In today’s current economic environment, it is vital for property owners to maximize the value of their asset. Market rents need to stay competitive, while property operating expenses need to be consistently controlled and reduced, in order to reach stabilization and value retention. One of the largest line-item expenses is real estate tax. At Bradley Company, through our Tax Consulting Service, it is our focus to seek a fair and equitable assessment of the property in an effort to increase and maintain the property value for our clients.
What is tax consulting?
An annual assessment review and appeal process used to monitor, maintain and reduce Real Estate Tax Liability for our existing clients and new clients.
Every year, between April and September almost every county (Lake and Marion being the exceptions) in the state of Indiana send tax payers a Form 11/Notice of Assessment for the current year assessment as of January 1.
Once these notices are sent, the window for appeal opens and the tax payer has only 45 days to appeal the assessment.
Why do we do tax consulting?
Bradley Company has been doing full service third party management and brokerage since 1978. For years, we outsourced Tax Consulting Services. In 2010, we decided to take a closer look at how we could provide this service to our clients for a drastically lower fee in order to get the savings back to our tenants and clients faster. Since 2010, we have saved our clients over $3.6 million in tax liability creating approximately $36 million in property value. Our success rate for appeals is currently 93 percent. To keep our success rate high and build trust with County Assessors, we will not file an unwarranted appeal.
How do we do it?
Our Level III Assessor/Appraiser will analyze the value of the property through research of comparable sales, historical and current income and expense information and replacement cost. We also review the property record cards for errors going back three years per state statute. Our fee is contingent upon a successful appeal.