Changing Personal Property Tax Laws Lead to Overpayment

Personal Property tax is a tax imposed by a state, county or municipality on capital machinery, furniture, computers and other tangible, non-real estate business assets. Personal Property tax is uniquely based on the asset owner’s reporting methodology as submitted to the local taxing jurisdiction. The assessor will calculate the tax based on this tax form.

Unfortunately, overpayment of this tax is the rule rather than the exception. This often results from the continually changing state personal  property tax codes. Each state has specific codes and without knowledge of current reporting requirements, overpayment of this tax will likely occur.

Property Tax Advisory Group’s (PTAG) experienced property tax professionals review and analyze the tax preparation methodology.  Areas of review include exemptions, code changes, asset economic life and a unique method of cost segregation developed by PTAG. The analysis may also include inventory analysis, leased equipment, market value analysis and pollution control exemptions.

Once validated by the assessor, PTAG will provide the client with a detail report documenting these adjustments.  This becomes the basis for future reporting and will generate tax savings as long as the client owns the assets.

As your partner in profit enhancement, PTAG will continually seek to find new opportunities to increase your bottom line, allowing your company to focus on its core business.

Leave a Reply

Your email address will not be published. Required fields are marked *