Property owners are aware of the appeal process for taxes on their real estate, but many do not realize the appeal process for business personal property. Here are some things you need to know for BPP in Texas.
Real Points
Daily Reports on Commercial Real Estate
Articles by Amish Gupta
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Assessed values for a large percentage of assets have remained constant for two-to-three years. It is possible that those properties could see large increases in 2013 to “make up” for the lack of growth in the prior years.
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RetailOver the past five years, the retail market has divided itself into the “haves and the have-nots.” Although almost everyone suffered through the economic downturn, a few properties have recovered faster than others. The common theme amongst them: a good location.
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HospitalityIn certain pockets of Texas, some local economies have the good fortune of being part of the ever-increasing in popularity practice of franking, a new method of extracting natural gas. Almost overnight, sleepy burgs are turning into mini-boomtowns. And as a result, local hotels are reaping the rewards.
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Commercial Property SalesThere is a special provision in the tax code that allows owners to file a protest beyond the annual May 31 deadline. As one might suspect, there are some restrictions to qualify. First, there cannot have been an appeal filed and completed during the regular protest period. Second, the value must be over-assessed by at least one-third.
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As most property owners in Texas are well aware, property taxes are typically the largest line item expense, which can have a major impact on the both the cash flow and sale price of a building,. In fact, property taxes should be top of mind for owners right now as appraised values begin to be released.
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