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Property Tax Process | Bottom Line Concepts
THE 800LB ELEPHANT IN THE ROOM
Property taxes represent the largest source of revenue for many state & local governments. Yet, for most companies this tax becomes an afterthought. Very little planning is done around minimizing the tax and generally bills are simply accepted as is and paid in accordance. Property tax bills can take several forms:
• Personal property tax paid directly by the company on an annual basis • Real property tax paid directly by the company on owned property • Real property tax paid indirectly on leased property • Property tax charges passed through to the company through service providers
THE ROOT OF PROBLEM For many companies the problem lies with the lack of experience, information and resources available to understand how these taxes are assessed, who is responsible for the tax and if a company can appeal a tax. For example, most property taxes are levied on a local basis (city or county). Each local government has their own laws, administrative rules and guidelines regarding assessments and appeals. In many cases, it is difficult for a professional outside of that jurisdiction to have the knowledge and ability to appeal each tax. Finally, in certain cases, it is unclear who has the right to appeal a property tax assessment. For example, with regard to real property taxes passed through a lease, you will have to understand the terms of the lease to determine who has the right to appeal.
OUR SOLUTION Our team at Bottom Line has the solution for you. First, we will create a comprehensive list of your company’s property tax liabilities (real/personal and direct/indirect). Second, we will provide you an analysis of which taxes you have the right to appeal and the likelihood of a reduction. Third, we will layout and execute a plan to appeal any liabilities the company wishes to pursue. All of this is done at no cost to the company. Bottom Line is only compensated through the reduction of your property tax assessments. In addition, to the recovery services, our team also provides a comprehensive personal property tax compliance offering when there is a need
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