Are you researching property tax software options in an effort to switch from your current solution? Or maybe you’re trying to build a case to convince higher-ups (or other members of your team) to get on board with a new implementation. Either way, you’re in the right place.
With many property tax return form deadlines upon us (most are between late February and mid-May), it’s a busy time of year for tax professionals. It may be part of your process to compare this year’s business personal property forms with last year’s, in which case it’s good to know when a form has changed. Most forms don’t change from one year to the next, and even when they do, the changes rarely impact the way you’ll prepare or file. But having a heads-up about the differences can help speed up the process—and sometimes even prevent mistakes.
New York businesses have an uphill climb when it comes to property tax, and corporate tax rates in general—it is ranked 49 out of 50 (just above New Jersey) on the Tax Foundation’s state-by-state comparison with regard to business tax climate. And over the last decade, property taxes in New York City have risen at a rate three times faster than income growth. (The recently created New York City Advisory Commission on Property Tax Reform is likely to recommend tax reforms in the coming year.) In recent years, the state has been making strides toward improving its tax system by enacting things like a two percent property tax cap and real property tax relief credits. Still, the tax climate may be a reason why some companies have chosen to leave the state (though that perspective is debatable).
Topics: New York property tax
If you’re operating your business in multiple states—or are contemplating putting down roots in another state—tax policies and obligations are probably already top of mind. Particularly if you’re planning to invest a substantial amount of money into a new facility, you’ll want to have a good understanding of your tax burden before you commit. But even if you’re already located in more than one state, you and your tax team are likely spending a lot of time keeping track of bills and deadlines for your various locations. Whichever situation you’re currently in, you need a resource that can help you make sense of it all.
Topics: Property tax
Planning to appeal your property taxes? If you’ve done your homework, your efforts will likely save your organization a fair amount of money. You might be wondering, though, if property tax appeal software would be a helpful tool to have at your disposal. Will it help streamline the process? Will it prevent errors? Will it give you a leg up in meeting deadlines?
When it comes to Maryland business personal property tax, consistency is key. Unlike other states, which have multiple local jurisdictions handling personal property administration matters, the assessment of all personal property in the Old Line State lies within the purview of a single state agency: the Department of Assessments & Taxation (SDAT). The reasoning behind this strategy? To “foster the uniform and consistent administration” of business personal property tax, which includes everything from furniture and office equipment to machinery, tools, and any other property not classified as real property.
Taxes are still one of the certainties in life (it’s nice to know some things haven’t changed since the 18th century), but the same can’t be said for the amount of taxes paid. Thanks to the property tax appeal process, valuation amounts are never set in stone—as long as you take full advantage of your right to challenge an unfair assessment.
Topics: Property tax appeals