We analyze your current locations and fixed assets to determine what tax savings opportunities exist. We recommend a course of action regarding preparing and filing your returns, amending returns, informal negotiation or a formal appeal. Ideally this occurs in the period of time between assessments—so you are not put in the position of reacting to unfavorable developments.
Typical issues to address include: obsolescence, depreciation, classification, situs, duplicate assignments, utilization, intangibles, exemptions and ghost assets.
- Thorough study and review of your property (including on-site inspections)
- Provide assistance in preparation of your returns
- Develop a plan to prepare your personal property returns, outlining our strategies to minimize your taxable assessment
- File all necessary tax returns, schedules and other reports
- Conduct all negotiations and make any required appearances before taxing authorities
- Take appropriate protest initiatives as indicated by annual analysis, and determine that the proper assessed valuation has been resolved and entered on the tax roll
Personal Property Audits
We minimize exposure at the time of an audit to either reduce the supplemental tax bill or generate a refund. We offset taxes on unreported assets by documenting over-valuation in other areas.
We manage the audit, reviewing all filed documents and responding to all of the taxing jurisdiction’s requests, saving you and your team time. We then develop a strategy to respond to the audit findings, including identification of over valuation or reporting in other areas.
Property Tax Compliance Administration
We become part of your tax team, relieving your staff of the compliance burden associated with real and personal property taxes and manages all procedural and filing requirements related to your real and property taxes. This is tailored to your individual need and may include:
- Analyzing property to ascertain any tax reduction opportunities
- Tracking the timing for reassessments and revaluations
- Reviewing the fixed asset, leased asset, inventory and construction in progress listings for each location for proper inclusion and/or classification
- Preparing and timely filing of required renditions and statements
- Reviewing resultant tax bills for accuracy and validity
- Providing status reports on a periodic and timely basis
- Maintaining historical files on all properties
- Changes in cost basis caused by mergers or acquisitions may trigger higher real and personal property taxes
We help the assessor distinguish between property tax value and your federal tax basis to save you money on your property taxes. If you lack the time or resources for special documentation projects regarding pollution control exempt assets, ghost assets, obsolescence issues, cost segregation, sale/lease back ramifications, site selection, idle allowances, or litigation support, for example, we can help. With the Special Project Documentation Solution, we tackle important technical, documentation projects that save you money on property taxes.