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A common and unfortunate property tax misstep for companies involves tax bills. Your property tax bill is largely based on where your property is and what it’s worth. But keeping track of what you owe might not be as easy as it seems.

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.

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.

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.

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.