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 current value;
- The assessment is not equitable to similar properties;
- Its classification is incorrect
PRA believes it is in your best interest to review your assessments annually. This ensures that your property values are not indirectly suppressed due to inaccurate assessment returns that no longer reflect the economic condition of your property.
A successful appeal before the Assessment Review Board requires records and data contrary to the MPAC’s determination. PRA’s ability to reach beyond superficial data and analysis is the hallmark to our success.
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 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 value;
- The effect of fluctuating rents may have on your property assessment;
- If retroactive tax credits are available;
- Ways to improve net income to enhance overall value and salability;
- The potential for higher lending ratios and more competitive mortgage financing.
Assessment values are retroactive in nature and sensitive to an effective date which is established for each assessment cycle. Valuation dates were established for 2003, 2004 and 2006, 2008 and 2012 with the next reassessment proposed in 2016. Reassessments could also become a yearly phenomenon as in other Provinces outside of Ontario. As the assessed values for each of these years do not coincide with the year they are taxed, professionals are best suited to rationalize the affect of retrospective matters and provide peace of mind that the assessed value for your property is not over-assessed.
HOW MUCH IS TOO MUCH?
To roughly gauge the incidence of over-assessment, the following examples of properties successfully appealed by Pocrnic Realty Advisors PC are provided. You size up the savings!
You size up the savings:
- Industrial Mall
- Office Building
- Retail Building/Plaza
- Commercial Use Building
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.