California Property Tax County by County
admin | Nov 12, 2009 | Comments 0
The News You Don’t Want to Hear
A 32% decline In the Moody’s Commercial Property Price Index. No one wants to believe that what happened to the housing market is going to happen in the California commercial property market. But it is. To what degree we cannot say but we know that it has arrived. We also know it is going to get worse.
The real estate market in California counties has softened significantly in the past 18 months. We have seen some incredibly good results in our property tax efforts throughout the state. Reductions of 60% in apartment buildings, 20% to 40% in other commercial properties, and residential-all over the board. Predictions of a continuing decline through 2011-2012 and a 3 to 5 year span similar to the mid-90s of flat values have many property owners concerned.
The California Property Tax News, County by County
The only good thing about the declining commercial property market is the county property tax assessment reduction that comes with it. I know it’s not what all of us commercial property owners want (yes, our principles own commercial property as well as our clients) but it is critical to the well-being of our portfolio to ensure the absolute maximum amount of profit to the bottom line. As all business owners know you can do that by increasing profits before expenses, or by maintaining profits before expenses and cutting expenses. This is what we assist our clients in doing. The apartment building that received the 60% reduction in their property tax bill will save over $400,000 every year until the values come back. That’s $400,000 of profit they would’ve lost and have now gained. That’s the work of The Associates at California Property Tax. We secure the lowest possible assessed value County by County utilizing every possible reduction strategy allowed by law.
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The Moody’s/Case-Shiller chart on the right shows the relationship between residential and commercial price increases and decreases. Although it is a national chart that shows a compelling
Moody's Commercial vs Residential
relationship between the two.
Within the CRE (commercial real estate) market different sectors are reacting and indeed, are expected to react far differently than the other. As an example hotel\motel industry is expected to be hit are worse than the other sectors. Multi-family, while expected to be less impacted than office and industrial is also expected to stay flat longer. And all sectors within the California property tax market in all counties are expected to suffer steeper declines then the rest of the country as a whole. Some are than forecasting double the national average. You can understand the importance of reducing expenses during these trying times. For some it will mean the difference between keeping and losing their properties. We can help.
The Associates at California Property Tax have been fighting for the rights of property owners throughout the state since before the downturn of 1990. Throughout the decade of the 90s and on into the 21st century we were established in this business and we still are. Our experience and willingness to think outside the box makes us your best choice to get through these tough economic times. There is no risk on your part. Our fee is contingency based so if you don’t save money we don’t get paid. There is never an upfront charge and all costs to prepare your case are covered by us.
The appeals period ends soon so you must act now. Call us at (909) 867-5000 or fill out the simple form below and we will get back to you directly.
Comments or questions are welcome.
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