While many appeals are based strictly upon the market value of a property, as determined by comparable sales, many extenuating circumstances can artificially increase or inflate property values. When a property tax consultant considers the property values for business and commercial properties there are a multitude of issues associated with many elements of accounting and finance which are largely subjective and open to interpretation by the assigned appraiser/assessor. It is very important to scrutinize these elements anytime they are used to make a determination of value by the assessor. Listed below are a several questions business and commercial property owners should consider when reviewing tax bills and property values for a property tax refund in California.
Fixtures and Personal Property:
• Is the Assessor taxing fixtures and personal property twice?
• Is the Assessor over-valuing equipment which is idle or underutilized?
• How is the Assessor calculating the value of your equipment for property taxes?
• Did the Assessor misclassify the reported assets?
• Is the Assessor taxing the leasehold improvement twice; with the real estate and with the personal property?
• Why Is the Assessor taxing my repairs and maintenance on the equipment and personal property?
• Why is the Assessor taxing my construction in progress? Is all of it assessable?
• If the Assessor audits my personal property taxes, can I actually save money and get a refund?
• What are the proper strategies the Assessor needs to follow for a Property Tax Audit
• How can I maximize the property taxes savings in closing or relocation our factory?
• Should the Assessor tax your repairs?
• How can I save property taxes if my equipment suffers from obsolescence?
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Acquisition Value – Personal Property/Fixtures:
- Is the Assessor taxing the value of the company (intangibles) or just the assets (tangibles)?
- Is the recorded book value the same as the market value?
Acquisition Value and Real Estate:
- Has the Assessor determined that your purchase price is not the market price? How is that possible?
- Is your purchase price higher than the market price?
- How can I save property taxes if my property is contaminated, damaged, etc.?
For further assistance please contact one of our property tax advisors.
Copyright 2012: CA Property Tax Solutions, Inc. Property Tax Consultants. All rights reserved.
4607 Lakeview Canyon Road, #502
Westlake Village, CA 91361