Commercial Property Tax Appeal Valuations

Back in September 2019, I attended the IAAO Convention in Niagara Falls, Ontario. As a fee appraiser using commercial real estate software, it was my first IAAO convention. I walked away with a much better appreciation of the mass appraisal world. Further, in the commercial property tax appeal arena, I believe the fee side has a lot to learn from this group. They are in many respects, ahead of fee appraisers in the gathering and use of data.

Assessors and appraisers have been showing a real interest in the latest commercial real estate software. I spoke to several and this led me to attend the conference. Specifically, they want to know how it can help fulfill duties in preparing fair and accurate valuations during tax appeals. After attending, it was clear realquantum is an excellent solution for them. I found, assessors need an easy and consistent way to create and maintain a commercial real estate database. They need the ability to provide individual property reports. Realquantum does both.

Why realquantum?

• realquantum is 100% cloud-based. So, this allows maximum teamwork and data security. All you need is the internet.
• The commercial database allows easy capture and use of all the data needed to complete your assignment. First, realquantum follows the recent PUCS standards for all property types. So, offices, industrial, hotels, shopping centers, etc. are all included.
• Import your CAMA system commercial data directly into realquantum.
• Department-wide data for creating reports is available to everyone on the team.
• Property record data includes operating statements, appraiser pro formas, leases, expenses, sales (and more). These are available for review by anyone in your group.
• Valuation reports can be tailor-made. Team leaders can create standard templates for use at each level of appeal. Each department can produce reports appropriate for each level of the tax appeal process without duplication or double entry.
• Since word processors and spreadsheets aren’t needed, there’s no fear of inconsistency within grids or write-ups.
• Grids and templates tied to the realquantum calculation engine eliminate math errors that are easy to make with spreadsheets.
• Workflow management allows supervisors to track the status of assignments by due date. then, they use the client function to track the appropriate hearing level.