Entrepreneurs Take on Tax Man
More and more small-business owners are filing commercial property tax appeals and significantly reducing their tax bill as a result. For example, the Tennessee State Board of Equalization has received approximately 1,116 appeals on commercial properties this year. The board expects approximately 3,088 commercial-property appeals for all of 2009, compared to around 863 in 2008.
Why the substantial increase? As states reappraise their major cities and counties this year, they are allotting assessments for these municipalities to compensate for budget deficits with property tax revenues. And this increase is propelling more business owners to examine the often-seemingly too-high figures.
Source: WSJ.com | October 13, 2009