A tax appeal may help reduce the assessed value of the property, which can mean savings on current or future tax bills. Although individual condo unit owners can appeal their taxes, the most effective method is to file jointly through the Association. A Condominium Association’s Board of Directors has the authority to engage in legal services on behalf of the property owners, such as tax appeals. A Common Interest Community Association would require homeowners to opt in.
Recently we had major success with a tax appeal for one of our Associations. This particular Association is a Condominium style and consists of 172 units. The assessed overall fair market value of the buildings was reduced from $38, 229,710 to $29, 725, 040, an $8.5 million reduction. Over 3 years, the Association received an overall tax reduction of $846, 565.42, a yearly savings of $282, 188.47 for the homeowners. This is just one of many success stories we encounter here at ACM.
ACM is committed to educating Boards about their rights and responsibilities and helping them understand their assessments, tax bills and invoices. If your Association would like to consider a tax appeal, please contact your ACM Community Manager for more information.