The relationship between an owner and the local assessor can be tricky to navigate.
The county assessor tends to measure property valuations at higher levels, while the owner, obviously, wants the opposite. It's a timeless dance. But through diligent preparation, and the ability to come to a fair compromise, owners can save hundreds of thousands of dollars on a typical 100-unit property.
“One of the things that the assessor isn’t privy to because they’re doing this on a mass basis – they might not be doing site visits, just lots of internet work – is the physical state of the property,” says R. Lee Harris, president and CEO at Overland Park, Ks.-based Cohen Esrey. “Unless the property is brand new yesterday, there will obviously be things that need to be repaired or replaced.”
Read more...Boosting NOI: Negotiating Taxes, Insurance Can Lead to Big Savings - Multifamily Executive Magazine