property tax attorneys have helped many clients obtain relief.
Having your property revalued at a lower amount for tax purposes can be a great benefit for years to come. Not only can you get a lower tax burden this year, but also, next year’s taxes will be estimated starting from a lower value. The savings to be achieved through revaluation of your real estate at a lower level can pay off thousands or even millions of dollars in the years to come.