February 2021 – The deadline to file a property tax appeal for all counties in Ohio and in Allegheny County, Pennsylvania is March 31st.
Property Taxes are one of the largest bottom-line expenses many commercial real estate owners incur, and often don’t get the necessary attention they require. With assessments often based on the capitalized net operating income, a property tax assessment appeal may provide commercial property owners with a substantial reduction in tax liability. The loss of revenue due to COVID has been significant depending on the type of business operation. The fact is, life as we knew it, has changed. Hotels have been closed, businesses have been shuttered, retail establishments have experienced high vacancies, offices have been relocated to homes, and online shopping has changed the way we live. People are hesitant to make long-term commitments and this has a direct impact on property valuation.
At this time, please reach out to us review your properties in Ohio or Allegheny, PA to determine the effects that COVID may have placed on your property value. Based on the impact that COVID has on the economy, there will be a large increase in the number of appeals filed this year.
With seven full-time property tax professionals in our Cleveland Office, Invoke Tax Partners is well-equipped to achieve the lowest legal property tax reductions available for your assets. For more information contact Michelle Galaida at 440.394.2213 or michelle.galaida@invoke.tax.
