TAG professionals leverage experience and technology to reduce property tax through business personal property tax appeals as well as audit defense and support. Assessors typically determine the taxable value of personal property (equipment, furniture, computers, inventory, etc.) based on value trending schedules that frequently overstate the actual fair market value.
Fixed asset accounting systems put in place for financial book purposes are not designed for proper reporting of taxable assets when filing ad valorem tax returns. The whole key to achieving equitable assessments, and often substantial tax savings, is the ability to recognize those items in existing books and records that can be reclassified, eliminated or exempted for ad valorem tax purposes. Our ability to identify those items needing special treatment is rooted in two qualities that set us apart from other practitioners: continual research in tax law and jurisdictional reporting requirements and working closely with your tax compliance processing team to ensure they are taking advantage of jurisdiction profiling, ghost asset suppression, asset scrubs, exemption identification and fair market valuation. TAG determines the most advantageous route of personal property tax appeals and proceeds through all appropriate informal and formal administrative and, if necessary, judicial level hearings.
Personal Property Audits
The business personal property tax audit by state and municipal auditors is rapidly becoming an increasing practice in many states. Due to the aggressive position of most state and municipal governments to maximize property tax revenues, the frequency and scope of audits has been increasing. TAG offers comprehensive audit defense and support services in the event of an audit. TAG professionals have dealt with state and local tax departments for years and know that negotiation plays a major role in your final liability. We will follow-up and stay apprised of the refund process by dealing with the taxing authorities, keeping you informed through periodic status reports.