Rising property taxes in Florida present a challenge for owners and operators in commercial real estate. Jeff Nelson, managing partner of Property Tax Alliance Group (PTAG), emphasizes the importance of a proactive tax strategy. Market dynamics are shifting rapidly, requiring agility and foresight in tax planning.
With Florida’s Truth in Millage notices coming out in August, proactive measures are crucial in minimizing tax liabilities. PTAG advises against direct responses to county appraisers and urges sharing comprehensive property data for a compelling case for lower assessments.
Looking ahead to 2024, PTAG’s program aims to enhance competitiveness in Florida’s CRE market through strategic tax planning during acquisitions. Tangible personal property reporting is also essential to avoid penalties.
Partnering with a tax expert can optimize tax strategy, boosting sustained investment profitability. Nelson emphasizes leveraging market insights and strategic data management for a favorable market stance. By redefining property tax strategy, investors can thrive in Florida’s competitive CRE environment.
