Chicago Business Property Tax Appeal Attorney
Small business owners are squeezed from every direction as they try to turn a profit while faced with rising expenses and dwindling revenues. Property taxes can be one of the largest cost factors, and also the most frustrating. You receive your tax bill and feel as though there is nothing that can be done.
The Law Offices of Gary H. Smith, as a tax appeals attorney and property tax consultant, concentrates on real estate tax analysis and tax liability planning. The firm works in partnership with his small business owners to assist them in the cost-effective management of their properties, with special focus on their property tax burdens.
Working with Gary, owners may be able to reduce their tax liability and make it predictable and controllable, thereby eliminating the “sticker shock” that comes in the mail twice a year.
Factors in Property Tax Appeals for Small Business Owners
Market value/appraisal: Gary 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 storefronts and retail spaces.
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?
Income-producing properties: Retail/storefront buildings can be valued in the assessment process based on their income-producing capacity. Expenses and rent are major factors in Gary’s analysis of the property’s value. The use, condition and level of vacancy may also be factors.
Construction costs: Based on prevailing costs, what is the value of your building newly built, minus depreciation?
Contact the office of Gary H. Smith, Chicago property tax appeals attorney, for assistance with your tax appeal on retail, small business and storefronts in Chicago and Cook County.