Local property tax assessing jurisdictions continue to look for property to add to the tax rolls. We posted an article back in January entitled “Real Property vs. Personal Property” in response to a Virginia court decision that ruled against the taxpayer.

The most recent Virginia opinion by the Tax Commissioner has been decided in favor of the taxpayer.

Leasehold improvements should NOT be exclusively listed as tangible business personal property subject to property tax. These assets should be carefully reviewed and questioned whether they are real property or personal property before submitting to the taxing jurisdiction.

In addition, personal property audits performed by third-party firms are picking these assets up without question as some of these firms work on contingency.

Contact us for a no-cost/no-obligation review of your real and personal property assessments. Silver Oak Advisors does not utilize staff in these areas. These no-cost/no-obligation reviews are handled by our Directors. We believe you deserve 40 years of Big 4 and industry experience in Complex and Industrial properties and a history of results.

 

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