When the county assessor’s office slaps a hefty price tag on your commercial property, it can be a major blow to your bottom line. You may be wondering how they came up with that number – or if there’s anything you can do to fight it.
Fortunately, property owners have the right to challenge their tax assessment and potentially save thousands of dollars in taxes. In this blog, we’ll explain the process of appealing the assessment to help those who believe there’s an error on their properties’ price tag.
Appealing a property tax assessment in California
The valuation of a property is determined when it changes ownership or is newly constructed. However, if a taxpayer disagrees with the assigned value, they may challenge the decision.
The first step is to discuss the issue with the country’s assessor. The discussion may lead to a resolution and potentially an adjustment to the value.
If the parties involved cannot reach an agreement, taxpayers have the right to appeal the valuation decision under specific circumstances and limitations. In California, each county has an assessment appeals board or a county board of supervisors that serves as a local board of equalization. This independent entity is responsible for resolving disputes between the county assessor and taxpayers.
The decisions made by the appeals board are legally binding and enforceable. To ensure that appeals boards carry out their duties effectively, the State Board of Equalization provides and instructional documents to guide their decision-making processes.
This framework enables appeals boards to make informed, accurate and fair decisions regarding property valuations. As a result, taxpayers can have confidence that assessors evaluate property values in a fair and transparent manner.
Appeal the assessment and save on taxes
Challenging your property tax assessment is a viable option for California business owners who feel they’ve been unfairly burdened with high taxes. By understanding the appeal process, gathering the right evidence and presenting a strong case, you have a chance to save money on taxes and give your business a competitive edge.