Real Estate Assessment
The Importance of Real Estate Assessment
One of the biggest reasons real estate assessments are important is because a reduction
in your real estate assessment will result in a permanent annual increase to income
and corresponding cash savings. A reduction in your real estate assessment will
permanently reduce your fixed overhead expenses. Real estate taxes are payable regardless
of whether your company is profitable or not. A reduction in your real estate taxes
will lower your break even point. Cash savings can also be generated by obtaining
all applicable abatements, incentives and exemptions.
General Financial and Tax Consulting (GFTC) offers a comprehensive service to assist
companies in lowering the property taxes on their real estate holdings. GFTC has
an experienced team of tax professionals specifically trained to evaluate your real
property tax assessments and, if appropriate, take the steps necessary to reduce
your real estate taxes. Our professionals have years of experience successfully
managing real estate tax liabilities for a very wide range of small, large and complex
properties throughout North America and worldwide. Using our tax payment service
will insure tax payments are made on a timely basis thereby avoiding interest and
penalty charges. As part of our assessment services GFTC will provide you with timely
and accurate reports of your payment and assessment history. This data can help
improve the accuracy of your tax accruals and aid with other financial reporting
How It Works
Our process is designed to be comprehensive, yet flexible, so the specific nuances
of your property and the customs and practices of the locations involved can be
properly accounted for in the most cost efficient manner possible. The steps GFTC
will take to help you reduce your real property tax include:
- On Site Inspections – GFTC will conduct a detailed on-site
inspection of your property. This will enable the professionals at GFTC to learn
as much as possible about your property and obtain the base line information needed
to begin the evaluation process.
- Tax Abatements, Incentives and Exemptions - After becoming
familiar with your property GFTC will review all of your company’s recent and upcoming
expenditures and projects to determine if you would be eligible for any property
tax abatements, incentives or exemptions. If you qualify GFTC will prepare the appropriate
applications and manage the entire process until your benefit is received. If you
request, GFTC will also prepare any follow up reports required by law.
- Review of Assessment Records – GFTC will obtain and
evaluate the assessment records for the property. This will enable GFTC to understand
the basis for your real estate assessment.
- Valuation Review – GFTC will examine the assessed value
of your property, make a determination as to its reasonableness, and provide vital
feedback to you on a timely basis and provide recommendations setting forth the
next steps for your approval. Throughout all steps in the valuation process GFTC
can provide you timely estimates that can be used to prepare your real estate tax
- Informal Negotiations – If a reduction is warranted,
GFTC will initiate discussions with the local Tax Assessor to attempt to reach an
equitable reduction. It is the goal of GFTC to reach an equitable settlement for
clients prior to filing any formal appeals so as to reduce appeal costs and maximize
- Administrative Appeals – If informal negotiations are
unsuccessful GFTC can manage the entire administrative appeal process from start
to finish, with the intent of first preserving all of the taxpayer’s rights and
options from the beginning.
- Judicial Appeal – If litigation is necessary to obtain
an equitable assessment GFTC, with the client’s prior approval, can manage the entire
process for the client. Normally, this would include working with the client to
select the proper attorney and expert witnesses for the litigation team.
- Tax Payments and Assessment History – Finally, if requested,
GFTC can make the tax payments for the client and provide the client with detailed
and timely reports tracking the payment and assessment history of their properties.
GFTC is an authorized user of PTMS software and all of our work will be performed
utilizing this system.
The Benefits of General Financial's Real Estate Assessment Services:
In addition to allowing your company to reduce your personnel expenses or use existing
personnel in other areas, other benefits can be derived from GFTC’s Real Estate
Assessment Services. These include:
- Permanent Annual Reoccurring Cash Savings Through Assessment Reductions
- Reduction In Fixed Overhead Expenses Through Assessment Reductions
- Cash Savings Through Obtaining Tax Abatements, Incentives and Exemptions
- Avoidance of Interest and Penalties
- Timely and Accurate Tax Records and Reports
- More Efficient Use of Company Resources
Contact Us to Get Started
Whether you are ready to get started or have additional questions, the first step
is to contact GFTC. We want to hear your questions and explain how we can work together.
Many of our clients have similar questions and you may be able to benefit from their
experience. Start by visiting our web site at www.genfitax.com.
If you would like additional information, have more questions, or want to discuss
your situation, call us at (800) 733-5252 ext. 7022.