An over assessed property can cost property owners and tenants several thousand dollars in additional taxes annually.
Negative impacts of an over assessed property: Lower net operating income if the real estate taxes are not reimbursed by the tenants. Tenants have numerous choices in today’s real estate market and consider not only the initial face rent but the pass through expenses when choosing a location for their business.
The additional real estate taxes from over assessment can result in a lower face rent for the property. Landlords may have trouble obtaining or retaining tenants due to the high real estate tax burden due to over assessment when the real estate taxes are passed through to the tenant. Lower value when selling the property or obtaining an appraisal for refinancing.
Bottom Line…an over assessed property costs you money!
The initial cost of properly preparing an appraisal report as well as the cost of obtaining legal counsel for the tax appeal hearing may seem costly at first and expenses sometimes exceed the first year’s tax saving. However, these tax savings will continue in the following years and the future benefit will far outweigh the initial cost.
Last year 579,000 properties were reassessed in the City of Philadelphia to establish “fair and accurate” market values. Unfortunately, not all properties received a “fair and accurate” value causing the derailment of commercial real estate deals as well as shocking commercial property owners with overwhelming tax increases based on an incorrect assessed market value of the property. Even though, not as dramatic the four suburban counties of Bucks, Chester, Delaware and Montgomery have widely divergent assessed market values.
Philadelphia Suburban Realty Appraisal Group welcomes the opportunity to provide you and your clients with a proposal for commercial real estate appraisal services to support your property assessment appeal. The Philadelphia Suburban Realty Appraisal Group is a team of professional commercial real estate appraisers that can determine the realistic market value of your commercial real estate. If you are one of many commercial real estate property owners paying taxes based on an overvalued property you need to act soon. Call TODAY to find out how they can help! Their appraisers work with attorneys, tax consultants and private property owners to produce accurate and reliable appraisals to bring about fair tax assessments.
For more information contact:
Joseph Vizza, MAI
Northern Liberties Lots for Sale!
Includes Zoning Approvals!
$150k per lot with up to 20 lots together!
For more information please call
Jim Onesti 215.440.2052 or firstname.lastname@example.org
This is a 210,000 sq. ft. clean shell. Former commercial use (not heavy industrial).
It could accommodate 150+ apartments or condos.
It is north of Girard in a HOT area. Asking price $2.1 mil.
To download more information, please CLICK HERE!!
Jim Onesti – 215.440.2052 or email@example.com
Thank you to all of our clients who keep bringing us great deals!!
New rehab and new construction deals for sale:
2 lots, street to street, Northern Liberties, $212,500 each, potential resale $700,000 ea. River views,
2 car garages!
Passyunk Square, 2 story fixer upper on the North side of the neighborhood, 100k!! potential resale 325k. HOME RUN
Fishtown, 9 lots, 110k each, Build 9-New Construction homes at a great location in one of the hottest locations in Philadelphia. potential resale 475k each
For more information contact Jim Onesti, Mccann Team, BHHS Fox & Roach Realtors firstname.lastname@example.org
#1 Real Estate Team in Philadelphia ~ Over 600 settled transactions in 2013!!
After bird dogging and selling an amazing piece of land to one of his developers; Jim Onesti from BHHS Fox & Roach Realtors, pre-sold ALL 4 of the new homes being built there, long before completion!!
ALL sold at or very close to full price which ranged from $669,900-$689,900
This amazing project was located at 547-53 N. 23rd Street, right on the corner of 23rd and Brandywine in the Art Museum Area.
These beautiful homes featured 4 stories, 2700 square feet, garage parking, 2nd & 4th floor decks, 10-year tax abatements, finished basements and master carpentry throughout!!
Selling real estate and finding great deals is what we do. Both our marketing plan and our track record provide fast and proven results. If you are interested in finding out more about putting our expertise and experience to work for you, contact us TODAY!
CLICK HERE to learn more about the many developments I have SOLD OUT!
Berkshire Hathaway HomeServices – Fox & Roach Realtors
McCann Team – 530 Walnut Street – Suite 260 – Philadelphia PA 19106
215.627.6005 Main – 215.440.2052 Direct – email@example.com
Here are a few deals not on the MLS!! Act fast before its too late !
17xx Latona Point Breeze $115,000 potential resale $250,000
1329 s Hicks Point Breeze/New Bold $115,000
13xx Cumberland Street Temple University $700,000 16 unit Building with 4 additional lots 1/2 a block from Broad Street
Fishtown Lot with zoning approvals for a new home!! $69,900
BHHS Realtors Fox & Roach
CHECK OUT THESE STATS!!
Provided by Kevin C Gillen of The University of Penn.
For more information contact Jim Onesti. 215-440-2052 or firstname.lastname@example.org