While the impact of lost wages and retail receipts was felt almost immediately in city coffers, property assessments are only now starting to take effect — and most assessors have massive budget holes to fill.
Many state and local governments maxed out their emergency services and aid programs in 2020, and budget shortfalls will likely be passed on to business property taxpayers in the form of tax levy increases through rising tax rates.
But property values may be much lower than what local tax assessors have on record. There could be significant opportunities to lower clients' property taxes starting this year. Find out which businesses will be impacted the most and what business advisers can do to help.