Florida preliminary real property and tangible business personal property are now available for your review. In the last couple of years, Florida property appraisers have made reductions in valuations during their annual review process. You should have your assessments reviewed regardless to ensure the reductions made are in line with fair market value. There is no cost for this service.

Silver Oak Advisors’ founders bring over 40 years of Big 4 and Industry property tax experience. Silver Oak is based in Atlanta and was formed to provide taxpayers in need of property tax assistance, former Big 4 and industry experienced professionals with specific industry and/or property expertise in addition to working knowledge and relationships with the specific taxing jurisdictions.

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.

We are working Directors allowing us to provide a higher level of service at a cost effective rate, passing on the savings to you. Contact us for more information.

In most States, returns have been filed for the current tax year listing assets in which the filer of the return has reporting responsibility for the assets in their control. The assets reported are generally based upon the fixed asset schedules of the business. Often, these tax forms are prepared without significant analysis of their proper property tax asset classifications since the fixed asset schedule has been reconciled to financial reports, income tax filings, or other schedules. Your business could benefit from a careful analysis of the assets being recorded in these annual reports. Many of these reviews have led to these results.

An important consideration is the value of the assets that are subject to the personal property tax. Many times an asset can be quickly, or even immediately, expensed for income tax purposes. This is not the same for personal property taxes. Usually assets are depreciated slower and over a longer timeframe when calculating the current value for property tax assessments. Additionally, the assets often have a minimum value for a property tax assessment (never zero). For example, Maryland uses a minimum assessment of 10% of the original cost for computers. Therefore, the 30-year old IBM 386 computer your business purchased for $1,000 is still being taxed at a $100 value in Maryland, even though it has no true value other than as a large door stop.

Due to minimum assessments, we recommend periodically reviewing your fixed asset ledger and removing old assets that have been previously disposed but continue to be reported on personal property tax renditions. Any previously disposed property that is still reported on these filings will cost you unnecessary personal property taxes each year. Likewise, if you still own property no longer in use that is collecting dust; you should consider disposing of it to reduce your taxable property base.

The classification of assets on the property tax forms is also important since different types of assets are subject to different rates of property tax. Additionally, many taxing jurisdictions exempt certain types of personal property from taxation. For example, Virginia exempts computer application software from the local personal property tax. As part of your review, make certain the assets are reported in the correct categories when reporting your taxable property base. In many States, amended returns for corrections based on classification errors can allow for refunds for up to the prior 2 years.

Between the time your returns are filed and the assessment notices are released are the best time to address possible valuation issues with the jurisdiction appraiser’s office. Millage rates are often set after final values are determined for assessment use. Jurisdiction appraisers have the most latitude to work with you on these issues as well as obsolescence that may exist during this time versus waiting and filing appeals. If there has been a major change in filing methodology, we recommend meeting face-to-face with the jurisdiction appraisers in order to explain the change and gain their understanding and approval.

Silver Oak Advisors is a full-service compliance and consulting property tax service provider. Take this time to contact us regarding your future. As a potential service provider, we want to compete for your business and be involved in future RFP’s.

Complete the form found at the below link and email or fax to us.

ASSESSMENT and PORTFOLIO REVIEW FORM

Silver Oak Advisors’ founders bring over 40 years of Big 4 and Industry property tax experience. Silver Oak was formed to provide taxpayers in need of State and Local Tax (SALT) assistance, former Big 4 and industry experienced professionals with specific industry and/or property expertise in addition to working knowledge and relationships with the specific taxing jurisdictions.

Contact us for a no-cost/no-obligation feasibility 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.

 

North Carolina tax assessor offices are required to revalue the real estate in their jurisdictions at least every 8 years. Below are the Counties coming up for their scheduled revaluation. The jurisdictions with an asterisk are jurisdictions that had their last revaluation at the highest point of the market. We recommend having your property in these jurisdictions reviewed to determine fair market value and be prepared to appeal your 2014 or 2015 assessments as needed. Be pro-active, not re-active.

2014

2015

AVERY *ALEXANDER
*CHOWAN *ALLEGHANY
CLEVELAND ASHE
*HOKE *BLADEN
*JONES BRUNSWICK
MITCHELL *CAMDEN
ONSLOW CARTERET
*PASQUOTANK CATAWBA
*RANDOLPH CHATHAM
*WATAUGA *DAVIDSON
*GASTON
GRAHAM
*HALIFAX
HENDERSON
IREDELL
*MACON
*MOORE
NORTHAMPTON
ROWAN
UNION
* Last revaluation 2006 or 2007

Silver Oak Advisors’ founders bring over 40 years of Big 4 and Industry property tax experience. Silver Oak is based in Atlanta and was formed to provide taxpayers in need of property tax assistance, former Big 4 and industry experienced professionals with specific industry and/or property expertise in addition to working knowledge and relationships with the specific taxing jurisdictions.

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.

Businesses must comply with the rules contained within the final regulations for tax years beginning on or after January 1, 2014. The wide-reaching scope of these regulations will impact real and personal property of the vast majority of businesses and create unique planning opportunities as well as pitfalls. The key to a successful implementation of the final regulations will be to start the planning process prior to the January 1, 2014 effective date.

Fixed asset capitalization policies and the expensing of certain costs can have an adverse impact on property tax reporting and may raise audit concerns. A comprehensive understanding of both the regulations and the company’s policies will allow for effective planning, a smooth transition, and maximization of tax savings opportunities.

All taxpayers who incur expenditures to acquire, produce, or improve tangible property will be impacted by the final tangible property regulations. Though taxpayers have until January 1, 2014 to become compliant with these regulations, many taxpayers are considering the advantages of adopting certain provisions of these regulations at an earlier date. At a taxpayer’s discretion, the final regulations, or the former temporary regulations, may be implemented retroactively as early as January 1, 2012. Tax savings and planning opportunities exist for certain taxpayers to adopt these procedures earlier than required, by amending prior year tax returns to take advantage of elections provided in the final regulations. The IRS will be issuing “transition guidance” to assist taxpayers who have elected to apply the regulations for years prior to 2014.

Even if taxpayers wait until January 1, 2014 to comply with the final regulations, planning should take place prior to the start of 2014. All taxpayers affected by the regulations should review their current accounting methods to determine if they are in compliance with the final regulations. It will be advantageous for taxpayers to have a complete understanding of current policies and to ensure that certain procedures are in place prior to implementation.

The following main areas were impacted as a result of the issuance of the final regulations:

· Materials and Supplies (Reg. 1.162-3);

· Repairs and Maintenance (Reg. 1.162-4);

· Capital Expenditures (Reg. 1.263(a)-1);

· Amounts paid for the acquisition or production of tangible property (Reg. 1.263(a)-2); and

· Amounts paid for the improvement of tangible property (Reg. 1.263(a)-3).

While the final regulations incorporate many elements of prior law, they also include new standards that manufacturers should carefully consider, including:

· A simplified “de minimis” safe harbor, permitting a tax deduction for expenditures of up to $5000 per item, so long as the taxpayer consistently applies a written policy under which such amounts are expensed for book purposes as well. This written policy must be in place as of the first day of the tax year. The regulations simplify the deductibility of bulk purchases, as well as the treatment of transaction costs, such as delivery and installation fees. The $5000 per item limit is only a safe harbor, and does not preclude deductions for larger amounts either under an agreement with the taxpayer’s IRS examination team, or if the taxpayer can show that deducting larger amounts is otherwise permissible.

· A new “book conformity” capitalization safe harbor, allowing taxpayers to capitalize for tax purposes all repair and maintenance costs capitalized for book purposes. Taxpayers, including those making this election, however, should review their repair and maintenance costs expensed for book purposes, because those costs will be ineligible for the safe harbor.

· A special definition of “unit of property” for plant property, such as manufacturing, warehousing, and distribution equipment. Many manufacturers find that properly applying this fact-intensive standard is one of the most critical – and time consuming – steps in implementing the new regulations.

· A “routine maintenance safe harbor” that may significantly expand a manufacturer’s ability to currently deduct many of the more common (and expensive) cyclical maintenance costs.

· A narrowing of the election to capitalize and depreciate materials and supplies. Under the final regulations, that option is available only for rotable, temporary, or emergency stand-by spares — all others not treated as “de minimis” costs must be accounted for when used (if “non-incidental”) or when purchased, subject to capitalization if expected to be used in an improvement activity.

In addition to these new standards and safe harbors, the final regulations provide numerous additional or revised examples demonstrating the rules for identifying the taxpayer’s units of property and major components, and for distinguishing deductible repairs from capital improvements. Correctly applying these complex and fact-intensive standards is critical in determining that the taxpayer complies with and fully benefits from these important new regulations.

Silver Oak Advisors’ founders bring over 40 years of Big 4 and Industry property tax experience. Silver Oak is based in Atlanta and was formed to provide taxpayers in need of property tax assistance, former Big 4 and industry experienced professionals with specific industry and/or property expertise in addition to working knowledge and relationships with the specific taxing jurisdictions.

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.

Brian T Scully, CMI

Director

Silver Oak Advisors, LLC

2700 Cumberland Pkwy NEW LOCATION
Suite 525
Atlanta, Georgia 30339

Toll-Free (877) 352-8616 x701

Direct (678) 403-2084

Mobile (678) 848-2893

eFax (404) 506-9266

mailto:brian.scully

Bio and References

Florida preliminary real property and tangible business personal property are now available for your review. In the last couple of years, Florida property appraisers have made reductions in valuations during their annual review process. You should have your assessments reviewed regardless to ensure the reductions made are in line with fair market value. There is no cost for this service.

Silver Oak Advisors’ founders bring over 40 years of Big 4 and Industry property tax experience. Silver Oak is based in Atlanta and was formed to provide taxpayers in need of property tax assistance, former Big 4 and industry experienced professionals with specific industry and/or property expertise in addition to working knowledge and relationships with the specific taxing jurisdictions.

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.

We are working Directors allowing us to provide a higher level of service at a cost effective rate, passing on the savings to you. Contact us for more information.

Silver Oak Advisors Property Tax Practice offers a full range of real estate and personal property tax-related services.

Property tax is typically the largest cost in property ownership after debt service. Our team is qualified and experienced in all property asset classes and is able to assist and guide clients in managing their property taxes, identifying opportunities for appeal and representing the client through the process toward achieving significant tax relief.

Property tax assessment protocols and procedures can be complex and confusing. Our professionals can make the difference and strive to deliver equity and fairness to our clients’ property tax liabilities.

Property owners and managers benefit by:

  • Understanding the tax assessment cycle of the property’s local jurisdiction, recognizing all deadlines and requirements for property reporting and filing timely appeals where necessary
  • Understanding how local assessors deploy appraisal methods to influence or estimate the assessed values, and how to navigate jurisdictional laws to ensure that the process is compliant
  • Analyzing the property’s assessment based on market research and best practices for proper valuation evidence in the context of jurisdictional law and also verifying that the assessment is fair and equitable in relation to the competitive set
  • Demonstrating whether a property is fairly assessed, for which a tax protest would be an unprofitable investment of resources or that could place the property in jeopardy of an increased assessment
  • Identifying, quantifying and pursuing all opportunities for tax reduction
  • Providing concise and clear reporting to the client in sufficient detail to allow the client to make informed decisions

How Can We Help?

Tax management & administration

Our experts provide comprehensive property tax services working with in-house tax departments where needed, tracking and auditing tax assessments, analyzing entire portfolios and providing audits of personal property assessments.

Assessment appeals

We handle all aspects of the appeal process and will prepare, file and negotiate assessment appeals on our client’s behalf.

Litigation support

In instances in which a formal appeal is required to pursue tax relief, we work in collaboration with legal counsel to identify key issues, develop strategies and provide valuation expertise. We work closely with our clients to provide context and understanding to the real estate financial and valuation components of the assignment, and work with legal counsel in the strategic and case development process, providing the necessary market and valuation intelligence.

Brian Scully, Director
Silver Oak Advisors
(678) 403-2084

In most States, returns have been filed for the current tax year listing assets in which the filer of the return has reporting responsibility for the assets in their control. The assets reported are generally based upon the fixed asset schedules of the business. Often, these tax forms are prepared without significant analysis of their proper property tax asset classifications since the fixed asset schedule has been reconciled to financial reports, income tax filings, or other schedules. Your business could benefit from a careful analysis of the assets being recorded in these annual reports.

An important consideration is the value of the assets that are subject to the personal property tax. Many times an asset can be quickly, or even immediately, expensed for income tax purposes. This is not the same for personal property taxes. Usually assets are depreciated slower and over a longer timeframe when calculating the current value for property tax assessments. Additionally, the assets often have a minimum value for a property tax assessment (never zero). For example, Maryland uses a minimum assessment of 10% of the original cost for computers. Therefore, the 30-year old IBM 386 computer your business purchased for $1,000 is still being taxed at a $100 value in Maryland, even though it has no true value other than as a large door stop.

Due to minimum assessments, we recommend periodically reviewing your fixed asset ledger and removing old assets that have been previously disposed but continue to be reported on personal property tax renditions. Any previously disposed property that is still reported on these filings will cost you unnecessary personal property taxes each year. Likewise, if you still own property no longer in use that is collecting dust; you should consider disposing of it to reduce your taxable property base.

The classification of assets on the property tax forms is important since different types of assets are subject to different rates of property tax. Additionally, many taxing jurisdictions exempt certain types of personal property from taxation. For example, Virginia exempts computer application software from the local personal property tax. As part of your review, make certain the assets are reported in the correct categories when reporting your taxable property base. In many States, amended returns for corrections based on classification errors can allow for refunds for up to the prior 2 years.

Between the time your returns are filed and the assessment notices are released are the best time to address possible valuation issues with the jurisdiction appraiser’s office. Millage rates are often set after final values are determined for assessment use. Jurisdiction appraiser’s have the most latitude to work with you on value during this time versus waiting and filing appeals. If there has been a major change in filing methodology, we recommend meeting face-to-face with the jurisdiction appraiser’s office in order to explain the change and gain their understanding and approval.

Silver Oak Advisors is a full-service compliance and consulting property tax service provider. Take this time to contact us regarding your future. As a potential service provider, we want to compete for your business and be involved in future RFP’s.

Complete the form found at the below link and email or fax to us.

ASSESSMENT and PORTFOLIO REVIEW FORM

Silver Oak Advisors’ founders bring over 40 years of Big 4 and Industry property tax experience. Silver Oak was formed to provide taxpayers in need of State and Local Tax (SALT) assistance, former Big 4 and industry experienced professionals with specific industry and/or property expertise in addition to working knowledge and relationships with the specific taxing jurisdictions.

Contact us for a no-cost/no-obligation feasibility 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.

We are working Directors allowing us to provide a higher level of service at a cost effective rate, passing on the savings to you. Contact us for more information.

Brian T Scully, CMI

Co-founder and Director

Silver Oak Advisors, LLC

400 Galleria Parkway
Suite 1500
Atlanta, Georgia 30339

Toll-Free (877) 352-8616 x701

Direct (678) 403-2084

Mobile (678) 848-2893

eFax (404) 506-9266

mailto:brian.scully

Bio and References