Expert representation. Our Business Personal Property division is staffed with former CPAs, assessors and valuation experts. Our combined experience in the Business Personal Property Tax arena is 50+ years. We have successfully handled in excess of 3,000 appeals and audits. Our depth of knowledge is second to none.
The taxes on Business Personal Property are one of the most archaic, misunderstood and non-transparent taxes a company will pay. We estimate that 50% of all businesses are being over-assessed, many to the tune of 20% to 30%. Business Personal Property taxes are taxes that all businesses must pay on the assessed value of their unsecured property, which is defined as all property, except real property. Each year, every company must file a Business Property Statement, otherwise known as Form 571-L, with their respective County Assessor’s office. Often times the task of filling out these forms is handed off to a junior staff member who lacks the requisite knowledge to properly categorize the assets. Other times the task is handed off to their CPA whose area of expertise is in many other facets other than Business Property taxes. This often times leads to misclassifications, which leads to increased taxes.
Our Personal Property Tax division handles all aspects of company’s Personal Property Taxes.
Many companies hire us to handle the entire process. For each location with a physical presence a separate 571-L is required. This creates a paperwork and logistical nightmare. Many counties have different reporting requirements, and keeping abreast of these requirements often leads to missed deadlines and penalties. Additionally, once a form 571-L is filed and the subsequent bill is issued, there is no reconciliation process to ensure you were assessed correctly. Our Compliance division handles all aspects of your compliance: from ensuring the correct forms are timely filed, to ensuring the categorization of your assets is correct, to reconciling your 571-L filings with your final tax bill. This ensures you are 100% compliant and pay the lowest tax possible.
Our Business Property group provides expert “Audit Defense.” Companies are audited once every four years. Due to time constraints placed on the county auditors, often times mistakes are made during the process by the auditors. It is common for errors to be made, and this can result in hundreds of thousands of dollars in excess taxes, penalties and interest. Our expertise, again, lies in identifying these errors in the audit process, finding misclassifications and incorrect depreciation methods and building rebuttal arguments for lowering values. Disputing audit findings is comparable to acting as lawyer in a trial. Unless you have the expertise, in not only the subject matter but also the process, your chances of succeeding are quite diminished. Why not put the experts to work for you?
Each year, every company is entitled to appeal the assessed value of their unsecured property tax bills. The appeal period for most counties is July 1 to November 30. However, some counties have a September 15 deadline. We are experts at building a case for lowering assessed values and filing the appeal on your behalf. We do the work and you reap the benefits. Average first year savings for our clients upon successful appeal is between 20% and 30% of the total tax liability.
You are an expert in your business; why not look to an expert when it comes to your Business Personal Property Taxes?
For additional information and to determine if your Personal Property Tax has been over assessed, please contact Rob Burden – Vice President of Sales at (858) 800-6930 direct or R.Burden@pptaxappeal.com.