Allegheny County Commercial Property Owners Hit by Pandemic Can Seek Tax Reductions
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Over the years, the law firm of Robert Peirce & Associates, PC, has successfully handled over 10,000 tax assessment cases. Its founder, Bob Peirce, leads the Assessment Appeal team.
In this unprecedented year, covid-19 is having a significant economic impact on businesses in Allegheny County. Commercial property owners that have been impacted by the pandemic are now facing a substantial dip in revenue, making it vitally important for tax assessments to accurately reflect the losses.
In a world adapting to staying home and social distancing whenever possible, businesses are not serving the number of customers/clients as pre-pandemic assessments predicted they would. The result is less income. It appears that the income will remain lower for the next few years, if not permanently.
The enormous toll this global pandemic has taken on businesses such as hotels, coffee shops, malls and restaurants is overwhelming. Livelihoods are on the line and business survival lies in the balance.
Since 1980, Bob Peirce Jr., founder of Robert Peirce and Associates, PC, has been guiding clients through the appeals process on the detailed actions that are necessary to receive a property tax reduction.
“This year more than ever, commercial real estate owners in Allegheny County or tenants responsible for paying the property’s real estate taxes, should consider appealing their current real estate assessment,” said Peirce. “If your business has suffered due to the pandemic you are likely to see a property tax reduction in 2021, but only if it is appealed. In order to receive a tax adjustment, owners must prove this loss of income and file a commercial property assessment appeal to have their properties reassessed.”
Commercial property is traditionally valued on the income approach. Quite simply, the more money a property earned, the higher the market value of the property. The less money earned, the lower the market value.
Real estate assessments are based on the current market value. It is required that real estate taxes are paid when they are due. If an assessment is lowered upon appeal, businesses can receive a tax refund as a result of “overpaying” the taxes.
For over 40 years, Robert Peirce and Associates, PC has been able to reduce real estate assessments for thousands of property owners and tenants. Cases are handled on a contingent fee basis and the law firm pays the cost of an appraisal, if necessary. Reduced assessments, once obtained, may remain in effect for many years to come.
The time to appeal real estate assessments begins on Jan. 1, 2021 and expires on March 31, 2021. The sooner the appeal is filed, the sooner the hearing — and the sooner property owners will receive a tax refund if the assessment is reduced.
Guiding clients through the appeals process to ensure that their appeal is comprehensive, complete and strong is at the forefront for the legal team at Robert Peirce & Associates, PC.
Bob Peirce is leading the tax assessment appeal efforts at Robert Peirce & Associates, PC. To learn more, contact him at 412-281-7229 or email him at rpeircejr@peircelaw.com.