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You can appeal the property tax assessment on your business property if you believe it to be unfair or inaccurately calculated. However, before deciding whether to appeal, there are a few factors to consider. In this article, we’ll delve into the world of property tax assessment appeals, providing you with insights and guidance on navigating this process successfully.
Before we delve into the appeals process, let’s quickly review how property tax assessments are determined. Municipalities assess the value of your commercial property based on factors like its market value, size, location, and any improvements you’ve made. The assessed value is then multiplied by the local tax rate to calculate your annual property tax bill.
A successful property tax assessment appeal can lead to significant benefits for your business:
If you believe your property tax assessment is too high, appealing the assessment could lead to potential tax savings. Several scenarios might prompt you to consider an appeal:
Initiating an appeal involves a series of steps that vary by province and municipality. Here’s a general outline of what to expect:
You can still appeal your property taxes! Consult with a Leyton professional for free and they can utilize their expertise to appeal on your behalf!
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