Industrial Property Tax Appeals

Industrial Property Tax Appeals: Warehouse, Life Sciences, Manufacturing

Industrial property has been one of the best performing property classes, making it a target for municipalities and taxing authorities seeking to raise assessments and increase taxes. The property tax attorneys at Skoloff & Wolfe, P.C. represent owners, tenants, and investors, including large national REITs, in property tax appeals for industrial properties.

Experienced legal representation for industrial property tax relief

Rents for some industrial properties have doubled and tripled over the last couple of years. These rent increases have coincided with cap rate compression, making the environment challenging for property owners.

For tenants who are not only paying more for rent but are responsible for paying the property taxes, any increase in assessments can upend their projected total occupancy cost by many multiples. Fortunately, tenants often have the right to appeal their taxes.

At Skoloff & Wolfe, P.C., performing due diligence and backing it up with hard data helps our industrial property clients appeal these increased assessments.

Municipalities have had a rosier picture of what is sustainable in terms of a level of taxation. However, by focusing only on rent, they are missing the impact on the overall total cost of occupancy – whereby any increase in taxes will result in a reduction in rent.

Achieving property tax relief requires a strategic view of each situation separately

• Taking everything into consideration, what is a realistic assessment for an industrial property?
• How can you address an increase in your assessment, post-sale and/or post development?
• How do you budget for what may be the new normal in industrial property tax rates?
• What components of the property are real property versus tangible personal property, or business personal property, and what are the tax liabilities?

Billions of dollars in assessment reductions and transactions

Skoloff & Wolfe, P.C. has a proven record of results. In recent years we have obtained billions of dollars in assessment reductions for our clients and property owners in multiple industries, including these in the industrial space:

• Reduced warehouse distribution center from $30 million to $16 million
• Reduced industrial storage facility from $20 million to $15 million
• Reduced regional supply center from $14 million to $7 million
• Reduced industrial production complex from $12 million to $7 million
• Reduced life science campus from $234 million to $60 million

* All assessments rounded to nearest million. Results may vary depending on your particular facts and legal circumstances.

Know the future impact of property taxes before development

Skoloff & Wolfe, P.C. counsels clients in advance of the development of industrial properties. We help them plan for what their taxes might be before development, acquisition, or revaluation. Whether for a landlord or tenant, we take measure of the trends and alert clients to forthcoming revaluations and of their rights and opportunities to file a successful appeal.

Industrial Property Tax Appeals – Skoloff & Wolfe, P.C. is on your side

Skoloff & Wolfe, P.C. reviews your industrial property tax assessment free of charge. You will not be responsible for any legal fees unless we achieve a tax savings. To discuss your property tax assessment with a Skoloff & Wolfe industrial property tax appeal attorney, please call 973.992.0900.