Commercial Property Tax Resources

Is your commercial property tax assessment too high?

Every spring, thousands of tax assessment notices will be sent to commercial property owners throughout Wisconsin. If you receive this notice, it is important to consider whether the assessed value of your property is fair.

Most commercial property owners are just trying to find ways to keep their tenants in place during the pandemic. The last thing commercial property owners need to receive is a significant increase in their property taxes based on higher assessments.

You have a legal right to file an objection and challenge the assessed value of your property with your local municipality.

There are strict, and short, deadlines in place for these objections, so do not delay if you feel the valuation is inflated.

The valuation of your property is based on a number of things. One of the most important factors is the sales value of comparable properties in your area.

However, if you are a building or land owner and the value of your property may have been impacted due to Covid-19, you need to consider the latest valuation placed on your property for 2021. Did the value of your property go down in 2020, and, if so, by how much?

Our team has the knowledge to help you determine whether your property tax assessment is fair and whether your property is properly classified for tax purposes. We are able to help you through the objection process should you decide to challenge the valuation.

What’s the objection process?

Every municipality’s tax objection process may differ slightly. Overall, the first step in the process is to try to speak with your tax assessor informally during a process called “open book.” If that doesn’t work, you can file an objection with your municipality and attend a hearing with your municipality’s board of review. This information can usually be found on the notice you received with the property tax assessment.

If you can show there is a clear error on the assessment, such as a misclassification of the property type or the failure to account for property damage or other lost value, the assessor may be willing to discuss an adjustment during the open book period. This timeframe allows you to openly discuss the value with the assessor to see if there is an easy adjustment.

If the assessor is unwilling to adjust your property tax assessment during the open book process, you may file an objection with your municipality. After filing the objection, the board of review will likely schedule a hearing for you to present the evidence of your property’s fair value.

If the tax objection is rejected, you have the option to appeal your case to a circuit court judge.

The process can be somewhat difficult to maneuver without knowledge of how it works. Our team is ready and able to challenge improper assessments to ensure you are not overpaying in taxes.

Once the assessed value is set in the spring during this process, a property owner cannot fight the valuation later when the tax bill arrives at the end of the year – so take advantage of the opportunity to object to your tax assessment now as you won’t be able to wait.

 

 

County and City resources below:

Click here for Wisconsin DOR’s information on property taxes