From the word per se`, “management” is a way of managing taxes; a person ensures that he is making timely payment of taxes without running out of the money and is complying with all the provisions of the law for his property that needs to be reported for tax purposes. Property tax is a tax assessed on real estate. The tax is usually based on the value of the property including the land one owns and is often assessed by local or municipal government.
Property tax management relates to management of finances for payment of property taxes, assessing the advance tax liability to pay tax in time. To many, tax property management is a complex, time-consuming process and huge responsibility, where some don’t know what to do or where to start. The main purpose of property tax management is to exhaust all options in managing property taxes so no one can leave huge amounts of money on the table, and possibly have major tax savings.
Here at Camuso CPA PLLC, we provide consultations and services for better understanding and ease in doing business. We will help you understand better what property tax management is and how one can prevent losing money on paying high property taxes.
This article will certainly help companies that are unfamiliar with the process, and tell them how they can appeal once tax assessments on a property are due, which most of the property tax experts recommend doing to appeal increases to a property tax management.
Here are some important areas to consider in property tax management.
1. Property Value
One should have reviewed the value of his property. Knowing the actual value of your property will allow one to gauge how accurate the tax assessment is, once received, and they can then compare its value to similar properties in the market, which in turn will also validate the tax property appeal.
2. Jurisdiction requirements
Every jurisdiction has its own appeal requirements and deadline and so it is but a must that one should know what his jurisdiction requires.
3.Business personal property
Most often than not, this is overlooked. Business personal property is everything that company owns that is not real estate or building is considered personal property. A business personal property asset list must be current and updated. If your state taxes, business personal property, make sure it is not double taxed.
4.Timelines of annual assessments and appeal deadlines
Knowing the deadlines and timelines is a strategic advantage to address property taxes each year. One needs to adhere to the requirements and the best way to manage it is to contact the jurisdiction.
After putting emphasis on those 4 aspects that needs to be considered for property tax management one may now have knowledge on how to simplify complex process that many companies only address once a year and had been losing thousands of dollars by paying property taxes that are inevitably too high.
Here at Camuso CPA PLLC, we do have the ability to offer property tax help and other services that you may need. Feel free to reach out for more information about how we can help your business save money. If you are interested to know more about this and how this might benefit your business, please don’t hesitate to give us a call today. One of our friendly and knowledgeable representatives will be happy to answer any questions you have.