Commercial property: income is the argument
Commercial assessments turn on income, and the evidence is your own operating statements.
Residential appeals are about comparable sales and comparable assessments. Commercial appeals are usually about income.
The income approach
A commercial property's value is derived from the income it produces: net operating income capitalised at a market rate. If your actual rents, vacancy or expenses differ materially from the assessor's assumptions, the value is wrong and you have the records to prove it.
What to assemble
Rent roll, leases, three years of operating statements, vacancy history, and evidence of market capitalisation rates. If space is vacant, evidence you have genuinely tried to let it.
Why vacancy matters
Assessors typically apply a market vacancy assumption. A property with sustained above-market vacancy — for structural reasons, not neglect — is being assessed on income it cannot earn.
Entities need an attorney at PTAB
A corporation or LLC generally cannot represent itself before the Property Tax Appeal Board. Budget for counsel if you expect to go beyond the Board of Review.
The threshold question
Commercial appeals cost more to run and are worth more when they succeed. Estimate the annual saving, multiply by the years it will persist, and decide before spending on an appraisal.