Industrial Property Tax Reduction Lawyers in Chicago
In a tight economy, owners of industrial properties are looking for every possible way to tighten costs. As with all other types of property owners, they are faced with property tax bills that can make or break their businesses.
The Law Offices of Gary H. Smith, a division of Kovitz Shifrin Nesbit, counsels industrial property owners on ways to minimize their property tax burden and create a predictable cost structure for the ongoing management of their property. By reducing the need to worry about a shocking tax bill twice a year, they can keep their attention focused on what matters most: running their factory or warehouse.
Factors in Property Tax Appeals for Industrial Property Owners
Market value/appraisal: We will review the value of your property in the marketplace to ensure that the assessment is not excessive. This will include an analysis of comparable sales as well as rents in comparable leased industrial plants, factories, shops or warehouses.
Income-producing properties: Industrial/warehouse properties 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 level of vacancy may also be factors.
Recent purchase/sales price: Is the assessment higher than the purchase price, and most importantly, is there support for an argument that the purchase price was too high?
Construction costs: Based on prevailing costs, what is the value of your building newly built, minus depreciation?
Contact our Chicago property tax appeals attorneys, for assistance with your tax appeal on industrial buildings in the Chicago area or Will, Lake, McHenry, DuPage and Kane counties.