Real Estate Property Tax Services
Each January PTAG’s seasoned experts ask our clients to send us any correspondence/information requests from local taxing authorities, year-ending financials, rent rolls, an account of deferred maintenance issues, and a current portfolio list. We then perform annual assessment reviews and facilitate on your behalf the information request/sharing process with county appraisers. PTAG clients do not communicate with county appraisers. During the spring months we share our informal/formal appeal recommendations with you to develop a plan for the upcoming tax year.
PTAG initiates discussions on behalf of our clients with local tax authorities months before values are officially approved for the county's tax roll. PTAG's goal is to resolve values long before county appraisers mail proposed property tax notices (TRIM) in August. Like the best way to win a fight, PTAG attempts to sidestep the formal appeal process while assuring our client properties are fairly assessed. Our relationships with local appraiser staff facilitate the dialogue necessary for early decisions and substantial time savings for all involved. This is an advantage of employing a true property tax advocate.
If our informal approach does not result in the lowest possible assessment, PTAG will notify clients before taking any action at the Value Adjustment Board (VAB) with the intention of filing a formal petition before the September deadline. Filings occur no later than 25 days after TRIM notices are sent each August, and our clients know our recommended course of action long before they arrive in the mail. At the VAB, FL Special Magistrates quickly notice that hearings begin at an advanced stage of the conversation, the rapport PTAG shares with county officials and lower offers from previous discussions.
Acquisition / Construction
Clients contact PTAG while planning acquisitions because our proactive strategies usually involve the seller's participation in structuring new deals for the lowest possible initial tax basis. Our guidance with allocations, entity purchases, and other proactive strategies aids client confidence in lower expense overhead, enabling them to outbid competitors on prospective properties. Involving PTAG during the planning stages ensures that all possible tax mitigating approaches are exhausted. Very few firms have the capacity, qualifications, relationships, or resources to replicate the benefits PTAG clients experience during the buy/build phase. Proactive documentation of varying soft costs during construction projects and other approaches to due diligence create multiple tax benefits for PTAG clients.
After a project completes or an acquisition closes, it is critical to enroll accurate base values and avoid the need to appeal the initial assessment. Without any early intervention, owners can expect a minimum assessment of 85% - 95% of the purchase price. PTAG's continuous dialog with county appraisers on behalf of our clients increases the chances of setting the lowest possible base values, and subsequent (non-schoolboard) assessments are capped, meaning they will not increase more than 10% per year. It pays to involve PTAG in advance since we immediately impact first-year expenses and future assessments.
Tax Forecasting / Accruals
When clients plan to build or purchase a new asset, PTAG will estimate the most probable tax liability. Our field experience and robust database facilitate accurate projections and assist with financing preparation. Property tax is most often an owner's largest expense. The processes of assuring tax payments by their due date are vital, and extra penalties with interest payments are never welcome, especially during weaker economic markets. PTAG will implement cash and accrual budgets for every one of your parcels, and knowing your tax liability earlier will influence your company's financial options. These measures give our clients the foresight to budget an appropriate tax allocation far in advance.