Jason Yarbrough was recently interviewed by The New York Times, in an article discussing 2021 property tax assessment appeals from property owners and the impact of empty commercial buildings on city budgets. In upcoming tax assessment appeals, commercial buildings with reduced occupancy could result in lower assessed values, and as a result, reduced property taxes for municipalities.
Jason M. Yarbrough, a real estate lawyer in Pittsburgh, said he had been fielding a growing number of calls from property owners seeking to file their 2021 appeals. With buildings and stores sitting vacant, some owners have seen their assessed values reduced by millions of dollars after challenging their assessments — lowering their tax bills by hundreds of thousands of dollars.
“We’re seeing a very large demand from commercial property owners, who are getting hit from all sides,” Mr. Yarbrough said, noting the squeeze this also puts on city budgets. “It’s a troubling issue for municipalities because they’re pegging their tax base on property values, and you’re assuming there’s not going to be a Black Swan event.”
Click here to read the full article originally published on The New York Times.