As the 2021 property tax appeal season winds down, it’s time to reflect and shift focus on the balance of the year and what to do in preparation for the 2022 season. Assessors have been lenient and reduced values in asset classes, such as, hospitality and retail. At the same time, this trend does not hold in sectors like multifamily and industrial. Both have led the charge through the pandemic and all signs point to continued success. For the most part overall, we are not seeing the decreases that were highly anticipated as the pandemic gathered steam last year.
Moving forward, it is imperative to set up for the long run. RETC highly encourages our clients to take a stance of lowering values and pursuing additional levels of appeal. Being aggressive in 2021 could have a significant impact on lowering values in the next appeal cycle. This starts with gathering as much information as you can.
Looking forward, the optimal time to address the 2022 appeal cycle would likely be at the tail-end of Q3 or the beginning of Q4. Depending on where your properties are located, appeal timing and finalization of any litigation, owners can expect this window to provide the perfect view of any first steps in preparation for 2022.
To learn more about how property tax issues can affect your investing strategies, please reach out to Tim Feagans directly at email@example.com.