Commercial and Office Buildings Property Tax Reduction Attorney in Chicago
For the owner of a commercial office building, property taxes are a significant burden on their operating budget.
Commercial office building owners can be frustrated because they think they lack control over their tax liability. They may want to manage their costs by charging tax liability back to their tenants, but don’t know how.
Our office concentrates on real estate tax analysis and tax liability planning. We work in partnership with our clients to assist them in the cost-effective management of their properties, with special focus on their property tax burdens.
Making Your Tax Liability Predictable
With the help of the Law Offices of Gary H. Smith, a division of Kovitz Shifrin Nesbit, owners may be able to make their tax liability predictable and controllable, creating a more attractive situation for lessees. Through property tax planning, we consult with commercial building clients in structuring their leases to include a reasonable share of the property tax burden while also maintaining competitive rental rates.
Commercial buildings can be valued in the assessment process based on their income-producing capacity. Expenses and rent are major factors in our analysis of the property’s value. The use, condition and tenant mix may also be factors.
As part of the case, our law office will develop an income analysis of the property, reviewing these elements:
• The amount, quality and durability of lease income over the economic life of the property;
• Market data rents and expenses, or actual income and expenses capitalized; and
• Condition and the level of occupancy or vacancy of the property.
Also, we can argue for lower taxes on the property’s value, based on sales of comparable properties in the area.
Contact the office of Gary H. Smith, a division of Kovitz Shifrin Nesbit, Chicago property tax appeals attorney, for assistance with your tax appeal on office and commercial buildings in Chicago, Cook County and Will, Lake, McHenry, DuPage and Kane counties.