Owning commercial real estate and heavy responsibilities go hand in hand. From managing unruly tenants to computing complicated property taxes, there are always tasks to address. Fortunately, Galvin Realty Group in Rochester, NY, offers invaluable commercial investment management services to take the weight off your shoulders, covering everything from tenant screening and legal documentation to rent collection and property tax help.

If you’re a commercial real estate owner with questions about managing your investment, these answers to frequently asked questions about property tax from Galvin Realty Group might offer the insight you need.

Commercial Real Estate Property Tax FAQs

Who Determines The Value Of A Property?

Before paying your real estate property taxes, you usually will be required to complete and return an income and expense form to your local government. The board of assessors will use the information you’ve shared about your property to determine the amount you’ll need to pay.

What Factors Go Into Calculating The Income Section?

For the first section of your documentation, your local government will look for information about how much money you receive from renting your commercial property. Aside from basic rent numbers, you’ll be required to include any changes to your property since it was initially purchased, such as expansions, additions, demolitions, and other major alterations.

What Constitutes An Expense?

As a commercial property owner, the most important thing you can do is list every possible expense you’ve had while owning the property; this directly deducts from the income you make from rent. In this section, list money spent on management, payroll taxes, insurance, supplies, utilities, cleaning, and repairs, as well as money you’ve put aside for future expenses.

How Can A Commercial Investment Management Company Help?

Hiring a property management team will give you an incredible amount of freedom and peace of mind by taking over meticulous tasks like calculating property tax. If you’re looking to take the guesswork out of accepting tenants, hiring reliable contractors, and including deductions on your property tax forms, passing the reins to a professional commercial investment management company is your best choice.

To simplify your workload and reap the highest possible profit from your commercial property, contact Galvin Realty Group at (585) 546-1290. For more information about their property management services, visit their website or follow these property management experts on Facebook.