Challenging a Business Personal Property Assessment

Strategies for Reducing Your Company's Valuation and Property Tax Bill

Recording of a 110-minute CPE/CLE webinar with Q&A


Conducted on Thursday, January 26, 2012

Recorded event now available

or call 1-800-926-7926
Program Materials

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.

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Outline

  1. Advance research activities in business personal property
    1. Equipment vs. inventory vs. computers vs. furnishings
    2. Examining possible market, functional or physical obsolescence factors
    3. Looking for possible examples of subjectivity and inconsistency
    4. Considering real vs. business property issues
    5. Considering market value, book value and local schedule factors
    6. Taking special features of local regs into account
  2. Preparing an effective assessment report
    1. How to effectively present your data and findings
    2. Quoting from jurisdictions rules and requirements, assessment manual
    3. Other issues to consider
    4. Knowing what you specifically hope to achieve
  3. Negotiating with assessors and preparing for appeals
    1. Negotiating tactics when working with assessors
    2. How often to amend or appeal a BPP assessment?
    3. Payments under protest/short-pay
    4. Dealing with appeal deadlines
    5. Handling the specificity of an appeal complaint
    6. 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.

Following the speaker presentations, you'll have an opportunity to get answers to your specific questions during the interactive Q&A.

Faculty

Jesse Noneman
Jesse Noneman
Senior Manager, Property Tax
DuCharme McMillen & Assoc.

He has nine years of property tax experience in the areas of consulting, tax planning and minimization, and audit...  |  Read More

Gregory Servodidio
Gregory Servodidio

Member
Pullman & Comley

He represents business clients in equitable assessment cases and property tax appeals in regard to properties as varied...  |  Read More

Jeff Mills
Jeff Mills
Senior Manager of Property Tax
Crowe Horwath

He has 11 years of experience in personal and real property tax and tangible valuation services. Before coming to Crowe...  |  Read More

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Strafford will process CLE credit for one person on each recording. All formats include program handouts. To find out which recorded format will provide the best CLE option, select your state:

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