Just like other property owners, business owners have to pay property taxes. The taxes owed on commercial property can be extensive, so understandably, company owners want to make sure that their tax assessments are correct. In some cases, businesses may need to take legal action for assessment appeals.
Chicago readers may be interested in a case that is currently underway in another state. According to reports, retail giant Walmart has filed a lawsuit that revolves around a specific location’s property tax assessment for the previous two years. The company believes that an accurate assessment of the property is closer to a property value of $9.4 million. The current tax assessment reportedly has the property valued at $1.5 million more.
The case is currently set to go to trial in July. It was noted that if Walmart wins the lawsuit, taxpayers would face the obligation of having to make up the difference in any tax value reduction. It was also noted that the city where this particular store is located would owe Walmart approximately $40,000 and interest if the court rules in the company’s favor.
Commercial property owners know that property taxes can account for a considerable dent in finances. Because of this, they certainly want to make sure that they are not overpaying. In some cases, Chicago business and property owners may need to go through assessment appeals proceedings in order to fight for the right amount of property taxes. Understandably, this process can be difficult, but with the right legal help, individuals may be able to reach desirable outcomes.