Minimizing Property Taxes in 2013

Action Before October 31 Needed

Now is a good time to review your portfolio to make sure that you are doing everything possible to minimize the tax burden.

The classification of development land has become increasingly complicated after the 2010 change in regulations. Properties with any permitted commercial or industrial could be potentially impacted by this change.

The most optimum position is to be classed (01) residential, however steps may be needed to do that. The next best position is class (08) park or garden which attracts a lesser rate than (06) business the "catchall" class. Properties with any permitted commercial or industrial uses are candidates for a review now.

Any changes must be made by October 31st, as it is the state and condition at this date that matters. The legal description of the site is relevant as of November 30th and can affect assessed value and taxes paid.

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