DO YOU OWN A COMMERCIAL PROPERTY THAT HAS BEEN VACANT IN THE LAST YEAR?? YOU MAY BE ELIGIBLE FOR A TAX REDUCTION
Property Taxes, they are a part of every commercial property. As a Landlord, you pass that expense onto your tenants, as a Tenant, it is an expense you pay as part of your leasing costs. Imagine if there was a way to put some of this money back in your pocket! There just may be, read on for more details:
If you own either an office, industrial or retail building that has had vacant space for over 90 days, you can apply for a property tax reduction.
- Filing deadline: last day in February of each year
- Property must have been available for lease
- Must be vacant for a consecutive period of 90 days
- Rebate between 30 – 35% of taxes
OR
If you recently purchased a office, industrial or retail building, the prior use of the building may be different than your or your tenant’s current use. This could mean a significant change in the property tax rate. The window of opportunity to appeal the tax rate is until March 31, 2018.
