Challenging a Business Personal Property Assessment
Strategies for Reducing Your Company's Valuation and Property Tax Bill
Recording of a 110-minute CLE teleconference with Q&A
Conducted on Thursday, January 26, 2012
Recorded event now available
This teleconference will provide tax professionals with best practices for preparing a solid case to lower a proposed assessed value of inventory, machinery and equipment, furnishings, and other personal property, based on principles that will apply regardless of the jurisdiction.
Description
Appealing a county or city property assessment is frequently a high-stakes project, particularly when it involves valuation of business personal property (BPP) such as machinery, computers and furnishings. The range of assessments of similar property in the same jurisdiction can be huge.
Given the comparative subjectivity of valuing BPP versus real property and the apparent inequity in assessments, businesses can mount an effective appeal of either market valuation or the appraisal methodology. But, it is important to plan based on the unique aspects of BPP.
Your tax staff must first decide the basis for appeal and when to appeal, calculate your own defensible valuation of BPP, and then analyze any flaws in the jurisdiction's appraisal methodology. Your staff's knowledge, resourcefulness and aggressiveness can lay groundwork for a favorable appeal.
Listen as our panel of savvy tax advisors and corporate tax professionals shares successful approaches for asserting your own business personal property assessment proposal and attacking the local government's calculation. They'll offer practical examples of assessment and obsolescence calculations.
Outline
- Advance research activities in business personal property
- Equipment vs. inventory vs. computers vs. furnishings
- Examining possible market, functional or physical obsolescence factors
- Looking for possible examples of subjectivity and inconsistency
- Considering real vs. business property issues
- Considering market value, book value and local schedule factors
- Taking special features of local regs into account
- Preparing an effective assessment report
- How to effectively present your data and findings
- Quoting from jurisdictions rules and requirements, assessment manual
- Other issues to consider
- Knowing what you specifically hope to achieve
- Negotiating with assessors and preparing for appeals
- Negotiating tactics when working with assessors
- How often to amend or appeal a BPP assessment?
- Payments under protest/short-pay
- Dealing with appeal deadlines
- Handling the specificity of an appeal complaint
- Trying to choose a forum (administrative vs. judicial)
Benefits
The panel will prepare you to do a better job when it comes to:
- Working with business personal property assessments based on market value, value on a company's books or local schedule.
- Making skillful use of the three categories of obsolescence.
- Grasping nuances of assessing tricky property categories such as inventory.
- Planning how often to appeal a BPP assessment.
- Displaying your research in a well-crafted assessment report.
Upon completing this seminar, you will have a better appreciation for a multi-jurisdictional approach to asserting or challenging business personal property assessments, and new tactics to employ in arguing for a lower assessment before an assessor's office, appeals panel or court.
Faculty
Jesse Noneman,
Senior Manager, Property Tax
DuCharme McMillen & Assoc., Indianapolis
He has seven years of property tax experience in the areas of consulting, tax planning and minimization, and audit defense. Before coming to the firm, he worked with large corporate clients as a property tax manager at PricewaterhouseCoopers.
Gregory Servodidio,
Member
Pullman & Comley, Hartford, Conn.
He represents business clients in equitable assessment cases and property tax appeals in regard to properties as varied as corporate headquarters and power plants, hotels and movie theaters.
Jeff Mills,
Senior Manager of Property Tax
Crowe Horwath, Dallas
He has 11 years of experience in personal and real property tax and tangible valuation services. Before coming to Crowe Horwath, he was the Central Region property tax consulting/compliance leader at another accounting firm.
Ordering
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Available ten business days after the live event
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Customer Reviews
It was an excellent program!!
Marni Odermann
Supervalue
The program had excellent presenters that were extremely knowledgeable.
Lisa R. Volland
Legacy Professionals
I liked that the program went beyond the guidance in the regs to offer a real-world perspective.
Jerry Bourlier
Yazaki Management Co.
This teleconference greatly helped us understand the new challenges.
Andrew Toth
Tronconi Segarra & Associates
Timely coverage of a complicated subject.
William Ahlstrom
Kerber Eck & Braeckel
Property Tax Advisory Board
Senior Partner
Garippa Lotz & Giannuario
VP & Management Consultant
Marvin F. Poer & Co.
Betty McIntosh
Director, Location Incentives Group
Cushman & Wakefield
Foy Mitchell
Vice President
Marvin F. Poer & Co.
Mark Semerad
Manager of Property Tax
Level 3 Communications
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