PROPERTY
TAX COMPLIANCE
Where can your annual compliance process save your company money?
After completion of a reputable tax provider’s property tax reduction analysis, JM Tax Advocates identified multiple strategies for our company to lower its property tax costs and to improve upon our historical tax incentive positions. We are now in a position to reallocate significant funds that were otherwise dedicated to paying our annual taxes and are now able to use them in other important strategic ways to help facilitate business growth and capital expansion. We appreciate JMTA’s efforts to improve our company’s bottom line profitability!
I appreciated the thoroughness of work, the integrity and the valuation results obtained. I would strongly recommend JMTA’s team for your company needs.
Meeting annual state property tax compliance filing requirements can be cumbersome and complicated for many businesses. However, the consequences of not maintaining compliance obligations can be costly, resulting in serious underpayment and late filing penalties.
Don’t let annual property tax compliance blindside your business. Let our property tax compliance experts steer you through the process for accurate and timely reporting while also minimizing your business tax burden by implementing tax savings opportunities along the way!
Our team will streamline your annual property tax compliance responsibilities and, in the process, add hours back to your day to use for other, more strategic areas to your company.
JM Tax Advocates property tax compliance outsourcing process includes the following three-phase process:
Phase I – plan and review
- Initial review of historical personal property tax filings, tax abatement agreements, return reconciliation documents, and ongoing appeals to assist company with property tax records transition.
- Identification of potential areas of savings by location.
- Create annual filing, appeal, and tax bill payment calendar.
- Establish communication process and point of contact
- Review asset exports for historical account classification and location mapping
- Review other source documents
Phase II – complete returns, monitor assessments, and pursue opportunities
- Create draft returns for company review
- Track and monitor assessments by location.
- Review and monitor tax bills, investigate differences, and communicate payment approval with company contact.
- Provide appeal recommendations to company and file property tax assessment petitions for mutually agreed upon locations.
Phase III – determine impact of improved filings, appeals, and negotiations
- Assist company with annual property tax payment budgets and accruals
- Measure and communicate ongoing scorecard of results and opportunities by location.
Our effective outsourcing program is designed to transform a company’s reactive property tax management status to a one that is cost driven, proactive, and planning oriented.
We’ll help you maintain full compliance with jurisdictional filing requirements and avoid penalty and interest amounts for late return filings, payments, and “under-reporting” assessable property. Our goal is that your business pays the right amount of property tax – not a penny more or a penny less!
Stay ahead of ongoing property tax compliance with the help of JM Tax Advocates. Contact us today to start your annual compliance plan!
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What are the consequences of not maintaining property tax compliance obligations?
As a consequence of not maintaining compliance obligations, a company may be faced with serious underpayment and late filing penalties.
How can property tax experts help me?
Property tax compliance experts steer your company through the process of establishing accurate and timely reporting while also minimizing your business tax burden by implementing tax savings opportunities along the way.
