These are all terms that have been used to describe TotalPropertyTax (TPT), the most advanced property tax software in the industry. But what, exactly, do those terms mean as applied to daily use, and how do they impact the user experience? In this article, we’ll show you three specific examples of how our software simplifies various steps of the tax cycle—and why so many experienced tax professionals prefer TPT over legacy software.
TotalPropertyTax: 3 Workflows, Simplified
1. Generating hundreds of returns in minutes.
Generating tax returns can be a time-consuming task using legacy software. It can take hours to generate a few hundred returns, and in the meantime, you can’t use the software to do anything else.
TPT can generate 500 returns in under 15 minutes. And while they’re generating, you can do other activities within the software—generate reports, depreciate assets, or anything else. The time you save on this step alone is significant. Ultimately, it’s time-savers like this that can have a major impact on the kind of work your team is doing. Advanced property tax software can give your team more time to strategize about assessment reduction, find and address assessment errors, and identify valuation issues (Tweet this!)—in short, all the activities that give your organization a competitive advantage.
Corporations that use our software have more time to spend on high-value tasks, like preparing appeals and identifying valuation issues. Sign up for a demo to see how it works.
2. Comparing asset value to prior years.
One of the most important things property tax analysts do before they file a return is a prior year comparison—how much does this year’s valuation differ from last year’s? This exercise is useful because:
- If the two amounts are in the same ballpark, it serves to validate this year’s calculations.
- It calls attention to dramatically different amounts, prompting further investigation. What happened to cause the increase?
TPT makes prior year comparisons easy by putting the information side by side, on a single screen. For each return you’re preparing to file, we’ll calculate the difference between this year’s reported cost of assets and last year’s, and display the result alongside this year’s stated valuation. So if the cost this year is the same as last year, a difference of $0 is displayed. The same goes for rendered value.
In the image below, only one account stands out as needing attention. It shows a difference of over $80,000,000 from one year to the next. By clicking on the account you’ll get a full listing of the asset categories and valuation amounts. You can drill down to see detailed information about specific asset categories and valuations for all acquisition years until you discover the reason for the difference.
3. Comparing assessed values to prior years.
A simple way to begin identifying opportunities for appeal is to highlight accounts in which this year’s market value and taxable value increased dramatically over last year. Some firms have guidelines regarding changes, with, say, a 2% increase as the cutoff—anything more than a 2% change should be examined further.
TPT makes it easy to identify these appeal opportunities by calculating prior year differences and displaying the results on a single page. Our notice summary page shows you the market assessed value and taxable assessed value for each of your accounts for both this year and last year, alongside the percent difference. There’s no additional calculating needed on your part, and it takes only seconds to identify which properties have increased more than the acceptable amount.
Software Built To Support You
Now, we depend on you, our customers, to help us continually improve our software. We’re interested in your “wish list” of potential improvements; if we think a suggested change will benefit all our users, we’re more than happy to make it at no cost to you. Your feedback is an important part of our mission, which is to help teams like yours become more efficient, more productive, and more valuable within their organizations.
Interested in seeing TPT in action?
We’d be happy to show you how our software works. Our customized tour uses your own sample tax documentation and focuses on your team’s unique needs for property tax software. You’ll come away with a good understanding of how easy it is to use, how much time you can save, and why so many corporations are turning to CrowdReason for their property tax software needs. Sign up for a demo today!