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• Thoroughly research the local process for
disputing and renegotiating assessments. This
procedure will vary depending on the locality,
but it will be accessible online or by directly
contacting the department responsible for
assessment. Make sure you fully understand
all deadlines and are able to produce required
documentation.
Many businesses find it challenging to perform
these tasks on their own, short of those that
specialize in real estate and property markets. contingency basis, earning a percentage of the
Even those that do may have properties realized savings for our clients. If we are unable
dispersed across a variety of locales, each with to secure additional reductions and savings on
idiosyncratic laws and assessment criteria. In their property taxes, we simply do not get paid,
short, viewing property tax as a fixed, inevitable which makes such third-party firms an attractive,
cost, and thus as a low-priority item for analysis low risk option for many companies.
or action, prevents CFOs and accounting
departments from performing basic due diligence For those who make the decision to hire a
such as learning a location’s assessment cycle, property tax consultant, savings of 25-40% are
making sure assessors understand the property quite common. In some states, these savings
in depth, or doing research to contextualize are locked in for the duration of the assessment
assessed values with those of similar properties.
cycle.
Some companies use property tax consultants
to mitigate pending property tax liabilities from
potential growth and acquisition strategies.
Others simply utilize property tax consultants This whitepaper is sponsored by SIB Fixed Cost
for traditional market value reviews and possible Reduction. SIB specializes in reducing monthly
appeals. Smart executives know how and when expenses. Unlike other companies, SIB only
to outsource certain critical tasks to third-party bills based on the savings it finds, and clients
experts, and that includes outsourcing property are not billed until savings are realized. SIB has
tax appeals. analyzed over $3 Billion in spend across more
than 50,000 locations nationwide. This expertise
One of the keys to significant savings with allows SIB to effectively rectify billing errors and
a property tax consultant is finding one with negotiate lower pricing for its clients – without
experience protesting property values in the changing their vendors or service levels – across
state and county where the property is located. a variety of spend categories, including telecom,
An experienced property tax consultant will utilities, waste removal, property tax, workers’
understand all applicable property tax codes compensation, bank fees, maintenance contracts
inside and out, including the ways in which they
play a role in local market valuations. Not only and more.
will the right consultant know the market, they
will also be able to produce quality evidence SIB FIXED COST REDUCTION
necessary to file and win a property tax appeal. 796 Meeting Street
Many executives may be hesitant to engage a Charleston, SC 29403
property tax consultant due to cost concerns. 843-576-3606
In our case, as an example, we operate on a www.aboutsib.com
COMMERCIAL PROPERTY TAX REVIEWS | PAGE 6
