Personal Property Tax Services
In our nearly 30 years of experience, we see that companies often overpay their personal property taxes. Why?
The basic methods counties use to value personal property create over-valuations and higher taxes! They require all companies to use the same personal property tax declaration. With its set list of depreciation schedules, this one size fits all form attempts to determine the true fair market value of your assets based on their acquisition cost.
Companies often fail to account for disposed assets and pay property taxes for years on equipment they no longer own or use.
When you consider that companies capitalize assets for income tax purposes, the overstatement of asset values becomes understandable. This is because they are reporting their purchase prices as higher than what it cost to acquire them. It’s no wonder when many business owners don’t take advantage of exemptions allowed by state and county agencies.
Keeping You Compliant. Saving You Money.
Our team of experts will get to work determining the best classification for your assets, and what they’re worth, so you don’t have to. Our analysts go beyond the one-size-fits-all offered by individual states and are focused on making sure businesses like yours find success in their respective industries.
Our tax team will review your previous year’s files to see what methods you used. We then work with you to verify the property listings for any possible inaccuracies or omissions.
Centerbridge will review all documentation (source and purchase) to properly classify assets in their proper equipment categories, maximizing depreciation benefits on each piece of machinery as much as possible.
We will work with local assessors who should explain our changes and give them, and you, a clear understanding from now on for future filings.