Reasons Your Business Personal Property Taxes Could Increase

Every community is attempting to keep up with the effects of the COVID-19 outbreak and how it can or will impact our daily corporate lives. Property tax deadlines, due dates, payments and more are no different as changes are happening daily.

We are hearing in the news about individuals losing their jobs or being furloughed, but what about the companies that are experiencing a loss in revenue because of the on-going quarantine? One growing concern is how they will pay their property taxes.

Property taxes are a vital part of the economy. They go towards paying schools, emergency services, government facilities, community services and much more. They are vital to the survival of a community, but for those that have had to reduce or completely shut down their services, paying property taxes can be a hardship.

Unlike income taxes, property tax due dates and payment options vary from state to state and sometimes within the state. Depending on where your business is located, you may pay property taxes directly to the county, school district, city or another jurisdiction. While the individual jurisdiction might collect your property taxes, they are often restricted from making changes to property tax due dates or deferring interest and penalties due to late payment. Most property tax payment dates and options are set by legal statutes and cannot be changed without an executive order.

The good news is that a few states and jurisdictions have extended their due dates or waived penalties and interest in the short term.

If you are a PVS customer, feel free to contact us for more information and updates. If you are not a PVS client but would like more information concerning your specific situation or would like to discuss the opportunity of becoming a client with PVS, please call 888-862-2722. As always, for more information, please go to www.propertyvaluationservices.net.