Has COVID-19 affected the value of your commercial real estate?

The pandemic and the recession have had an unwelcome impact on the market value of many types of commercial real estate.  In particular, properties used for entertainment, hospitality, retail, restaurants, office complexes, nursing homes and assisted living facilities may have assessments that are higher than the actual current market value of the real estate.

March 31, 2021 is the deadline to assert an annual real estate tax assessment appeal in the state of Ohio and in Allegheny County, Pennsylvania.  The deadlines for the rest of Pennsylvania’s 67 counties fall between August 1st and October 4th.

If you believe that your property may be over-assessed, it is worthwhile evaluating whether a tax assessment appeal is warranted.  Babst Calland has a strong track record of assisting commercial property owners with real estate tax assessment appeals.  We would be happy to discuss your property’s performance, review the current assessment, and give you our thoughts as to whether an appeal may be warranted.

For more information, please contact Peter Schnore at pschnore@babstcalland.com or Meghan Moran at mmoran@babstcalland.com.