The Five Steps of the PropTax Cycle®
- Does your team know where to obtain fixed asset information and understand how those records are maintained?
- Does your tax team have a thorough understanding of real estate processes and where to get crucial information?
- Does your team possess excellent document skills and maintain physical and electronic documents in central areas?
- Does your team maintain a complete PropTax® Calendar and uses it to effectively plan upcoming deadlines?
- Do you consistently make proactive adjustments for assets that are non value added, non taxable, exempt, or obsolete as well as obsolete inventory and supplies?
- Does your team utilize all applicable depreciation tables seeking to accumulate depreciation where possible?
- Do all members of your team have a clear understanding of the concept of market value and how it’s calculated?
- Do you actively track and compare jurisdictions’ values and assessment notices with anticipated values?
- Has your department identified critical valuation thresholds and engage in appeals when assessed values exceed those thresholds?
- Do you anticipate receipt of every tax bill – do you know how many to expect and when they arrive?
- Does your team consistently tie every tax bill to the assessed value?
- Do you understand when penalties accrue and manage discounts appropriately?
Analysis and Planning
- Are you consistently providing management with easy to understand, insightful property tax reports?
- Does your team know the total property tax liability, distributed by type (Real vs. Personal), state, division, department and cost center, and effectively report this information internally?
- Does your team consistently provide accurate estimates for accruals and clearly articulate when the liability is incurred?
- Are you always looking to pursue savings?