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Nationwide business and Tangible personal property tax Consultants

business personal property tax consulting services

Taking a personalized BPP valuation approach to your personalized business Personal property
Tangible Personal Property is defined as, “items that can be owned but are not attached to the land”; property that is used to produce income.

Business Tangible Personal Property, also called, “BPP”. Is subject to taxation dependent on what state it is located in, also called, “Situs”, on your states’ property tax assessment date, or, “Lien Date”.  Business Tangible Personal Property is any property you own that is used for business purposes.

The best Business Personal Property Tax consultants 

Industrial Tax Consulting (ITC) is one of the top business and tangible personal property tax consulting firms in the nation, and one of the best business personal property tax advisory firms in Texas.

Business and tangible personal property are assets that are taxed in certain states at the same tax rate as real estate. Many states that tax business and tangible personal property have different filing requirements, forms, extension, and return filing deadlines. Furthermore, many of the states that tax personal property require business owners to render their business and tangible personal property annually by the state’s lien date, or designated personal property rendition deadline.

We offer clients tailored business and tangible personal property tax consulting and reduction services for their industry’s specific type of business personal property assets. Some of our multi-state and Texas local business personal property tax consulting services include:

  • streamlined personal property tax return and rendition filing services
  • business personal property pollution control tax relief exemption filings and discovery
  • multi-state business personal property tax assessment protest and appeal services
  • independent inventory fair market value appraisals (FMV) for property tax purposes.

Our multi-state personal property tax compliance specialists in conjunction with our local business personal property tax consultants and valuation professionals have a proven track record in ensuring that the right fair market value, depreciation models, and obsolescence factors are attributed to all your tangible business assets and supporting inventory in all the states that impose a personal property tax and require a personal property return or rendition filing. We take an innovative approach to our BPP asset valuation and business personal property tax consulting services.

ITC can ensure  that you meet your states’ unique personal property filing deadline requirement, and curtail any potential risk for late filing penalties or excess tax payments on your business tangible personal property tax assessments all while providing comprehensive business personal property asset appraisals, nationwide property tax relief exemption discovery services, and property tax assessment appeal and protest services when needed.

Receive A Free Confidential Personal Property Tax Assessment Review

We can provide you with a free property tax reduction analysis of your Business  Personal Property.

In many cases, the standard depreciation schedules and SIC-driven economic lives used by assessors do not account for wear and tear from excessive use, lack of maintenance, or technological obsolescence on your Business Personal Property. 

ITC will identify underutilized, obsolete, and ghost assets to ensure your personal property correctly classified and  appraised.

Business Personal Property Tax Advisory Services

  • Identification of Ghost Assets and Intangibles
  • Business Personal Property Tax Exemption Discovery and Filings
  • Annual Inventory Management Services
  • Annual Asset and Inventory Independent Valuation and Appraisal Services
  • Personal Property Return Preparation and Filing of Renditions Services
  • Annual Notice of Appraised Value Review
  • Notice of Appraised Value Protest Services
  • Informal and Formal Negotiations with the Tax Authorities and Appraisal Districts
  • Filing a Property Tax Lawsuit on Clients Behalf
  • Expert Litigation Support , Independent Third-Party Appraisals, and Expert Testimony
  • Final BPP Assessed Value Authorization
  • Tax Bill Payment and Refund Processing

 

Personal Property Tax Exemptions

  • Inventory Freeport Exemptions
  • TCEQ Pollution Control Exemption Application Filings
  • Goods-In-Transit Exemption
  • Solar-and-Wind-Powered Energy Device Property Tax Exemptions
  • Interstate Commerce Exemptions
  • Industrial Tax Exemptions s

Understanding your Business Personal Property

Business Personal Property (BPP): includes tangible assets such as your: furniture and fixtures, machinery and equipment, leasehold improvement, computers, vehicles, inventory, and raw materials.

Furniture and Fixtures
Furniture and Fixtures are considered Business Tangible Personal Property and are required to be reported to the local taxing authorities “CAD” or applicable jurisdictions in which they have situs when your annual personal property return or rendition is due.

There exist a tremendous opportunity to help our clients achieve significant property tax relief on their business tangible personal property assessments by correctly identifying and then classifying their actual BPP furniture and fixtures, from parts of their real estate. Many times when the appraisal districts use mass appraisal techniques and methods, they overlook this and will incorrectly assess and classify parts of your real estate as tangible assets.

In such cases, ITC can utilize its long-standing relationships and credibility with the local assessors to informally address these issues before having to go before the appraisal review board. We take a proactive approach to ensure we minimize any possibility of real estate being assessed as business tangible personal property. We do this by having our property tax compliance specialist do an in-depth fixed asset analysis and classification audit before filing any annual returns for property tax purposes.

If you need help on how to classify your business personal property for property tax rendition purposes and ensure that it is separated from your real estate, we can help. Send us an email with your business tangible personal property or inventory assessment question, and we will perform a confidential business personal property audit and show you where you might be incorrectly assessed.

Vehicles
If you own vehicles that are used for business purposes you are required to render them if your state requires you to render business tangible personal property. You may qualify for an exemption from ad valorem taxation for one passenger car or light truck that is owned by an individual and used by that individual for both professional and personal activities. Vehicles that are individually owned and used for the transportation of passengers for hire would NOT be eligible for this exemption.

It is important to be sure that you have a clear understanding of which vehicles are used, and for what purposes.

Inventory

Business Personal Property includes not only fixed assets used for the production of income but inventory as well. You are required to file a personal property rendition to the appraisal district or taxing jurisdiction in which your inventory has situs. A rendition is a form that provides information about the property that you own. The appraisal district uses the information you provide to appraise your property for taxation.  This rendition includes things like the: assets description, location “Situs” as of the assessment date, date of acquisition, and your costs. You also have the option to render a “good faith” estimate of the market value of your business tangible personal property and inventory.

It is important to realize that your purchase costs do not always equal the current value of your business personal property and inventory on the assessment. There are many business personal property valuation strategies that you can apply to your business personal property and inventory to ensure it is assessed at market value.

Our team of personal property valuation specialists and senior appraisers are backed by over 40 years of personal property valuation experience both from private contracting appraisal firms, and private property tax consulting firms. We ensure that all types of obsolescence are accounted for on your business personal property and that if applicable for your state and appraisal district, that a Freeport and Goods in Transit exemption is applied to your inventory.

As a result, we certify that all of your business tangible personal property assets and inventory are correctly identified, classified, and exempt, before preparing and filing your business personal property renditions and returns. All while ensuring that the different types of economic, functional, and technological obsolescence are accounted for on your business personal property prior to authorizing the filing of your business personal property returns.

Need help with your business personal property or inventory assessment? Give us a call, and we can do a free, confidential fixed asset, and property tax assessment review of your business tangible personal property fixed assets and inventory.

 

Leasehold Improvements
Leasehold Improvements

Leasehold improvements are enhancements to a leased space that are paid for by a tenant. For example, an interior improvement such as the addition of built-in cabinetry, electrical additions or carpeting.

This can create over assessments when the leaseholds are items that are clearly taxed as real property (landscaping, parking lots, dock improvements, and carpeting) and may be repairs that add little or no new value to the real estate.

Reporting  leasehold improvement  for the purpose of property taxes is an area where we see clients struggle prior to partnering with Industrial Tax Consulting (ITC).

 

Did you know

ITC secures reductions on over 90% of our clients business personal property tax assessments nationwide.

%

Success Rate

“Industrial Tax Consulting previously provided guidance on valuation and inventory which netted GE significant tax savings. They provide a level of comfort for their client that is second to none.

Ask our business personal property tax specialists your questions about your business and tangible personal property tax assessments or inventory questions.

a nationwide leader in personal property tax advisory services

Austin, Dallas, Denver, Houston, Permian Basin

1-866-TAX-1139