Our Personal Property Tax Division conducts detailed reviews of personal property assets and assessments to identify, pursue and capture past and future tax savings opportunities.
Scrutinizing Fixed Assets
Assessors may be taxing disposed of assets, personal property items that are also assessed as real estate or exempt assets. They may also be applying improper depreciation schedules or failing to consider functional or economic obsolescence, resulting in unjustifiable assessments and excessive taxes. Our reverse audit team identifies any opportunities and takes action to correct past errors and ensure future reporting is both accurate and advantageous.
Identify and extract “ghost” and exempt assets
Reclassify all assets to proper categories
Quantify and apply functional and economic obsolescence
Review the current and historical property tax returns as well as an in-depth analysis of the fixed asset ledgers
Conduct field work, consisting of site inspections, discussions with local personnel and obtaining the assessor’s work papers that are the basis for the assessment
Market research to gather the latest industry information and analyze market shifts, trends and issues
Extract any ghost or exempt assets and determine if assets are being taxed as both real and personal property
Correct any improper asset classifications as well as quantify and apply any functional and/or economic obsolescence that may exist
Amend the tax return or appeal the assessment to correct the assessment and taxes
Advise on future reporting to ensure future benefits of corrections and reduced assessments