SOURCE: National Bureau of Property Administration

National Bureau of Property Administration

September 14, 2010 12:23 ET

Current Market Conditions Offer Significant Property Tax Reductions for Commercial and Industrial Property Owners and Lessees

National Bureau of Property Administration, Inc. Offers Insight as It Reflects on Its 75th Anniversary

CHICAGO, IL--(Marketwire - September 14, 2010) -

Key Messages:

  • The National Bureau of Property Administration, Inc. says that the current market conditions offer significant opportunities in property tax reductions for commercial and industrial property owners and lessees.
  • Due to the decline in commercial and industrial real estate values, many companies are paying more in property taxes than they should be.
  • As the oldest property tax firm in the country, the Bureau celebrates its 75th anniversary by continuing to help commercial and industrial taxpayers minimize their property tax burden.

As it celebrates its 75th anniversary, the National Bureau of Property Administration, Inc. says that the current market conditions offer significant opportunities in property tax reductions for commercial and industrial property owners and lessees.

"One of the few positives that can come out of the current state of the economy and the decline in real estate values is the opportunity for commercial and industrial property owners and lessees to reduce their property tax burden," said Daniel Peterson, CPA, CMI, President and COO of the National Bureau of Property Administration, Inc. "Now more than ever, property owners and lessees need to be proactive to ensure their property tax assessments reflect the current market value of their real estate."

Established in 1935, the National Bureau of Property Administration, Inc. celebrates its 75th anniversary this year. As the oldest firm in the business, it handles over 165 million square feet of commercial and industrial property in 48 states for hundreds of clients. The Bureau is proud to reach such a milestone in the midst of this current economic downturn.

According to an index published by the MIT Center for Real Estate (MIT/CRE), real estate values dropped steadily for eight quarters from mid-2007 to mid-2009, to 48 percent below its mid-2007 peak. Current real estate values are 31 percent below their peak.

"Because property values have dropped significantly from their peak in 2007, we encourage commercial and industrial businesses to be proactive and have the Bureau review their property tax assessments," said Peterson. "When current market values fall below the value the assessor has placed on the property, the potential for a reduction in the assessment is great. The Bureau has a great track record working with its clients to minimize their property taxes while ensuring they have the lowest legitimate assessment."

The Bureau offers commercial and industrial businesses a complimentary analysis of their property tax assessments to determine if their assessments are fair. If the analysis indicates a business is over assessed, the Bureau will discuss a proactive plan to resolve their assessment at the lowest level in a cost-effective manner while providing them a significant return on their investment.

Throughout its history, the National Bureau of Property Administration, Inc. has specialized in leveraging its unparalleled experience in the property tax industry through its ProActive Property Tax Solution™ to resolve the assessment issues faced by commercial and industrial clients nationally. The Bureau is an employee-owned company, offering its clients credibility, stability and performance through a low staff turnover rate and an average per capita experience level of more than 20 years.

To view this release in a media-rich format, go to: http://www.pwrnewmedia.com/2010/nationalbureau00901/index.html

Contact Information

  • For more information:
    Daniel Peterson, CPA, CMI
    National Bureau of Property Administration, Inc.
    President, COO
    Phone: 312.861.4276
    E-mail: Email Contact
    Website: www.nationalbureau.com

    National Bureau of Property Administration, Inc.
    Two Prudential Plaza, Suite 2525
    180 North Stetson Avenue
    Chicago, Illinois 60601
    Phone: 312.861.9300
    Fax: 312.861.9400
    Website: www.nationalbureau.com