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Focus on State & Local Taxation: Time-Sensitive Review of Property Tax Notices

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It’s that time of year when many businesses will be receiving a notice of value in the mail containing a reassessed value of their property. This could potentially mean an increase in property tax liabilities and significantly impact a business’s operating expenses and bottom line.
March 14, 2019

It’s that time of year when many businesses will be receiving a notice of value in the mail containing a reassessed value of their property. This could potentially mean an increase in property tax liabilities and significantly impact a business’s operating expenses and bottom line. While property in states such as Kansas undergo reassessment annually, states such as Colorado and Missouri reassess property every odd numbered year, making 2019 a reassessment year. Illinois applies a property tax assessment schedule of every four years, with an exception for businesses located within a Cook County township which is reassessed every three years.  

Notices of value are sent to taxpayers beginning in early spring and should be reviewed immediately. Not all assessments are accurate. If an assessment is believed not to comply with market value trends, a property tax professional should be engaged to analyze assessed values and identify potential savings. A review of property is especially recommended when a business’s property has undergone any new construction or any significant change has been made to property since the last assessment.

The window of time in which notices of value can be appealed is very short, making the immediate review of these notices a time-sensitive issue.

Specific appeal deadlines to be aware of include:

Colorado: June 1st  

Illinois: 30 days from the date of the notice

Kansas: 30 days from the date of the notice, and no later than May 15th  

Missouri: June 17, 2019 through July 8, 2019, depending on the jurisdiction

Often a review of property characteristics will identify savings opportunities. Please contact one of RubinBrown's State & Local Tax professionals or your primary RubinBrown contact if you have questions or if you would like more information regarding your assessment options.

 

Readers should not act upon information presented without individual professional consultation.

Any federal tax advice contained in this communication (including any attachments): (i) is intended for your use only; (ii) is based on the accuracy and completeness of the facts you have provided us; and (iii) may not be relied upon to avoid penalties.

 

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