7 Qualifications in Choosing Tax Sales Consultant Leads « ledgerleads_blog

7 Qualifications in Choosing Tax Sales Consultant Leads

April 5th, 2016

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Although property tax consultants are not licensed, one measure of professional standing is membership in organizations such as the Institute of Property Taxation and the International Assn. of Assessing Officers, together with any credentials they offer especially when business in B2B transactions are in need of financial advisories from tax sale consultant.

The tax sales consultant lead should be able to draw upon the resources of a sophisticated and reliable management information system. Ideally, such a system should contain current and prior assessed valuations as well as other data on recent sale and lease transactions. A further capability should enable it to track and respond to various statutory requirements in a timely fashion.

Whether the tax sales consultant lead is part of an established multi-office network or is a single practitioner, he should be knowledgeable about the community in which he operates, including local politics and personalities. An understanding of assessor biases — for example, whether the cost, market or income approach is favored — and recent assessment decisions is important. Also helpful is a familiarity with the type of abatements that may be available.

Typical functions that the real estate manager might expect a tax sales consultant lead to perform include the following:

  1. Examine assessor’s records to ensure accuracy in ownership, classification and measurement;
  2. Review property’s physical characteristics (i.e. age, construction, location, zoning, etc.) to determine their effect on property value;
  3. Verify assessments on comparable properties to determine whether subject is equitably valued;
  4. Review and analyze property’s income and expenses to ensure that assessment is in line with property’s economic profile;
  5. Evaluate whether a tax protest is appropriate and formulate an appeal strategy;
  6. Establish communications with local assessor and present facts to support claim for reduction in value, if warranted; and
  7. Attend public hearings, as necessary, on behalf of client.

In addition, the tax sales consultant lead may be called upon to perform other services for the corporate client unrelated to assessment reduction. These include providing tax estimates for budgeting purposes; auditing tax bills and streamlining the tax payment process, and structuring payment programs to take advantage of discounts for early payments and avoid penalties for delinquencies.

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