Property Tax Compliance Services
Greenback offers property tax compliance services to process tax returns, validate property tax bills and generate management reports. Powered by PTS MintTM property tax software and other proprietary database and software technologies, Greenback's property tax compliance veterans deliver a reliable, cost-effective property tax compliance solution.
The major components of Greenback's property tax compliance service include:
Fixed Asset Optimization
As part of our proactive approach to identifying tax savings opportunities, Greenback performs the following functions:
- Jurisdictional profiling - Taxability of each asset is determined based on model code, assessor assignment, age, and other factors.
- Ghost asset suppression - Ghost assets, which result from disposed assets not removed from an asset ledger, are tagged for reporting suppression to the extent they can be identified or modeled.
- Asset scrubs - Key word asset queries are systematically performed to identify assets that are incorrectly coded on the client's asset listing (i.e., a computer listed as FF&E). In cases where a more aggressive depreciation schedule applies, the assets are re-classified to the correct category.
- Exemption identification - Exemption opportunities are researched and identified for qualifying assets.
- Fair market valuation - Most state laws require that fixed assets be appraised at market value. Assessor trending schedules are an attempt to compute an accurate value, but we have found that these schedules frequently overstate fair market value by as much as 100%. Greenback performs an independent assessment of the fixed asset valuation using previous experience and third party fee appraisers.
Inventory data are also analyzed to take advantage of valuation strategies permitted by state laws, Greenback considers the following inventory issues, among others:
- Shrinkage and markdowns
- Bulk inventory valuation
- Private label transferability
- National brand intangible value
- Discounts on perishables
- Inventory mix
Property Tax Return Filing
Greenback prepares and files all business personal property return using data from the fixed asset optimization and inventory optimization processes. In states where the law permits assets to be valued based on a "fair market value" definition, Greenback stipulates values reflective of supportable market value, rather than the using the assessor's recommended trending schedules.
Property Tax Bill Validation
Greenback validates tax bills received from assessors and tracks down any missing tax bills. Tax bills are then transmitted to the client with Greenback approval.