Property Taxes High? Your Property Could Be Over Valued
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Property Taxes High? Your Property Could Be Over Valued
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There is a simple formula that is used to determine how much you owe in property taxes, however if your property is valued incorrectly, you could be overpaying. Tim Rye and Adam Pabarcus from our property tax appeals team recently sat down with Bill Griffith to discuss the property tax appeals process and to highlight the benefit of a quick periodic review to determine if your tax assessment is fair.
In this episode of The Larkin Hoffman Real Estate Podcast, Tim also shares insights regarding his team’s recent victory in the Minnesota Supreme Court and its decision to require tax assessors to exclude the airport’s concession fees from rent-based valuations for property tax purposes. The case offers a flight plan to lower taxes at many of the nation’s transportation hubs and underscores the importance for all taxpayers to exclude business value from taxable property value. In this episode, Tim details the magnitude of the Minnesota Supreme Court’s decision regarding concession fees and how it could influence the results of future property tax appeals.