Considerations for choosing the right firm include value over contingency fees; team qualifications; specialized expertise; jurisdiction coverage; and a service-oriented approach.
Throughout the United States, every taxing jurisdiction calls the process of disagreeing with the assessed value of property different as they will either refer to it as a property tax appeal or a property tax protest.
Most businesses are aware that real property taxes are a very large expense line item. But business personal property tax should not be overlooked. It can easily become one of the largest and most dynamic expenses a business faces, especially if a tenant is paying both real and personal property tax on the same component or asset.
Every year, all businesses (except in a handful of states) are required to pay property taxes on the assets they own and utilize to operate their business. This includes equipment, computers, furniture and, in some states, inventory and supplies.
Businesses who manage their tax payments in-house are likely to have additional costs, see inefficiencies in their process and work harder to overcome unnecessary challenges.
Understanding your assets and your local jurisdiction’s assessment guidelines will ensure you are only paying your fair share of taxes and will prevent your business from encountering problems further down the road.