7 Reason Why Landlords and Property Managers Should Review 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 classification may be wrong.
The benefits of reviewing the Assessed values to see if a reduction is merited are:
- 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).
- Increasing property values with higher net rents.
- 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. The fees are usually chargeable back to the tenants.
Should I Appeal?
- Is Your Property Assessment Correct?
- Are You Paying Too Much Property Tax?
- What Can We Do For You?
- General Assessment Review Guideliness
- Assessment Review Checklist
- 7 Reason Why Landlords and Property Managers Should Review Property Assessments
- What Tenants Ought to Know
- Residential Development Sites
- Is Assessed Value Equal to Market Value?