Unlike a commercial property where expenses can often be passed on to the tenants, the owner of a residential multi-family property is responsible for all costs and expenses required to maintain the property.
Multi-family operators need to save costs and still be able to maximize rent. Smart operators and property managers know that a property tax appeal is an important strategy to save expenses. Moreover, a tax appeal is one of the few areas over which owners have some control. Our team of professionals understands how to value apartment buildings and other multi-family properties by utilizing sales comparisons as well as income valuation. We calculate rental income, operating expense, vacancy, and capitalization rates to arrive at the right valuation.
If you own a multi-family property, PTAA’s team of real estate legal professionals can help you mitigate your property tax burden by challenging your market value in front of the Value Adjustment Board.