How to Successfully Protest Property Taxes and Save Money
How to Successfully Protest Property Taxes and Save Money
Blog Article
Managing your practice's expenses is vital to maintaining profitability and providing quality care to your patients. One often overlooked area of saving money is through a property tax protest. In the event that you believe the assessment of your property taxes is too high, protesting it can lead to major savings and money you can invest back into your practice. Whether you are operating a small-sized clinic or a large medical facility, you deserve to know whether protesting property taxes can help cut down the financial burden that weighs on your practice. Here's how to navigate this process and keep more of your hard-earned money.
Why Should Medical Providers Protest Property Taxes?
Your office or facility is perhaps the most valuable asset as a medical professional. This could be where you perform treatments, conduct exams, or house expensive equipment. Every year, your property is assessed for taxes, and if your property was overvalued, then perhaps you are paying more than you should. That's where a property tax protest can come into play, making all the difference.
The good news is that you can protest your assessment and decrease your tax liability. By succeeding in this endeavor, you can decrease your annual taxes and thereby have more funds to plow into your practice, hire additional staff, or improve your medical equipment.
Step by Step Guide to Successfully Protest Property Taxes
Review Your Property Tax Assessment
First, know your assessment. Property tax protests initiate with the understanding of your assessment. Property taxes are determined based on the value of your real estate, and the local tax authority usually delivers an assessment each year. Chances are your property was overvalued either using outdated information or incorrect information.
Take a close look at the assessed value versus the actual condition and features of your medical office or facility. If you've added improvements, such as equipment upgrades or renovations, these should be reflected correctly. If you believe the valuation of your property is inaccurate, it's time to act.
Gather Evidence to Support Your Case
Having identified assessment values that do not accurately reflect your property's value, gather evidence. With a property tax protest, you must have proof that your property is worth less than the assessed value. Here are some examples of what these documents might look like:
Comparable property sales: Take a close look at recent sales of similar properties in your area. If they sold for less than your property's assessed value, this can be powerful.
Recent improvements: If your property is older or in poor condition, provide evidence such as photos or contractor reports to demonstrate it has less value than the assessed value.
Market trends: In case the market in your area has declined, include reports or studies showing reduced property values.
Bring forth solid evidence that will make your protest more likely to be successful.
Make Sure You File Your Property Tax Protest by the Deadline
Each locality will set up a deadline to submit a property tax protest, usually within three months of the mailing of your tax assessment. Make sure not to miss this important window. Missing a timely filing of your protest may mean paying the full amount for the whole taxes for the year.
The process of submitting a protest differs among regions; however, you will probably have to fill out a formal form and submit it with the evidence you have. Some regions allow electronic submissions, whereas others require submission in person or via mail. Make sure to check specific rules in your region and ensure all your documents are complete.
Prepare to Present Your Case
In many cases, after you file your protest, you are scheduled for a hearing before a tax review board. It is at this hearing that you get to present evidence and argue about why your property's assessed value is too high.
Stay composed, straightforward, and professional in making your case. Be prepared to present the facts as well as why the appraised value is incorrect. Emphasize the evidence you have: comparable sales, property conditions, and trends in the market. If you have engaged a professional appraiser, they can also come forward to testify on your behalf and make your case even stronger.
Professional Assistance
If you are not particularly confident in handling the protest by yourself, it is about time to see a property tax consultant or attorney who specializes in property tax protest cases. These people have experience with tax authorities and can guide you through the entire procedure to get you the best outcome.
As a health care provider, your time is also extremely valuable. Patient care management and running a practice can hardly accommodate administrative matters. A professional may take the task off your shoulder and ensure that the process runs efficiently.
Benefits of an Effective Property Tax Protest
You will have successfully protested your property taxes and significantly reduced your tax burden, resulting in a tremendous amount of savings money annually. This money can be reinvested into your practice to upgrade technology, hire more staff, or improve patient care. Be sure to stay on top of your property's assessed value the following years should your protest be successful.
By following these steps, you will ensure that your property tax protest is in the best possible light. As a doctor or medical professional, money saved on property taxes means more money to invest into the heart of your business-your patients and your practice. Do not let inflated property assessments come between you and your hard-earned earnings. Take action, protest, and start saving today! Report this page