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Commercial Property Tax Appeals

Commercial property is real property, not personal property, owned for the purpose of generating income that is not coded by a taxing unit as residential. An example of commercial property is a shopping center in which the owner leases out space to proprietors. Owners of commercial property have the same rights as residential property owners to protest their taxes.

Ways the County Will Appraise Your Property

Market Approach

The first method for appraisal is called the “market approach” determination. Market value is the price for which a buyer and seller would agree to exchange the property. Comparable properties that have sold are used to make this determination.

Cost Approach

The second method for appraisal is called the “cost approach” determination. This is what it costs to build and develop new property, including the land value and depreciated for age. The County uses their own proprietary method for this assessment and it is the least accurate but most used system for property assessment.

Income Approach

The third method for appraisal is called the “income approach” determination. Income is what the property makes in revenue from rent. The profit/loss statements and the rent rolls are used to make this calculation. This method uses the income and expenses to determine a potential sales price. This method is considered the most reliable unless the property is sold.

Fair and Equal Appraisal

The fourth method for appraisal is called the “fair and equal appraisal” determination. This method compares your property to other comparable properties to determine if other taxpayers are paying more or less in taxes than you.

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