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Why Pay?

With the complexity of today's tax system, careful consideration must be given to all strategic changes proposed for your property. Careful understanding of all consequences is necessary in order to minimize tax and optimize value. The precursor to Tax is the Tax Assessment Notice. Give us a call to discuss your upcoming assessment before it arrives to you. Regardless of when you approach us and if your property has been appealed, we may be able to help.

 

Often times, assessment values are pre-conceived and finalized without a proper and full understanding of the property. Information is often misunderstood, incorrect or is outdated to the point that its results create erroneous values. By giving us a call, we take that part of the uncertainty out of the value and ensure a sensible value is concluded. We will pursue the assessment to the Assessment Review Board and further if necessary. Our experience tells us that there is more reason then naught to question your assessment given the complexity of the current market and the constant flux of real estate. We believe that all assessments should be reviewed in order to ensure property values are not unfairly compromised.

 
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ּ Home Page arrow Tax Assessment arrow The Appeal Process
ּ November 20th, 2008
The Appeal Process | Print |

PRA educates itself on COMPLEX TAX LEGISLATION, so that you don't have to

APPEALING PROPERTY ASSESSMENTS

You have the right to a property appeal if you believe:
  • The assessed value of your property is greater than its true market value;
  • The assessment is not comparable to similar properties;
  • Its classification is incorrect
It is your best interest to review your assessments annually.  This ensures that your property values are not suppressed due to inaccurate valuations that don't reflect the economic condition of your property.
 
A successful appeal before the Assessment Review Board requires records and data that disprove the Department's determination.  PRA's ability to reach beyond superficial data results in success to you by reducing your property taxes.

 

RELIEF BEYOND APPEAL

An appeal is the only one avenue for potential tax relief. Contact us to review the different ways we can help ensure your equity is protected and enhanced, and your property-related costs are minimized. We will also investigate the following:

 

  • The effect that the current assessment has had, or is having on your property;
  • The reductions being given to properties similar to yours;
  • How an annual audit or appeal of your assessment can optimize your property;
  • The effect of fluctuating rents on your property assessment;
  • How ‘capping' can erode your property values and recommended remedies;
  • Improved cash flows and retroactive tax credits;
  • Ways to improve net income to enhance overall value and salability;
  • The potential for higher lending ratios and more competitive mortgage financing.

 

 ReASsESsment

In order to bring all property assessments in line with a valuation date of June 30, 1999, the second province-wide re-assessment was launched in June of 2000. Since then, reassessments were completed in 2003, 2004 and 2006.  It is intended that reassessments will become a yearly phenomenon. As the assessed values for each of these years do not coincide with the real-time in which they are taxed, our professionals at PRA can provide you with peace of wind that assessed value for your property is appropriately set and is not over-assessed. 

  

HOW PROPERTY ASSESSMENT /IMPACTS BUSINESS

For many businesses where income taxes have become less of a concern as a consequence of smaller profits, property taxes have taken up the slack. As a result, property owners are more inclined to contest the assessment of their real estate in order to reduce the associated tax. In general, property taxes have grown to represent a major burden for many corporate rate payers. Today, they represent one of the highest single expenses to a property.  Depending on property type, realty taxes represent between 25 to 50 percent of total operating costs..

 

HOW MUCH IS TOO MUCH?

To roughly gauge the incidence of over-assessment, the following examples of properties successfully appealed by Pocrnic Realty Advisors Inc. are provided.  You size up the savings!

 

You size up the savings:

  • Industrial Mall
  • Apartment
  • Office Building
  • Retail Building/Plaza
  • Commercial Use Building

 

FEE STRUCTURE

Depending on the size and classification of the property being considered, PRA uses either a performance-based or, a variable fee-based structure. Clients' up front expenditures may include filing fees (paid to the ARB through PRA), and any applicable set-up fees, retainers, or disbursements.