(Minneapolis, MN, 7/20/2009) – Coldwell Banker Commercial Griffin Companies has recently successfully completed over a dozen property tax appeals in the metro area. The properties included a variety of different types including retail, industrial, warehouse, land, and special use properties. Assessed value reductions ranged from 5% to 22%. In today’s market, many commercial real estate properties have declined in value over the last 1 – 2 years and in many cases that has not been reflected in the property’s assessed value.
Coldwell Banker Commercial Griffin Companies has a great deal of experience analyzing markets and working with assessors to correctly value properties in today’s rapidly changing environment. Company president Bill Ostlund says, “For many commercial properties, property taxes are the largest single operating expense so a reduction can have a large impact on operating income. The benefit of a reduction will usually last for two to three years before it needs to be examined again.” Property owners can still appeal valuations from January 2009 for taxes payable in 2010.
In addition to property tax appeals CBC Griffin Companies Realty Solutions initiative provides several other services to help owners reduce their cost of occupancy including: cost segregation, sale/leaseback analysis, lease renegotiation, and loan restructuring.