16 Questions that Could Help Lower Your Personal Property Taxes
November 20, 2014 - By: SC&H Group
Did you know that opportunities may exist to reduce your property tax liability because of forces outside of your control? Take SC&H Group’s quick online Economic Obsolescence Opportunity Assessment to find out if opportunities exist to lower your personal property taxes because of economic obsolescence.
Economic obsolescence is a form of depreciation that may be used to reduce personal property taxes by demonstrating that outside forces – like escalating costs of materials and fluctuating demand – have negatively impacted the value of a company’s personal property.
Today, the presence of economic obsolescence when assessing fair market value has become more widespread given new changes in government regulation, technology, environment, and other factors. These changes have made it more important than ever to identify its existence within your company’s operations.
Fortunately, SC&H Group recently launched a new online assessment that offers a series of questions that cover a wide-range of issues to see if economic obsolescence is potentially affecting a participant’s business environment. If so, there is a high likelihood that opportunities may exist to ultimately reduce personal property tax liabilities for these assets.
To find out if economic obsolescence exists in your business, take SC&H Group’s simple online assessment. Also, to learn more about the three forms of economic obsolescence and personal property tax, please read the following white paper from the SC&H Group State & Local Tax practice.
Is economic obsolescence properly factored into your personal property tax valuation? Contact SC&H Group’s State & Local Tax practice and find out if opportunities may exist to reduce your tax liability.