Property Taxes, they are a part of every commercial property. As a Landlord, you pass that expense onto your tenants, as a Tenant, it is an expense you pay as part of your leasing costs. Imagine if there was a way to put some of this money back in your pocket! There just may be, read on for more details:

If you own either an officeindustrial or retail building that has had vacant space for over 90 days, you can apply for a property tax reduction.

  • Filing deadline: last day in February of each year
  • Property must have been available for lease
  • Must be vacant for a consecutive period of 90 days
  • Rebate between 30 – 35% of taxes

OR

If you recently purchased a officeindustrial or retail building, the prior use of the building may be different than your or your tenant’s current use. This could mean a significant change in the property tax rate. The window of opportunity to appeal the tax rate is until March 31, 2018.

 

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