Taxable Values Overview
Every year companies must file business personal property returns to the various local taxing authorities where they hold assets. These returns determine the taxable values that those authorities use to calculate your annual business property tax. Most jurisdictions, upon receipt of the return, calculate an assessment or taxable value and generate a notice that they mail to the various businesses. This amount is then applied to the authority’s tax rate to give you your tax amount for the year. It is vital for a business to know and understand how that amount is determined so they are not being over or under assessed on their property taxes. No one wants to overpay if they don’t have to, and I can’t imagine any business would like to be audited and get charged penalties and interest because they weren’t aware that their amounts were being calculated incorrectly.
Receiving Your Assessment Notice