COVID has resulted in many tenants defaulting on leases. Some will pay and continue being tenants, but many will not. The rent roll should document the tenants on the property and expected to pay as of January 1, 2021. Apartment tenants who defaulted in March of 2020 and haven’t paid since then can’t be expected to catch up. Office and retail tenants who abandoned space and stopped paying rent should be removed from the rent roll. Financials are Critical for Commercial Property Tax Appeals  Having the rent roll and income statement for commercial properties is critical for commercial property tax appeals. Appraisal districts and appraisal review boards ASSUME the financials support a higher value if they are not provided at the tax appeal hearing. Appraisers will generally not make a good faith settlement offer at the informal without financial statements. Appraisal review boards often don’t consider evidence if the rent roll and income statement are not provided for income properties. In fact, tax consultants most often do not provide financials because they did not receive them from the property owner. Property owners should provide their tax consultant with the financials (rent roll and income statement) and let the consultant decide whether they will be helpful.