Property taxes assessed by local governments on real property, typically passed through to tenants in NNN leases as part of operating expenses or as a separate line item.
In triple net leases, tenants pay their pro-rata share of real estate taxes in addition to base rent. Tenants should understand whether the pass-through includes special assessments, business improvement district (BID) fees, and tax increment financing (TIF) obligations. Tenants may negotiate the right to contest tax assessments, with any refunds (net of costs) flowing back to them. Sale-leaseback transactions can trigger reassessments at the higher sale price, dramatically increasing tax obligations. Lease abstracts should flag whether taxes are capped, excluded from the base year, or subject to a tax protest right.
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