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07-15-2010, 02:51 PM | #1 |
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Property Taxes and Commercial Real Estate Values
I was curious to learn if anyone has had any success in getting their property taxes lowered due to the falling value of commercial real estate?
I recently read a newspaper report about a used car dealership in Livonia, MI that's been on the market for over two years and the price has been reduced from $1.4 million to $990,000. The bank that foreclosed on the property is owed $2.6 million for the property. For the full report - click here Granted, Michigan is probably one of the worst real estate markets in the nation, but a property that's offered for sale for $990,000 when the original mortgage was $2.6 million shows how far commercial real estate has fallen - especially former car dealerships. It seems logical that the one benefit of falling values would be lower property taxes, but my bet is most local governments are not willing to make adjustments. Has the amount you pay in property tax fallen to the same degree as the value of your dealership's real estate? |
07-16-2010, 05:36 AM | #2 |
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Yes. Our two buildings (in the Detroit-metro) have both had property tax reductions on the scale of 45-50% over the last year.
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07-16-2010, 09:02 AM | #3 |
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07-16-2010, 02:00 PM | #4 |
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Had to file a request, and follow-up persistently, but the end certainly justified the means.
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07-16-2010, 03:36 PM | #5 | |
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Quote:
That's exactly why I started this thread - I was hoping other dealers would be able to learn from the experiences of one of their counterparts and request their own re-assessment. |
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