Advantax identifies tax-exempt status of global leader in the correctional facility service industry
This international for-profit corporation engaged Advantax to provide expertise in exploring potential real property tax savings opportunities.
During the due diligence process, Advantax determined that in the prior year, the company transferred ownership of the real property to a state authority, which was a non-taxable entity. Although the respective assessing/taxing authorities correctly identified the change in ownership, they failed to follow through with exempting the real property from taxation. The client was providing a service in the facility, although they did not have any ownership interest in the property.
Advantax was able to help our client resolve the situation, resulting in tax savings exceeding $425,000.