How to Proactively Plan a Tax Appeal in the Age of Covid-19

2020 has brought several changes to our lives with the surge of COVID-19 cases throughout the state of Texas. During this time, the economy slowed to a halt and has just now begun to grind the gears of progress once again.

Many retail property owners have found themselves in dire circumstances and worried about how they are going to face 2021 property taxes when there has been so much loss throughout the economy.

At our property tax consulting firm, we specialize in helping commercial real estate owners appeal their property taxes every year. 2020, while grim, is no different. In fact, this year could provide more opportunities for appeals with the right documentation on your side. Here’s a look at some of the items we can examine with you to help successfully appeal your commercial property taxes.

Document Your Weekly Revenue Loss

Has your inventory been affected by the pandemic? Has the close of the economy brought your weekly revenue to a halt?

A property tax consultant can help you document your overall revenue loss throughout the pandemic and use this data to help you win a property tax appeal. After all, if your business was shuttered for months with little to no cash coming your way, what actual value did the property hold for you?

Document Idle Equipment & Furloughed Employees

Your equipment and employees are an essential part of your business’s overall value. In order for your business to make a difference in a local economy and increase property value in an area, you need equipment and employees to help your business meet its goals.

If your business suffered from having to furlough or let employees go, then the chances are that your equipment has also gone idle. Let us help you document your overall losses during this time and show your local assessor why their calculated property value isn’t an appropriate amount when compared to the true value that your property presents to its locale.

Consider the Economy Surrounding Your Business

Just like your business’ success impacts its own property value, the businesses surrounding your location can also influence the true value of your real estate. The value of your property isn’t an insulated situation. If you know that your property lies in an area full of emptied out stores or homes that depreciated in value, this is something that you can’t have control over when it comes to the value of your personal property. However, this situation can be used to your advantage if you are trying to appeal your property taxes. We can help you get your property properly reassessed and ensure that your overall payment is reduced to a reasonable amount.

Trust The Hegwood Group to Help Your Retail Business Save on 2021 Property Taxes

If your business was negatively affected by the fallout of the pandemic, you’ll need to find ways to save money in any way possible. The Hegwood Group can help you assess the true current value of your property and file a property tax appeal that works in your favor.

Our property tax consultants have experience working with business properties of all sizes and are confident in the value we can bring to your case. Contact us today to learn more about our services and to start the appeals process.

Property tax appeal