Expertise Beyond the Numbers

Insights Into Economic Obsolescence and Personal Property Tax

When it comes to a business’ personal property tax assessments, one main category that has been capturing the attention of large companies is the concept of economic obsolescence.

Personal property tax is based on the fair market value of an asset and there are multiple methods for reducing the overall personal property tax for assets where obsolescence may exist, but have not been properly assessed.

SC&H Group recently hosted a webinar titled, “Economic Obsolescence for Personal Property Tax,” which offers a comprehensive review of economic obsolescence in the depreciation and valuation of business personal property.

Corinne Krikstan, a Director, and Scott Tyler, a Principal in SC&H Group’s State & Local Tax practice, cover practical applications over theory and outline tactics companies may use to minimize their tax assessments and bills.

Specially, the webinar offers the following:

  • An overview of the various forms of obsolescence relative to personal property tax.
  • Various methods for identifying economic obsolescence.
  • Effective approaches of quantifying economic obsolescence.
  • Optimal strategies to being successful in a property tax appeal when using an economic obsolescence argument.
  • Case studies across various industries.

In addition, Scott recently participated in an SC&H Group
interview where he offers insights into the three overall obsolescence concepts: economic, functional, and physical. Listen to the archived podcast.