Personal Property Tax & Personal Property Assessments

In most states, taxpayers are required to report or render their personal property tax each year to the local assessment authorities. In some cases, penalties are severe for late filings or non-compliance. Audits are being conducted more frequently by the taxing authorities. These actions result in higher taxes and costs to the taxpayers.

Compliance:   Caruthers Group, LLC offers a compliance program whereby the taxpayers/client accounts are analyzed and the proper amounts are reported timely to the taxing authorities.  This is a very important tax saving function usually performed at low cost to the client. 

Reverse Audits:  A reverse audit is an audit not performed by the governmental agencies, but by the taxpayer in order to determine if property is properly reported and taxed and whether some property is taxed which is not taxable. 

It may well serve the taxpayer to have Caruthers Group, LLC perform an audit of  the personal property accounts.  We are very frequently able to locate items which should not be taxed at all.  The governments’ depreciation allowances are also deficient for certain types of properties.  There are numerous other methods we employ in an audit to discover large tax savings in tangible personal property.   We use the information gained from the audit to negotiate with the local taxing authorities and then, for assessment and tax appeals if necessary.

Personal Property Tax Appeals:  We offer the client expert assistance in appeals of personal property assessments and taxes.  Oftentimes, there is no other solution than an appeal and skilled expertise is vitally needed.  We have been successful many times in achieving huge tax savings from appeals for our clients.

Personl property taxes assessed to movable property not permanently affixed to the real estate consisting typically of furniture, fixtures, and equipment and sometimes intangible property and inventories.