Property acquisition and ownership typically come with responsibilities such as property taxes. Some people are also unaware of the advantages of real estate ownership, such as tax exemptions. Thus, investors in need of legal expertise concerning real estate taxes should consult property tax attorneys. They have the requisite expertise to advise clients on property acquisition and management. They help clients pursuing tax abatements, represent clients in property assessment appeals, and prepare clients for personal property audits. Below are the roles property tax attorneys play when representing their clients in real estate transactions. 

Property Tax Abatement

Local jurisdictions are always considering ways to encourage entrepreneurship in their localities. One tool local authorities rely on to entice investors is property tax abatement. It reduces the initial cost of starting a business. A taxpayer gets into a local agreement with a taxing unit that exempts them from any value increase on the real property for a period that typically does not exceed ten years. A property tax attorney negotiates property tax abatements with the city to get favorable terms for their client. Thus, property tax attorneys are best suited to help clients applying for tax abatements and those seeking extensions.

Real Estate Assessment Appeals

Property tax attorneys may also represent clients in real estate assessment appeals. Investors who feel their real estate property has been incorrectly assessed can file an appeal with the department of tax administration. Real estate assessment appeals must have legal grounds for the appeal to stand a chance. Thus, a property tax attorney can significantly help because they understand tax laws in various jurisdictions. A real estate assessment appeal can have various legal grounds, including fair market value and errors in the property description. Thus, consulting a property tax attorney increases the chances of an appeal succeeding because they can structure a good claim based on existing legal grounds. 

Personal Property Audits

Another vital role property tax attorneys have entails representing clients in personal property audits. The audits are essential for accountability and tax compliance. However, given the privacy infringement issues associated with a personal property audit, it must be conducted in strict compliance with legal stipulations. A property tax attorney is well-versed with state, county, and municipal laws governing personal property audits. Moreover, some people own properties across multiple jurisdictions, necessitating a property tax attorney who understands property tax laws in different states. The property tax attorney conducts a thorough review and advises clients on necessary precautions to limit potential personal property audits. Thus, real estate investors should hire property tax attorneys to safeguard their interests.

Reach out to a property tax attorney for more information.