Condo owners should be aware of the option of filing a joint property tax appeal to lower their collective property taxes. A joint appeal is an effective way for condo owners to work together in appealing their assessments, resulting in a potentially shared reduction of taxation costs. Before deciding whether to file a joint tax appeal, it is important to understand how the process works and what factors need to be considered prior to filing.
Understanding How a Joint Property Tax Appeal Works
When filing a joint property tax appeal, each owner files one petition on behalf of all units within the condominium complex or other multi-unit building. This allows owners the opportunity to present evidence as a unified group before the taxing authority with the goal of reducing overall taxation costs. The appeal must be heard by the same assessment authority, regardless of how many units are involved in the filing.
Filing a joint petition is not mandatory for all condo owners and individual petitions can still be filed.
Considering Whether You Should File a Joint Property Tax Appeal as a Condo Owner
When deciding whether or not to file a joint property tax appeal as a condo owner, certain factors should be taken into consideration. It is important to understand that each unit’s taxes may not necessarily decrease due to the fact that overall assessments may remain unchanged, but the tax rate may be reduced.
Filing a joint petition may require an upfront cost for legal fees and other expenses associated with preparing the appeal. However, most tax appeal attorneys operate in this arena on a contingency basis. Regardless, it is important to factor in these costs prior to making a decision on whether or not to proceed with a joint property tax appeal.
Condo owners should carefully review their options and work with the Board to maximize potential savings. By understanding how the process works and evaluating potential costs and benefits of filing jointly, condo owners can make an informed decision that best suits their needs and budget.
If you have any questions about appealing your property taxes, reach out to your management company or Board — they may know more about the overall tax picture for your building, and may be able to make a recommendation on how to proceed.