Property Tax
Are your property taxes higher then they should be?
Often a review of a company's property tax burden reveals that the company is paying more then its fair share of both real and personal property taxes.
Property assessments are based on subjective estimates of value by the taxing jurisdiction and it is important to understand the appropriateness of the methodologies being utilized in that estimate.
Reducing your company's real and personal property taxes leads to an improved cash flow and an increased bottom line.
Real and personal property tax consulting services:
For both real property (buildings, land and land improvements) and personal property (furniture, machinery & equipment, etc.), Draper Tax Consulting utilizes a variety of methodologies to determine if a property is over-assessed including:
- Verification of data reported to the assessor;
- Review of assessor's workpapers for identification of errors;
- Identification of factors, such as functional or economic obsolescence;
- Evaluation analysis of real and personal property;
- Identification of market conditions and inequities among owners of comparable properties;
With a multi-phase approach, Draper Tax Consulting first identifies if a property is over-assessed and quantifies the potential tax savings. Next, determines if the inequity can be addressed with a proactive solution. Finally, guides the taxpayer through the assessment reduction process and settlement negotiations.
Personal property tax compliance services:
Significant penalties can exist for failure to file personal property tax returns in an accurate and timely manner.
Most companies do not have the resources to dedicate to this administrative burden.
Draper Tax Consulting can assist with return filings to meet these requirements.