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Four key points to lower hotel property taxes

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hotel property tax consultant
Four key points to lower hotel property taxes

The tax assessor’s intent is to handle the property fairly at all costs. The tax assessor makes sure that the assessment is valued with both perspectives of logical comparisons based on similar property and current market value. But their job is too difficult, especially for complicated assets. The below key points are helpful for hotel owners who think their hotel assessment might be high. The key points includes key steps to a successful appeal.

   

  •  Review your tax card
  •  Research similar property value
  •  Allow the assessors to access
  •  File a tax appeal



Review your tax card

 

                            If you feel your tax bill is high, then you can ask for a tax card from the local assessor’s office. The tax card has all information about the size of the property and dimensions of rooms, etc. so review the tax card and note the discrepancies. Raise an issue with the tax assessor if you find any errors. The tax assessor either makes a manual correction or asks for a re-evaluation. Before appealing, you should know about your property value and income of your hotel. Because many hotel owners pay their property taxes, but they aren't aware of the tax calculation. They think that can be confusing and challenging. 



Research similar property value

 

                           When appealing your tax bill, try to collect similar property data that will help in finding evidence to appeal. The tax bills are calculated using two important figures that are, 

 

  1. Tax rate 
  2. Current market value of your property

 

Once you have the information in your hand, start comparing your hotel property value to the data or hotels around you. Compare the square footage, rooms and etc.

For example, let’s find out about your nearby property. It has twenty rooms and they are assessed at $200,000, but your hotel property has only fifteen rooms and are assessed at $300,000. The difference could be a mistake by the assessor. So that, when you find anything that seems like a mistake, immediately call the assessor for clarifying. They either stand with their decision or will provide their reasoning of high taxes based on your property value.



Allow the assessors to access

 

                    If you don’t allow the assessor to access your property, the result could be  bigger. Many of the hotel owners don’t grant permission to access the property fully. So that the assessor will automatically calculate a higher value for your property. 



File a tax appeal

 

                If you have done everything right, but still haven't received your bill with lowered property taxes? Don’t panic. You have another option that is tax appeal. You may need to pay some amount for filing the appeal, that will help any professional to review your appeal. The tax appeal normally requires the help of a lawyer. The lawyer will go through all the steps of the appeal and check through the documents or information required.

 

Conclusion



                  These are all the possible steps to lower your hotel taxes and try to have a chat with tax experts which can ultimately help you. They have lots of strategies to reduce your property tax. We would like to recommend O’connor hotel property tax consultants. They have 26+ years of experience in the tax field. Reach them and know the better solution for your business.

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