6 Reasons Landlords and Property Managers Should Challenge Property Assessments
Values determined by BC Assessment are created using mass appraisal techniques. Assessments must be equitable to those of other similar properties in the area. Assessed value is often NOT equal to market value.
The benefits of reviewing the Assessed values:
- Establishing whether the value and classification are fair and equitable.
- Exhibiting prudent and responsible property management.
- Ensuring the tenant that they are paying the least amount of tax possible.
- Satisfying a potential fiduciary responsibility.
- Making the property more leasable upon tenant turnover (lower operating costs).
- Having documentation available if a tenant challenges the assessed value.
Satisfied tenants are the foundation of efficient and profitable property management. To foster quality landlord/tenant relations, the prudent manager provides tenants with comprehensive and transparent services, including information about property tax. Being accountable to tenants and demonstrating due diligence to ensure property taxes are minimized ensures mutual fiscal benefit and contributes goodwill to the working relationship. The review process is not as simple as it may seem. Property tax consultants can help you navigate through the labyrinth.
Peter Austin, BSc., AACI, CArb.
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