Commercial property values in most parts of the country have seen a precipitous decline since the market peaked in 2007. The latest figures from Moody’s, released last week, show a 3.7 percent fall in actual transaction prices in April, bringing the firm’s national all-property aggregate index down to around 50 percent of its value at the peak. That’s the lowest point since the company started tracking the data in 2000. (Real estate consulting firm Real Capital Analytics offers the full Moody’s report here in pdf form.)

The news is not all bad; Moody’s sees strong signs of recovery in major markets such as San Francisco, New York, and Washington. And transaction volume nationwide is on the increase — a very good sign for a potential broad recovery.

The other silver lining in all this, of course, is the opportunity for companies to press for lower property taxes. After all, taxes steadily increased when the market was booming — why shouldn’t they go down now that property prices have declined?

A lot of businesses are thinking along those lines, according to Jim Kane, managing partner at tax and business advisory firm True Partners Consulting. But many are missing out simply because their tax departments are too disorganized to seize the opportunity. Most organizations don’t have a dedicated property tax function, so the responsibility falls on whoever in the finance or tax departments has the available time at any given moment.

“It’s common for a company to simply track property tax bills as they arrive in the mail and pay them as long as they don’t increase ‘significantly,’ Kane notes. “Bills get ignored and significant penalties and interest are paid because a proper property tax function is not in place.”

Effective software support is often lacking, he adds. While some larger corporations use property tax software programs such as PTMS (Property Tax Management System), they don’t always have the personnel to administer the system and populate it with accurate and timely information. In addition, beyond the basic features, “most companies don’t fully utilize the features of property tax software appropriately.”

So is it worth the effort to go up against the assessors? “The short answer is yes,” says Kane. “Taxpayers should always inspect property records and keep in contact with assessors. Oftentimes, an assessor is not aware of significant changes to a business or property until it’s too late. Keeping the assessor informed through informal discussions can help avoid significant effort down the road, when the cost-benefit analysis to appealing a property may discourage an appeal.”

Something to keep in mind while commercial property prices are still scrabbling around trying to find a bottom.