Property Tax

Companies often lack the necessary internal resources to properly manage property tax assessments—exposing the business to inaccurate assessments, inflated tax liabilities, and possible penalties and interest.

Reduce the risks and costs associated with incomplete, incorrect, or late property tax filings and pursue exemptions, abatements, and other tax mitigation opportunities with guidance from our tax advisors. 

By proactively reviewing your real and personal property tax assessments, you can position your business to potentially reduce property taxes to the lowest legal amount.

Identify Taxable Assets and Risks

Property taxes vary by state, but can potentially be assessed on:

  • Real property such as land, buildings, structures, and land improvements
  • Business personal property, including owned or leased business assets such as fixed assets and vehicles
  • Inventory, including finished goods, works in process, and raw materials

Property taxes and annual property tax compliance should be a focus for capital-intensive businesses with manufacturing, warehouse, and distribution facilities, as well as those in the leasing, retail, and energy industries. Property taxes are an increasingly important issue for businesses expanding or moving into new states as well.

Your bottom line could be adversely impacted by inflated property tax assessments if your business:

  • Doesn’t properly retire assets from fixed assts records as they’re disposed
  • Has idle equipment or manufacturing processes that aren’t fully utilized
  • Has bundled-asset purchases recorded in your fixed-asset system
  • Has equipment repairs and maintenance recorded in your fixed-asset system
  • Has equipment, including tooling or molds, used for offsite manufacturing
  • Has installed equipment that’s mandated by governmental regulations
  • Has intangible asset costs, such as software, fees, or permits, recorded in your fixed-asset system

Property Tax Requirements

Requirements and category definitions for state and local property tax reporting differ greatly from federal income tax definitions, which can result in overreported costs, duplicate assessments, and property assessments that could be exempt or nontaxable.

State and local property tax rules, regulations, and deadlines are in constant flux, and keeping pace with changes by jurisdiction can be a major challenge, with tax agencies dramatically increasing enforcement activities in recent years.

How Reviews Help Your Business

Property tax assessors generally value business personal property based on assets companies report, however, annual reporting forms often don’t provide for insights fully representative of operations that would allow for the most beneficial assessment.

Strengthen your reports by encompassing a spectrum of property tax services. We can oversee your entire property tax needs or enhance your existing in-house team’s capabilities with services in the following areas.

Studies and Reviews

Identify and quantify areas of property tax exposure or tax savings opportunity.

  • Conduct obsolescence and depreciable life studies
  • Perform asset impairment and utilization reviews
  • Identify assets for exemption or abatement opportunities, including pollution control, foreign trading zones, and Freeport goods
  • Perform due diligence for property tax credits and incentives, including state and local incentive programs and payments and fees in lieu of taxes (PILOT and FILOT) programs
  • Review and scrub fixed asset listings for ghost assets

Filing Support

Properly submit forms and applications, stay in compliance, appeal erroneous assessments, and confidently address any issues that arise.

  • Reclassify assets by jurisdiction
  • Appeal assessments
  • Representation during audits

Education and Strategy

Bolster your internal resources for upcoming tax years.

  • Property tax forecasting and planning
  • Training to help your personnel prepare returns and identify future issues

Maintain Compliance with Tax Authorities

Avoid the penalties associated with missed filing deadlines by staying current with changing property tax laws.

Utilizing Property Tax Management System (PTMS), a premier property tax compliance outsourcing platform, you’ll be supported by our professionals during each step of the property tax compliance process:

  • Prepare, analyze, and timely file annual tax returns
  • Review assessment notices and appeal assessments as necessary
  • Review and approve tax bills

Strategic Insights and Solutions

Our clients have demonstrable property tax savings each year following our asset studies, reviews, and planning strategies.

Comprised of certified property tax and valuation professionals, we match our deep knowledge of state and local tax laws methodologies with trusted relationships with tax assessors to help secure tax savings and reduce compliance burdens.

Taking a comprehensive approach to your tax planning and strategy, we can also integrate and contextualize your property tax needs within the larger scope of your business’s financial standing.


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