Personal Property Tax

Over 90% of companies we review are paying more in personal property taxes than they should. 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. This one-size-fits-all form, with its set list of depreciation schedules, attempts to determine the true fair market value of your assets based on the acquisition cost of the asset.

When you consider that companies capitalize assets for income tax purposes, you soon realize that assets are being reported at values that are higher than the actual purchase price. This creates an overstatement of the value. Companies may compound this overpayment in the way they complete their personal property declaration. We have found many use inaccurate fixed asset listings, miss-classify their assets in the wrong depreciation schedule, and often fail to take advantage of the exemptions allowed by the state and county.

Personal Property Tax Services

Compliance Review & Analysis

Our expert analysts will dig into your asset listing and determine exactly what classifications are most cost-effective, and the true values of all your equipment. They see your personal property declaration as being directly about your business and move beyond the one-size-fits-all personal property form that your state provides.

How We Work

  • Review your previous year’s filing to determine your methodology.
  • Tour the facility and perform a gone study to verify an accurate fixed asset listing.
  • Review source documentation to determine the true purchase price of the assets.
  • Properly classify assets in the various equipment categories to maximize depreciation.
  • Work with the local assessors to explain the changes made in order to implement our strategies.
  • We will educate you on our methods and give you a clear methodology you can carry forward on future filings

Annual Compliance Reporting

Many businesses treat preparation of their annual personal property declarations as routine: you simply cross out gone equipment, write in new equipment, and you’re done – right? But those declarations determine your tax bill, and smart businesses know that it takes more than that to make sure you are paying only what you should, and not a penny more.

How We Work

The Brennan Group will review the previous year’s declaration, correctly state each additional asset, and make certain your filing is done with the utmost accuracy. This will be done timely to ensure you are paying no more on your taxes than you should.

Over $15 million found in savings

Contact Us For a Free Analysis

None of your information will be shared or sold.

19% average savings

Accredited ASA appraisers

A Personal Property Tax Success Story

$294,973 savings in 1 year!

“The Brennan Group impressed us with their professionalism and their performance exceeded all our expectations. With a 38% average reduction of our property tax liabilities, they improved our bottom line.”

Brian J. Haraga

Michigan Sugar Company