One of the functions Golf Property Analysts typically provides clients is a review of their tax assessment and sometimes appraisals to support appeals of same. Recently, on three (3) separate occasions, we were contacted by clients seeking to contest their assessments only to learn later that it was past the filing deadline and they’d have to wait for another year. This is a costly mistake!
Each jurisdiction has its own deadlines and procedures for filing assessment appeals. The information and necessary forms are usually readily accessible online. At GPA, we advocate identifying that deadline and preparing to review your assessment annually. Assessments do change and it’s the property owner’s burden to not only stay on top of managing the assessment but proving that the existing assessment is inaccurate.
Some of the more pertinent questions that require consideration include:
- What is the market value of the club’s real estate?
- Can the property be developed?
- What’s the zoning?
- What’s the Property Assessment?
- What is the relevant Assessment to value Ratio?
- What is the millage rate?
- What is the annual tax liability?
- Is there deferred maintenance?
- Are there planned capital expenditures?
- What are the club’s gross annual revenues?
- Is it best for our club to pursue an appeal on a fee basis or a contingency basis?
As illustrated, there’s lots of work to be done in order to make an informed decision about contesting an assessment, and any property owner should be acutely aware that an ill-advised appeal can result in an increase in one’s assessment. For additional information, the following articles (One Right Way?) and (Memberships) can be helpful.