Companies are known to have multiple sets of books when it comes to depreciation, and it’s not only legal but required to meet all of your tax and accounting compliance requirements. The first two sets of books companies are required to keep are for income tax purposes (IRS) and accounting depreciation (financial accounting). In property tax we primarily deal with accounting depreciation and what is known as appraisal depreciation.
You’re probably aware of the availability of experts who offer commercial property valuation services, but you may not know when or if you need them (or what exactly they bring to the table). This article covers the most common reasons why companies enlist a valuation expert for property taxes, and how to know if you should consider hiring one.