Where do CRE Owners Overpay Most on Property Taxes?

Ben Patel, Bisnow

Sky-high valuations. Aggressive assessors. If you own real estate in 2019, chances are you’re overpaying on your property taxes.

Lowering your property taxes means more cash to boost your bottom line, invest in capital improvements, offer your tenants lower rents, and stay ahead of your competition locally and nationally. In collaboration with Ryan, a tax consulting firm that advises some of the country’s largest property owners, Bisnow ranked the major U.S. markets and identified where real estate owners overpay most on their property taxes.

“The opportunity for real estate owners to challenge assessments and lower their taxes has rarely been stronger,” said Shane Moncrief, leader of the property tax consulting practice at Ryan. Property tax practices don’t vary just by state and county. They vary assessor by assessor and block by block. Interviews with Ryan’s local experts revealed the unique quirks, deadlines, personalities, and opportunities in each market. Only an expert who is on the ground in each market can give owners the best advice and highest-quality representation when they appeal their valuations.

Bisnow’s conversations with Ryan also showed why owners must take a long-term view of property tax planning and assessment appeals. Owners need to take an aggressive stance toward valuations every year. Working with an adviser who understands the tax code and knows the inner workings of each assessor’s office will improve owners’ chances of winning an appeal and paying less tax.

This report includes market-by-market updates, an interactive map, and strategies to reduce your property tax bill—everything owners need to know going into 2020 and beyond.