Many factors contribute to the calculation of property tax. Any change in the use of the property, its sale price, demolition or construction will affect its value and the required payable taxes.
In addition, a property tax included in the rental fee represents a significant expense for any business manager and requires a second opinion. Municipal assessments are based on averages using comparative data. This practice can lead to a property tax amount higher than the actual values.
Common Industry Challenges
Challenging the value of a property is complex and requires specific know-how at each stage of the process. To complicate matters, the process to contest property values can be complex and requires specialized skill sets at different points in the process. Many companies are faced with the following questions:
- Has my property been accurately assessed? Am I paying too much property tax?
- How do I determine what I should be paying?
- I don’t have the expertise of time to evaluate, file & appeal my property – what can I do?
- Can I benefit from lower property taxes on a property I am leasing?
How Ayming Can Help
Deploying a team of specialists, including an account manager who will manage the entire process and minimize the impact of the process on your organization. Conducting an independent appraisal of your property and its use, if necessary we have access to a team of appraisers, engineers and lawyers to manage your re-evaluation at every step of the process.
Ayming has completed over 7,000 property tax mandates and can negotiate a settlement to reduce the amount of property tax payable on your property. Using proven tools and industry-based comparative values, Ayming’s specialists have generated significant savings for its clients.
Our comprehensive evaluation and reporting ensures that our clients are fully aware of their assessment position and provides recommendations to minimize liabilities and errors going forward, by executing on the following:
- Identify each property in the scope of the engagement.
- Obtain the most recent property assessment for each property.
- Identify the property use.
- Conduct a preliminary analysis of the property assessment vs. current market conditions.
- Provide recommendations on whether the property should remain in/ out of the scope.
Analysis & Submission of Appeal
For each property in scope, our experts implement a detailed review of property values including the following:
- Property value in current market conditions.
- Phase-in calculation.
- Taxable status.
- Effective date of taxation.
- Determination of proper market value vs. assessed value.
- For properties with a discrepancy, file an appeal with the appropriate taxation authorities.
Recommendations & Final Report
- Determine the potential tax savings as per negotiation.
- Present recommendations to the client for their review and consideration.
- For any approved recommendations, complete re-assessment process with the tax authorities.
- Produce Final Report inclusive of working documents and achieved savings calculations.
If an assessment appeal is deemed necessary, Ayming will:
- Prepare appropriate supporting documentation.
- Present the case at the Administrative Review.
- Present the case at a Formal Hearing.
- Negotiate the property re-assessment.