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. Ask us about our administrative advantages today!
THE VALUE OF AN AGGRESSIVE TAX FIRM
(2% increase vs. 2% decrease on $1,000,000 of Personal Property)
Furniture & fixtures are typically reported to local counties for taxation. Fixtures in many cases 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 a vast number of fixtures where this can be called into question. Depending on the jurisdiction assessing the property, there are different strategies that can be taken to ensure that you aren’t taxed on items that have become a part of the real estate. Our team has engaged in these arguments for over 35 years. We’ve also maintained long-standing relationships with local assessors, maintaining the credibility required to ensure a fair outcome.
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. Allow our seasoned team to represent you in these difficult arguments and situations. Contact us today!
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. In many places throughout the country, a market approach can be applied to inventory assets for taxation purposes, an angle that is often overlooked. Our appraisers spend many hours out in the field evaluating inventory assets for market approach purposes. If you have inventory taxation issues, we are here to help.