Owning Your Own Property Tax Assessment Review Business
Business Overview:
If you’re looking for an enterprise that taps into your interest in finance and the legal system, consider starting a property tax assessment review business. This business idea can be lucrative and rewarding—especially when you win your clients’ cases and get them a property tax break. The premise of the oft-overlooked property tax assessment review business is this: You take on a homeowner’s case and do research to determine if their property is being assessed appropriately. After evaluating their taxes and comparable properties, you determine if they’re being overtaxed and whether you want to take on their case. If you do, you appeal their taxes on their behalf. If you win for them, you get a percentage of their savings. Imagine how quickly this online business idea could grow just by word of mouth when you win a property tax case and make your client very happy. Initially though, you might want to do a bit of advertising to ensure you get some clients under your belt. You can even take on a few cases for a very low fee initially in order to get some practice in the business—so much of this business is learned from writing appeals and from hands-on experience that you can start right away and learn as you go. Once you “get it” and the clients are rolling in looking for tax savings, you might opt to hire some additional reviewers to work on cases with you. That’s part of the beauty of this business—you can take on as many clients as your business can handle, and with every case you get closer to being a property tax assessment expert.
A Day in the Life of a Property Tax Assessment Review Business Owner:
A typical day for an entrepreneur in this business would be to review your latest tax case and begin your research for the client. First you will want to ask yourself if this client has a chance at a tax reassessment based on your initial research. If so, you will contact your client and agree to do business—perhaps you will even require a retainer fee for your services. Next, you will want to do your thorough research to compare their property and to begin creating your appeal for their case. You will have to become familiar with your local government offices to determine the best way to appeal your cases. Though you will be able to complete your work on the case in just a short time, the case itself might be ongoing, so you will want to contact your clients to let them know where their case stands. Finally, you will want to follow up with any potential clients to garner more business.
About Your Customers:
Your customers will be homeowners who believe that they’re being overtaxed for their property and who are looking for someone to represent their case. It’s not likely that they will know the ins-and-outs of tax assessment review, so it’s up to you to make the experience simple and (hopefully) lucrative.
What You Need to Start:
- A primer in property tax assessment review
- A business license (if needed in your area)
- A contract for your service
- Financial-tracking software
The Good:
- You can run your business from home.
- The business is entirely scaleable.
- You can earn a good deal of money when you handle enough cases.
- You can become an expert in the field.
- There is not much competition.
The Bad:
- Depending on your location and on your client’s properties, you might find yourself having to deal with a sometimes frustrating bureaucracy.
- There is a definite learning curve with this business, and many times you’ll be learning through trial and error.
Resources:
- International Association of Assessing Officers
- Bureau of Labor Statistics on Appraisers and Assessors of Real Estate
- Wikipedia on Property Tax
About The Author
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