Business Personal Property Tax Assessment
If you own a commercial property, filing personal property tax is a legal requirement that often takes much time and diligence. Each state has its rules, which means you need a property tax consultant who can stay updated on local regulations. It can be costly and time-consuming to use an internal employee for these services. Outsourcing your business personal property taxes will not only free up your time, but it will also save you money in the long run.
Business personal property is considered any items owned and used for your business. Some examples include:
Why Should You Outsource?
Many jurisdictions require the timely reporting and accounting of fixed assets and inventory annually for taxation. Complying with this task can be quite time-intensive and requires a full understanding of which assets are and are not taxable, so as to ensure that over or under-reporting of assets does not occur. The overwhelming number of forms, depreciation schedules, exemption application, abatements, tax codes, and deadlines make compliance a burden on many accounting departments.
When partnering with Assessment Advisors for your business personal property tax needs, you can expect:
- Review of fixed asset list for proper classification of assets to ensure maximum depreciation is achieved
- Identification of ghost assets and intangibles
- Prepare and timely file renditions, abatement and exemption applications
- Timely appeal assessments that are deemed excessive
- Present evidence in support of our valuation to appraisal district/assessor at informal negotiation, and at Appraisal Review Board if necessary.