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Business Personal Property Consulting

Business Personal Property ConsultingOften misunderstood, this area is of considerable expertise to UPTG. If the taxing authorities do not accept the opinion of value on a property tax rendition, our system provides safeguards which flag us anytime an assessment is above what we rendered. This is the point where, with counsel from the client, UPTG determines whether an appeal is warranted. If we determine an appeal is warranted, we will protest your property values and attend hearings, both informal and formal, on your behalf.

Once an appeal is filed, UPTG contacts the assessor’s office to negotiate the opinion of value stated on the property rendition. UPTG will use the rendition—along with other information provided by the client—to make our argument. Most value disputes are settled at the informal level.

In the event the value dispute is not settled informally, UPTG takes the case to a Board Hearing. After each side presents its evidence, a final assessment is voted on by the Appraisal Review Board.

Furthermore, should we not garner the desired outcome from informal and formal hearings, we are ready, willing and equipped to file binding arbitration or litigation on your behalf in order to maximize the reduction on your BPP accounts. UPTG settles most cases at the informal and formal Board Hearing levels.

If a fair and equitable value cannot be reached, UPTG will consult with the client regarding costs as well as the potential for success in taking this step. Filing binding arbitration or litigation often prompts the assessor to agree to a value prior to engaging outside counsel or arbiters. While it is an option in the State of Texas, binding arbitration and/or litigation is not an option in some states.

FAQs

What is business tangible personal property?

Tangible personal property refers to all of your personal property not otherwise classified as intangible personal property. It is a moveable item that is real but is not permanently affixed to any real property. This includes computer hardware, office furniture, specialized tools and machinery, equipment, and vehicles.

Why do businesses pay personal property tax?

People need to pay their property taxes because these taxes are used to generate revenue for local governments. The funds are used for schools, roads, parks, and police protection. Another purpose of the business personal property tax tax is for equity.

”>How

The amount to be paid for business personal property tax in Texas is based on its market value. For instance, commercial properties in the state are taxed at an average of 60% of their buildings’ actual market value. You must know your property’s value because if the appraised value is wrong, you might pay additional costs instead of reducing your tax. It would be best to consult your property taxes to professionals to get the accurate estimates you need to pay.