PROPERTY TAX

Property taxes generally account for a high percentage of a company’s above the line operating tax which affects the bottom line and overall profitability.

  • Is your company paying only its fair share?
  • Are you taking property taxes into account when making business decisions?

PERSONAL PROPERTY TAX

Personal property tax valuation is based on your company industry classification as determined by individual state statutes.  If not exempted by law, companies are either subject to central assessment or local assessment.  Most businesses are locally assessed.  The taxability and assessment of property varies from one jurisdiction to another creating a compliance burden due to the thousands of local filing deadlines throughout the tax season.

  • Do you know where all your assets are located?
  • Do you know in which jurisdictions and when you are required to file?
  • Do you know which asset costs are reportable on each rendition?
  • Is your property classified accurately?
  • Are you current on all legislative changes that can affect your property tax liability?

Central assessment is two-fold.  Initially, the companies subject to central assessment have property located through the State.  The idea behind central assessment is that it is more efficient to have the State assess the property, assign the proportion of the property that falls into each county or subdivision, and have the companies pay each county based on the local levies.  Central assessment also insures that the companies are not subject to local disputes over how property is distributed.

REAL PROPERTY

Real property is taxable in every state.  When companies receive their assessment notices throughout the year they usually do not have the resources to determine whether the assessment placed on the property is an accurate measure of the market value.

  • Is your property uniformly assessed?
  • Do you know the recent sales data in your market?
  • Do you know your appeal deadlines?

Subsequent to rendition filings, assessment notice reviews, and appeals, tax bills are due and payable.  Payment due dates vary throughout the country.  If payments are missed, property can be placed for tax sale.

  • Have you received all your tax bills?
  • Do you know when your bills are due?
  • Do your budgets reflect the appropriate tax year paid since most bills are payable in arrears?
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