Depending on the size of an organization, personal property taxes can be a significant tax burden that may exceed a company’s federal and state income tax burden. Despite the potential to account for a significant portion of a company’s effective tax rate, many organizations do not have the internal resources to stay current with the ever-changing complexities of personal property tax compliance. In addition, reducing your personal property tax burden requires the knowledge, experience and means to negotiate lower assessments with the taxing jurisdictions.
At Clearview, we combine the knowledge, experience, relationships and technology to effectively manage the process and achieve the lowest assessment statutorily possible.
If you feel like your company has been overpaying for any reason, we can perform an analytic review of your previous returns to determine if there is reasonable cause to move forward with amended returns in the appropriate jurisdictions. We employ very detailed methodologies to ensure that any personal property assessments accurately reflect the market value of the taxable property and to substantiate tax refunds for our Clients.
Tax assessors use mass appraisal techniques that often result in assessed values that far exceed the true fair market value. We can help with the appeals process by determining the best strategy for presenting substantiated alternative value arguments.
Many taxing jurisdictions have increased their auditing efforts, which often results in additional assessments. If left unchallenged, these audit assessments could have a significant impact on your company’s bottom line. Clearview will manage the entire audit process on your behalf and leverage our years of experience and solid relationships with the taxing jurisdictions to reduce or eliminate the assessment.
With a multitude of taxing jurisdictions requiring personal property tax reporting — all containing their own nuances — you need a team of experts in your corner. We will monitor any changes to the laws and guide your company through the tedious compliance process, analyze your company’s personal property, and prepare the returns in each applicable jurisdiction using the most up-to-date classification techniques. In addition, we will use our knowledge and expertise to identify any deductions or exemptions that will be of direct benefit to your company.