Coronavirus Effects on Commercial Property Taxes and Cost Reduction Strategies
First and foremost, I hope you and your families are doing well during these very challenging times. I want to provide you with some updates on the commercial real estate market. Effects from the coronavirus pandemic have led to uncertainty in the real estate market, leaving owners and investors bracing for a likely downturn in commercial property rents and values.
Drops in demand for many services are causing businesses loss of income, resulting in their inability to pay rent. We are already seeing this transpire in the retail, hospitality and office sectors. Commercial property owners and tenants are going to be struggling to pay their bills.
Real property taxes are based upon their appraised value. Since the end of the 2008 recession, real estate taxes have grown faster than values in many cases. In a downturn, such as this anticipated one, property values may be reduced substantially, leaving property owners and tenants paying disproportionately high real estate taxes.
The time to be proactive and start focusing on these real estate cost reduction strategies is now. In this time of market volatility, one thing you can be sure of is that your properties are over assessed, especially within the tri-state area. It is crucial to reassess your tax saving approach, and make sure you are represented by a company with a deep understanding of valuation in a constantly changing market.
At Realty Tax Challenge, we have over 20 years of experience reducing assessments on commercial properties. Let our experienced company start the process of lowering your assessment and increasing the overall value of your property. We are the most knowledgeablein the business at understanding real property values. Our valuation experts have decades of commercial real estate experience in NY and have an intimate understanding of the local markets, which has enabled us to achieve over $50 million in real estate reductions for our clients. We have successfully represented major companies such as Pepsi Cola Bottling Co., CVS, Home Depot and First Allied Properties.
Contact our office and let us begin the process of reducing your taxes.
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