While there have been previous disruptions to the property tax calendar, one event has never simultaneously affected so many jurisdictions and taxpayers at one time. Many states have legislative provisions concerning natural disasters, but very few have provisions allowing for the unilateral postponement of deadlines as a result of an event such as COVID-19.
Since the first announcements of social distancing and possible shelter in place quarantines, Duff & Phelps national team has been proactively researching the property tax impacts of COVID-19 for our clients. Our teams have been actively documenting published announcements such as executive orders and proclamations, researching jurisdiction websites and directly contacting jurisdictions when no information has been made available to the public.
While many jurisdictions have quickly offered solutions to assist taxpayers, others have announced existing laws precluding any type of relief from being provided. In addition to various penalties and interest for the late tax payments, jurisdictions generally have the statutory authority to foreclose and/or seize property. During this crisis, taxpayers should be creative and strategic to ensure all compliance and valuation methodologies are aggressively implemented. Duff & Phelps property tax professionals are prepared to advise regardless of the issues confronting your company.
Duff & Phelps will continue to monitor the property tax landscape for all updates that affect our clients. Please reach out to one of our national team members for additional insights around the COVID-19 property tax impacts.