With slashed revenues and the perception that property values are getting higher, local governments are looking to squeeze whatever they can out of every property in their jurisdiction. For local governments that rely on property taxes for much of their revenue, appraisals aren’t reflecting the high unemployment and unstable economy we are living in (Texas Tribune).
But, 2020 wasn’t just tough on local government; it was also extremely difficult for multifamily property owners. These owners were tasked with keeping communities afloat while rental revenues were cut, stalled, or severely slowed. Further, they had to do it with less income. According to a CNBC article, about 18% of American renters were behind in their payments at the end of January 2021.
Government relief is not enough; multi-family property owners are going to have to find another way to make it in this environment.
Facing Excess Valuations in 2021?
During this year, multifamily property owners helped carry many of the families who rely on your properties for quality housing. The Fort Worth Star-Telegram reports that “landlord’s issues have been overlooked” as they continue to lose income while still being expected to pay their bills.
Further, multifamily property owners cannot also be expected to carry the county governments. They need someone to stand beside them and hold firm against excess valuations. Just because single family home property values have jumped does not mean that the renters can pay higher rates. Rental revenues remain limited while the tax assessments are demanding payments that are far more than feasible or fair.
The Wayfinder Way
The laws of the great state of Texas are pro-taxpayer. Property owners have rights, and if they align with the right team that has Texas-specific experience and expertise, county assessments can be significantly reduced and remove unnecessary tax burden. Owners don’t have the time or the energy to fight this on their own, and there is a pretty good chance that their current tax agent does not have the bandwidth or specific expertise to get the reductions needed.
See How Wayfinder Can Help