Business personal property tax is a tax levied on all tangible property other than real estate. The taxation of business assets such as machinery, equipment, furniture, fixtures and inventory is often excessive and not representative of the actual market value of those assets. Since personal property taxes are self-assessed, it is of paramount importance to determine the correct reportable value.
Personal Property tax filing requirements vary from state to state and most companies have neither the resources nor the expertise necessary to effectively perform the extensive analysis required to find inequities and to keep your personal property tax at a minimum.
At ARS we provide the following services to our personal property tax consulting clients:
• Review personal property tax returns to develop an understanding of past filing practices
• Perform an analysis of fixed asset records to ascertain procedures employed when reporting
• Identify assets that are no longer physically present and those which should be classified as real estate
• Identify assets misclassified for depreciation purposes
• Prepare amended returns, if appropriate, and file to appropriate jurisdictions
• Negotiate values with assessors
• Represent the client in audit proceedings
To challenge excessive business property tax values is the most significant opportunity for property owners to increase their bottom line by reducing a fixed cost.
To qualify an assignment, we will need:
• Personal property tax bill
• Prior year’s fixed asset listing
• Prior year’s personal property rendition