UsingThe Broker Price Opinion for Commercial Property Tax Appeals
A broker opinion of value (BOV) is a written estimate of a commercial property’s current market value prepared by a licensed commercial real estate broker. It is the evidence a commercial property owner uses to demonstrate that an assessor’s value is too high. BrokerOpinionOfValue.com today published a guide to using a BOV in a commercial property tax appeal, available at brokeropinionofvalue.com/bov-for-property-tax-appeal /. The guide arrives during an assessment cycle in which many jurisdictions are still carrying values set before the commercial real estate repricing of the past several years worked through the transaction record. Mass appraisal systems value entire property classes at once, drawing on comparable sales that may be one to three years old. When market values fall faster than assessment rolls are updated, the gap between assessed value and market value is borne entirely by the owner, as a recurring annual expense, until it is challenged. Office assets illustrate the ...