If you’re the owner of commercial property, then you are already well aware of the expenses involved with managing your property. While you have control over most of them, like maintenance and rent, one aspect that may feel completely out of your control is the amount you pay in annual property tax.
Beyond a difficult appeal, it may feel like you’re powerless to the financial powers that be. Well, we’re here to show you these tips that will help you cut down on your annual commercial property tax payments.
Find Out What You Pay Annually
This is especially important for people who own multiple commercial properties. Most owners of multiple locations simply pay their annual property tax bill without hesitation or thought.
We suggest getting with a property tax consultant and taking some time to look over what exactly you pay annually for each property. We can help you understand what the true value of your properties are in comparison to relative properties in the area. There’s a chance you’re being overcharged and we’d be glad to help you find the cracks in the establishment.
Are There Discounts for Early Payment?
Some counties offer discounts or extensions for early payment. For example, in Tarrant County, if you pay half your property tax by November before the February due date, they will grant you a couple of months extension to pay the rest.
While this type of deal isn’t necessarily a discount, it’s still a way to save money long-term that many people in the area don’t know about. A property tax consultant can help you find any possible discounts or extensions on commercial property taxes in your area, saving you the stress of overpaying all at once.
Avoid Installment Plans
Some taxing authorities allow taxpayers to initiate an installment plan that allows a prolonged payment period for high property taxes. While an installment plan could sound like a good idea for a commercial property owner, we’re here to say that if you pay your taxes on time, you’ll be saving money up front.
The installment plans created through taxing authorities can, in fact, be helpful, but overall, the taxpayer will be overpaying on their final bill when the interest from the plan starts to add up.
Pay Less on Your Future Commercial Property Tax With The Hegwood Group
If you’re ready to start saving money on your commercial property taxes, The Hegwood Group has the expertise to help. Even if after trying the tips we’ve offered above, you want to appeal your property taxes, we can give your case the ammunition it needs. Contact us today to find out how we can help you save money next tax season.
