Real Estate Tax Issues
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Real estate taxes can have a significant impact on the bottom lines of for-profit healthcare entities and seniors housing operators. With recent court rulings in various states challenging the tax-exempt status of not-for-profit hospitals, these organizations need to be concerned in regard to their real estate assessed values as well.
Our real estate tax services can result in reassessments that can lead to significant property tax reductions for several years. Our real estate valuation reports analyze the assessment of your existing property. We can also estimate the value of the property after an improvement or purchase. We will examine your real estate, and equipment when appropriate, and compare the assessed value to the market. If there are discrepancies, we can suggest or negotiate a reassessment, or perform an appraisal for appeal, if necessary. Expert witness testimony has been performed on numerous properties.
Healthcare and seniors housing entities turn to us to perform real estate tax analyses because:
- They trust that our analyses will be accurate and fair, and will be performed in a timely manner
- Our analyses are performed by professionals with specific expertise in the healthcare and seniors housing sectors who hold designations such as ASA, CPA and MAI
- Our professional staff have specific expertise in all healthcare and seniors housing asset classes, including real estate (land and improvements), equipment, intangible assets, and business enterprises
- Valuations for numerous large hospital systems and individual facilities in Illinois to comply with the Illinois non-profit exemption charity care law. Our analysis complied with Illinois Senate Bill 294 and was utilized to successfully keep non-profit status for all hospitals
- Valuations for a national nursing home operator for appeal of their ad valorem assessment, in some cases resulting in valuations of less than half the assessed market value
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