Property Tax

Property Taxes are real and personal property taxes and any other jurisdictional taxes that flow directly from ownership or leasehold interests in real estate.

A property tax (or millage tax) is a levy on property that the owner is required to pay. The tax is levied by the governing authority of the jurisdiction in which the property is located; it may be paid to a national government, a federated state, a county/region, or a municipality. Multiple jurisdictions may tax the same property.

There are four broad types of property: land, improvements to land (immovable
man-made objects, such as buildings), personal property (movable man-made objects), and intangible property.

Real property (also called real estate or realty) means the combination of land and improvements. Under a property tax system, the government requires and/or performs an appraisal of the monetary value of each property, and tax is assessed in proportion to that value. It is incumbent on the owner to make sure the value is not over-assessed and in today’s volatile real estate market having the right valuation expertise is vital.

Personal property requires the owner or tenant to file and annual ‘rendition’ or filing and pay the jurisdictional tax. In the large enterprises that CREinFocus provides services for, the fixed asset ledger is often the most out of date and overvalued – making large cost savings a likely potential.

With approximately 8,500 taxing jurisdictions in the United States alone, each with their own annual deadlines for appeal, having a system to monitor those critical dates in advance is vital to managing those costs.

 

Case Studies

  1. Personal Property Tax 

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