Your Property’s Value May be Reassessed in 2021
Paradigm Tax Group is the nation's preeminent tax consulting firm specializing in revaluations and reassessments for commercial buildings. In 2021, properties in 15 states are being revalued, meaning property owners in those areas are at risk of an increased valuation and therefore increased tax bill.
Revaluation is the process where a local property tax assessor will assign an updated taxable value to real property as of a certain date to determine property taxes for the following year. It is important to keep abreast of the most up-to-date county information regarding revaluation schedule public hearings or any notifications from the county regarding not only a change to your property’s taxable value but available property tax exemptions.
What has to be
Our Experts are
here To Help
What to Expect
Revaluation is a lengthy process. It is important to know the reassessment schedule for each County, as they tend to differ across each state. Real property across the country undergoes cyclical revaluation with the goal periodically measuring changes in property values county by county. Ultimately, properties undergo revaluations to adjust their Fair Market Value to meet current market rates and standards, often leading to increased property tax burdens for many real property portfolios.
Why Use Paradigm During a Revaluation?
Our team is comprised of former assessors, appraisers, attorneys, engineers, CPA’s, and valuation experts who collectively form the most qualified, heavily skilled and experienced group of property tax consultants in the country. We review your complete financial situation and make strategic recommendations to reduce taxes now and in the future. During revaluations we assist in the navigation of schedules, codes, and appeals to ensure you do not miss a savings opportunity during this time. Paradigm Tax Group is the ideal solution for revaluation services, as we do not charge a service fee unless our customers save money.
Tax Insights Available
at Your Fingertips
Get the Latest Tax Resources for Your State
As an industry thought leader we have created a resource library of some of the most impactful information relevant to your state.
What to Expect
During a revaluation period, it is typical for commercial property owners to see an increase in the tax burden across their reassessed portfolio as the result of an increase in Fair Market Value across the board. Some reassessments can increase your property's value by up to 30%. Property owners with several parcels that are subject to this increase often see this carried into their overall tax burden. By working with a property tax firm before, during and after this process, portfolio owners are more likely to be in control of their increases, and therefore carry less of the additional tax burden once the revaluation period is completed.
Manage Your Portfolio Efficiently
With Paradigm Tax Group's proprietary technological portfolio management database, Ascend, you can see the all of your important parcel information in one place. Appeal statuses can be easily tracked and updated, and tax forecasts can be projected up to five years from the current tax season. During the revaluation process, this tool also helps manage bill payments and allows the user to see projected values of their reassessed parcels. Ascent makes managing all real property portfolios, both large and small, easy to access and manage.
What does this
mean for your
The Paradigm Advantage
Can Help save you money
Paradigm provides comprehensive tax insights and portfolio management solutions.
How to combat
approach is results driven
What to Expect if Your Property Tax Bill is Increased
The appeal process for these revaluations is one that can be complicated, especially for higher value assets and can increase the tax burden for your portfolio. Commercial and investment properties, including rental properties, may be taxed up to 200-300% higher than owner occupied residential properties. Tax rates have no impact on the valuation process. Each county determines its tax rate annually by dividing the cost of its budget by the total assessed value of property in the county. For this reason, it is easiest to appeal your property's assessed value at the time of a revaluation.
Expert Tax Consultants on Your Side
Property tax practice during a revaluation is difficult because of the local politics that can be injected into the assessment and the appeal process. Paradigm Tax Group is cognizant of clients’ desired relationships with their respective municipalities, and navigates the appeal process with that relationship at the forefront of our service. Our approach is first to collaborate with the municipality and appeal when discussions have not produced the desired result. Appeals tend to be multi-year in duration and we are skilled in managing a busy appeal docket so as not to miss any deadline.