Annual Tax Assessment Summary
A specialty of Mid-Atlantic Valuation Group is tax assessment consulting. Property owners often look to us to help decide whether or not their property tax assessment should be appealed. Our clients that have multiple properties often request our Annual Tax Assessment Summary consulting report. This report provides them with a summary of each property they own. One page is devoted to each property and includes a property photograph, the property's address, building size (per the owner), building size (per the county), land size, copy of the tax assessment map, the property's assessment, predetermined ratio or common level ratio (whichever is appropriate), implied value, implied value per square foot, millage rate and total annual real estate taxes. From a review of this report, the property owner can determine which properties are assessed the highest, which ones are currently impacted by the highest real estate taxes per square foot and which properties may be assessed incorrectly due to errors by the assessor relating to building size. Once the owner has reviewed this report, appraisals can be done to determine if the properties are assessed at values above market. This report can be easily updated on an annual basis.
We have provided this service to several clients; one with approximately 100 properties in Pennsylvania. As a result of this report, this particular client has initiated approximately 20 successful tax assessment appeals in the past three years. The consulting report also revealed several situations where the taxing authority has incorrectly estimated the building sizes of these properties. Several properties were appealed informally based on the size discrepancies and reductions were granted. In one case an annual savings of $16,645 was granted due to a size error by the assessor.
Construction Progress Reports
Appraisers are often called on to appraise properties that are either under construction or pending new construction. Once the appraisal is submitted and the loan obligation finalized, many financial institutions require that several Construction Progress Reports be completed in order to schedule loan draw payments. We can provide this service. We will reinspect the site, review the general contractor's progress and give you an opinion as to the level of completeness of the project.
If you would like more information regarding our consulting reports, please email or call us.
Market Rent Studies and Market Surveys
Mid-Atlantic Valuation Group can provide you with detailed studies of market rent and overall market characteristics. Whether you are considering entering a new market or are reassessing your current market position, we can provide you with a consulting report to answer you questions. These reports can be specific and examine other similar properties in the market that directly complete with your property or they can be broad in scope and provide you with general market conditions such as overall market vacancy, market supply and average market rent ranges.