For commercial property owners and investors, utilizing a tax abatement specialist can potentially save thousands of dollars. Property value changes, market and property use, storm damage, and errors are all valid considerations of a commercial property’s assessed value.

Below, we explain what tax abatement is as well as the benefits that it affords to Louisiana and Mississippi property owners and investors.

Tax abatement programs reduce or eliminate the amount of property taxes. Essentially, commercial property tax abatement decreases the overall tax payment a property owner must pay. Your commercial property may be eligible for this reduction of property taxes due to incentive programs, property condition and usage, and even assessment errors.

Whether your commercial property is in the parishes of Louisiana or the counties of Mississippi, RE/MAX Commercial Brokers can help.

These government entities include municipalities, local governments, state treasury offices, and the federal government. The duration of a tax abatement can vary — some regulations on commercial property tax may be temporary while others can last for the long term. The complexities of tax abatements can be difficult to navigate.

For the state of Louisiana, the Restoration Tax (RTA) Program exists for the benefit of commercial property owners and investors who wish to restore, improve, expand, or develop an already-existing structure in certain districts.  These are geared toward downtown development, economic development, and historic properties. The RTA Program allows property owners to pay ad valorem taxes proportional to the commercial property value for five years beginning at the start of the project until work is completed.

A commercial property owner needs tax abatement to decrease costs and to control escalating property taxes in the future. The process of obtaining a tax abatement can be challenging, especially without the assistance of a skilled advisor. More often than not, knowledge about the geographical area of your commercial property and other important factors are necessary to qualify for the Louisiana RTA Program and additional programs. These components may be difficult for the property owner to assess. Thus, you will need to call on the services of experts such as agents from RE/MAX Commercial to assess the state of your commercial project.

Reduce your tax burden on commercial property by hiring tax abatement experts, RE/MAX Commercial Brokers. With locally elected assessors and each parish or county having its own unique system, it is a necessity for property owners whose taxes are in question to have proper representation. Property value changes, changes in market and property uses, and errors are all valid considerations of the subject property’s assessed value. We have first-hand experience in handling tax abatement applications that can benefit your company. Our fees are typically structured on a percentage of savings or an hourly rate.