Personal Property Valuations

If you own a business in the US, you will be responsible for filing a tangible personal property tax rendition for local tax purposes in most states.  This is an annual tax on the movable personal property that has been acquired and is necessary to run a business.  Management of business tangible personal property taxes in a multi-state situation can be an extremely arduous task.  Filing deadlines, NOV issue dates, and tax bill due dates differ from state to state and even county to county.  When you couple this with the vast matrix of exemptions available and depreciation models which also differ from state to state, expensive errors can become common.  At KE Andrews, we manage tangible personal property taxes for all states where this tax is applied to business owners.  We’ve designed systems around this process to ensure you take advantage of every single exemption, and the most aggressive depreciation structure available by law.  Our systems are also designed to give you accruals every year, and to make the payment of these taxes simple.

Fixtures

Furniture & fixtures are reported to local counties for taxation.  Fixtures can be a point of contention between the taxpayer and the local assessor.  Typically, in order for a fixture to be classified as TPP, you must be able to remove it from the property without damaging the real estate. There are different strategies that can be utilized in these cases.

Leasehold Improvements

Leasehold improvements can be another area of contention in certain states and counties. Some counties are extremely aggressive in the assessment of leasehold improvements, which can be burdensome in situations where a build-out had to occur in order for you to be in business.

Inventory

Inventory assets are dealt with differently in every state.  Some states exempt inventory from personal property taxation, while other states depending on your business rely on inventory estimates or monthly averages for the purposes of taxation.  When it comes to taxable inventory, cost does not necessarily equal value.

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Personal Property Experts

  • 1
    Asset Classification
    Our team starts by gathering your asset listings and uploading them into our systems for classification. When it comes to aggressive depreciation & other strategies, asset classification is extremely important.
  • 2
    Exemptions & Ghost Assets
    We then perform a detailed historic analysis of your assets to ensure all exemptions are taken, and all ghost assets are removed. It is our job to ensure you the best tax position, and to prevent double taxation.
  • 3
    Filing Renditions
    Our team manages the filing of renditions in all states where personal property is assessed. We make sure all renditions are in compliance with local requirements, and all necessary documentation is included.
  • 4
    Negotiations & Appeals
    Local assessors will then issue an official notice of value on personal property accounts. Our team reviews all notices of value for accuracy and engages in both informal negotiations and formal appeals when necessary.

Meet your new companion giving you insights into the property tax process like never before.

Client Dashboard

Our client dashboard is designed to put real-time insights and executive oversight tools into your hands. We put your data to good use, allowing for important KPI’s to be understood at your fingertips. See your property tax position and portfolio with transparency like never before.

Download our Property Tax Calendar

Our team has put together a visual guide to understanding the property tax cycle. It is our desire to become a value-added business partner, your property tax department down the hall.

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