Personal Property Tax – Case Study

Industry: Geophysics
Summary
A new, savvy tax consultant saved the client $320,000 in taxes.
Business Personal Property – Incorrectly Classified by Former Tax Consultant for Several Years
An open mind, combined with actual asset inspection and discovery interviews, can result in significant tax savings.
A leading international geophysical company, under former Property Tax Consultant representation, had incorrectly classified computer equipment as standard machinery and equipment.  In addition, former Property Tax Consultant appealed their business personal property assets with these same incorrect classifications.  Client-owned assets were proprietary equipment specially manufactured for their use in the collection of seismic data.  Through physical inspection of the assets, as well as discovery interviews conducted by Tax Recourse, LLC, the incorrect classification was determined. Tax Recourse, LLC filed 2010 Business Personal Property Renditions with revised classifications, and therefore, more aggressive depreciation.  Subsequently, Tax Recourse, LLC filed appeals for accounts for which the newly reported opinions of values were not accepted by the local Appraisal Districts. The reclassification of their assets and appeals by Tax Recourse, LLC resulted in a 41% reduction of the assessed value – from $36M to $21M – and a tax savings of over $320,000.

This case study highlights Tax Recourse, LLC. Mike Slevens is the founder and CEO of Tax Recourse, LLC, and is a member of The Roundtable.

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