Making sense of property tax
Over $560 billion per year in property tax was paid to U.S. state and local governments and continues to climb — this is more than net corporate income tax and sales tax combined. Business owners often consider taxes on personal property (machines, furniture, computers, and other non-real estate items) and real property (buildings, land and other real estate) to be uncontrollable fixed costs. As a result, they frequently pay more than necessary. A no-obligation tax review can help minimize property tax.
Based on the review, our property tax specialists can provide:
- Tax audit defenses
- Tax incentives
- Obsolescence studies
- Due diligence for property tax expense
- Tax appeals for personal and real property taxes
- Personal property tax mass compliance and methodology reviews
- Real estate portfolio reviews
Whether you're looking to defend against governmental audits or simply save money. Here are a few ways you could benefit:
Current and future savings
An analysis can reveal assets that are no longer in use, exempt from taxation or taxed in a more preferential manner. Tax reviews conducted on a periodical basis can maintain those savings throughout the future of your business.
Retroactive refunds
Any personal property items that have been inaccurately taxed may be eligible for up to two-year retroactive tax refunds.
Simplicity
In addition to accurately reporting your depreciated and exempt tax assets, a property tax review can eliminate assets from your portfolio that are no longer in use — meaning fewer assets to analyze on a yearly basis.
