Accurate Assessments Exclude Business Value
Each year in the firm’s Property Valuation Department, attorneys review and challenge the assessments determined by Connecticut municipalities for various commercial properties owned, occupied and/or managed by our clients. Property types range from office buildings to apartment complexes to manufacturing sites to hotels and lodging properties to long term care facilities. When it comes to determining whether a hotel or a long-term care facility has been overvalued and overassessed for property tax purposes, care must be taken to ensure the value and resulting assessment do not include the on-going business, which is not taxable.
Clients who own, operate or manage such business intense properties often are required to report income and expenses associated with the operations of their business to assessors. Such clients work with both our attorneys and paralegals of the Property Valuation Department to take care that the values determined by assessors do not include non-assessable intangible value. In fact, the inclusion of business value can inflate a real estate assessment by 25-30 percent, if not more