Business Personal Property taxes have always been a drag on profits. However, today’s assessors are more aggressive than ever, and their work often results in over-assessment of assets. Combined with the insistence of modern companies on maintaining “lean and mean” tax departments, the frequent outcome is substantial overpayment. Property Tax Assistance Co., Inc. leads the profession in providing the following services.
Our work typically covers all, if not more, of the following areas. Determine if you are receiving these benefits:
- Asset Audit– Review the fixed asset schedule and conduct a plant tour to properly understand the booked cost as it relates to“Fair Market Value.”
- Reclassification Study– Identify areas where PTA can reclassify assets pursuant to county guidelines.
- Structure and Fixture Review– Review the building cost summary and subsequent build-outs to properly identify fixtures from building, whereby costs can be properly reviewed for effective tax treatment. This would encompass efforts to ensure that fixtures are properly classified with respect to the life of the asset and grouping of the assets.
- Legality of Assessment– PTA will review assets for to determine whether the assessments are legal and allowable under prevailing statutes.
- Fair Market Value Study– PTA will review the Company’s assessments under contract to determine if any physical, functional and economic obsolescence exists that has not been reflected within the assessor’ evaluation..
- Analysis of Assessed Values – PTA will gather empirical data from research efforts to corroborate any opinions of value.
Appeal Process & Procedure
- Appeal Recommendations– PTA appeal recommendation will indicate current assessed value, and recommended target values. In deciding whether there is a net benefit to appeal the assessed market value discussed earlier in this document, PTA will consider both potential savings as well as risk of new assessment.
- Appeal Case Preparation and Filing– PTA will prepare the appropriate paperwork and orchestrate expert testimony where applicable with the intention of resolving any or all issues through informal negotiations.
- Appeal Presentation– PTA will negotiate values informally where possible and prepare and present formal appeals before the assessment appeals board.