Many companies may not recognize property tax as a controllable cost that impacts the bottom line. If not addressed properly, this can often lead to missed savings opportunities, including allowable deductions and exemptions. GTM provides property tax outsourcing and advisory services to ensure that companies are filing correctly and taking advantage of allowable savings opportunities. Our services include property tax compliance, valuation review and appeals, audit support, and fixed asset and reclassification reviews.
Property Tax Compliance
Lighten the burden of property tax compliance using our proprietary process and controls. Our team of skilled property tax professionals help clients streamline the property tax compliance process with the initial setting up of files, preparing a tax calendar, conducting data analysis, preparing and filing renditions, reviewing and verifying value notices, reconciling tax liabilities as reflected on valuation notices and subsequent bills, and processing tax bills for payment as authorized.
GTM automates the property tax compliance process using industry-leading software and proprietary tax technology automation tools. Pertinent data including renditions and supporting documentation is archived on GTM’s secure web portal and made accessible to our clients.
Valuation Review / Appeal Services
GTM collects and performs analysis to tie out personal and real property tax value notices to rendered or expected values. In addition, GTM evaluates the impact of both internal and external events that may impact the values of the taxable assets subject to property tax and pursues those opportunities for an appeal decision. As authorized, valuation review and appeals services may include assessment appeals, discussions, negotiations, informal or formal appeal hearings, or other meetings with taxing jurisdictions or their authorized representatives. GTM typically uses a proactive approach to meet informally with taxing jurisdictions to negotiate equitable assessments early in the assessment process. This often avoids the need for formal, and often more costly, tax appeals.
Audit Support
As authorized, GTM represents clients during formal or desk audits that may be conducted by taxing jurisdictions or third-party auditors. GTM coordinates the exchange of information with the auditor and performs associated services including challenging audit assessments as appropriate.
Fixed Asset & Reclassifcation Reviews
GTM performs fixed asset reviews to identify and quantify ghost assets, exempt assets, mis-classified assets (real or personal), assets that have shorter useful lives, non-value added assets, capitalized repairs, or other non-taxable assets for its clients. These studies document the basis for pursuing adjustments for our clients and have often yielded significant savings.
General Consulting
There may be specific property tax triggering events that impact values of taxable assets for particular industries and company-specific properties. These include mergers, acquisitions and dispositions, asset impairments, regulatory developments, competitive market place developments, tax legislation and other external factors in play. GTM has experience and proprietary ideas of how to address these impacts from a property tax standpoint. In these situations, GTM provides guidance around best practices, acquisitions, pre-rendition data analysis, and other issues that require a depth of property tax technical knowledge.