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February 12, 2024

Philadelphia Becomes Latest City to Brace for Assessment Misalignment: #RethinkThe News

How do large portfolio owners prepare for an increase in appeals activity with a fresh round of assessments in Philadelphia, which don’t reflect market value? One Philadelphia law firm makes some sound suggestions but omits technology-based solutions. Should owners strictly adhere to this advice, or would it be prudent to consider additional tools?

It seems to be a recurring theme: commercial property tax assessments in large cities will come in higher than what portfolio owners believe to be the true value. Inevitably, this will lead to an increase in proptax appeal activity, and to properly do so, property owners need the right tools to be successful.

We came across a piece from a Philadelphia-based law firm who are preparing their clients for assessment season, and in the process, warning that assessments will likely come in far higher than actual values. It is a useful exercise, as it discusses different approaches to calculating value based on methods we have previously discussed in our blog including the income method.

To address the inevitable discrepancies associated with current market uncertainty, the notice suggests using remediation tools which in this case consist of hiring an experienced real estate assessment attorney and a qualified appraiser.

Undoubtedly, such individuals can bring much to the table in terms of value-add, but the complete omission of using any type of electronic tools or software is notable, as it suggests that from a market perspective, the industry is still unaware that there is powerful software available that can greatly improve the overall quality of the appeal process.

Mounting a successful appeal requires careful consideration of multiple variables, and doing this, especially across a vast portfolio can be challenging. This provides compelling testimonial to the benefits of adopting a software like itamlink to supplement the human effort required to mount a successful appeal.  

itamlink is purpose-built property tax software developed for owners and occupiers of multi-property portfolios. It's simple to learn, yet powerful enough to help manage and analyze data across a global portfolio.

It’s a secure, integrated solution helping to manage property tax and reduce risk and tax exposure. It enhances collaboration and maintains data integrity with a centralized, web-based solution. With a wide array of built-in data management tools, itamlink is an industry-trusted solution.

The volume of commercial property tax appeals will continue to rise. You need to make itamlink part of your property tax management toolkit.

Want more information? Sign up for a demo here.

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© 2023 Rethink Solutions. All Rights Reserved