Personal Property Tax
Business Personal Property Tax Consulting
Business personal property taxes are complex, and most accounting and finance teams don’t have the time or resources to report with 100% accuracy. Reduce your personal property tax overpayment and audit risk to create more value for your business when you work with our experts.
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Reduce Business Personal Property Tax Risk and Recover Overpayments.
Personal property is a self-reporting task and most companies get it wrong. Why is that?
More than 90% of companies overpay on personal property taxes due to errors in how assets are capitalized, classified, and reported. We ensure that your business pays only what is necessary by accurately determining what assets you have and reporting the correct value with the right methodology. As certified appraisers, we have a specialized approach to determining the correct value of your business’s personal property and lowering your taxes. Local Governments don’t teach you the exemptions. You have to find them yourself or hire us.
Business Personal Property Tax Issues We Solve
- Over-reporting of acquisition costs
- Incorrect depreciation schedules
- Inaccurate fixed asset listings
- Paying taxes on obsolete or non-existent assets
- Misclassification of assets
- Failure to apply applicable tax exemptions
- Double taxation of assets
- Overvaluation of assets due to mergers and acquisitions
Business Personal Property Experts Who Create Value for Your Business
Our multidisciplinary team has decades of experience in reporting methodology and appraising of business personal property. We are tax experts with decades of machinery and equipment appraisal experience who work together to get your reporting and taxes right and bring you clarity, confidence, and control.
Our Process: Reducing Risk, Creating Value
We offer a comprehensive review and analysis of your business’s personal property tax filings. Our mission is to accurately file your personal property tax rendition, uncover savings opportunities, and ensure it is done right. Over 90% of the time, we find savings for our clients.
- Fixed Asset Review: We begin by analyzing your fixed asset listing and verifying the accuracy of all records. This includes touring your facility and conducting a fixed asset inventory to ensure assets are actually still in your facility. We then make sure that they are reported correctly.
- Asset Classification & Depreciation: We review how your assets are classified—whether they should be reported as personal property or part of the real estate. By reclassifying assets and utilizing the correct depreciation schedules, we help maximize your tax savings.
- Asset Valuation: It is common practice to capitalize assets for income tax purposes. Many counties use acquisition costs to determine the true market value of the assets for property tax purposes. We review each asset to determine the correct cost of the asset and report the correct values.
- Work with Assessors: After our analysis, we collaborate with local tax assessors to implement the necessary changes, ensuring compliance and optimal tax savings.
- Ongoing Education: We don’t just save you money; we empower your team with the knowledge to continue doing so. We provide you with a customized set of books for reporting personal property taxes and teach you the methodology for long-term compliance and savings.
A Success Story
Six-Figure Personal Property Tax Reduction for Mining
We worked with a coal company in West Virginia with a large-scale operation that was experiencing significant overpayments in personal property taxes. Their initial tax bill was approximately $2.4 million, but through a thorough review by our team, it was discovered that their CPA was not aware of all the exemptions available for this industry and property type.
Our Guarantee
With The Brennan Group, there are no fees unless we save you money. Our experts are here to provide clarity, confidence, and control over your tax obligations, giving you the peace of mind that your assets are accurately reported and you are not overpaying on your personal property taxes. We also educate your team on how to handle your own personal property taxes moving forward.
