Advanced Property Tax Compliance Services
Advancedflexibility to create a program to meet your unique needs. Listed below is a summary explanation of the service process.
- Import fixed asset data quarterly and utilize proprietary software to determine assessable assets and assessed values. We can except files created from any lease management software or in any standard e-file format.
- Record each asset individually within our software. All pertinent property tax information for each asset is maintained as well as any user defined fields. The capability to track data within the proprietary software is unlimited.
- Review each asset to determine the taxability, correct jurisdiction, and correct depreciation classification based on the asset description from the data files and through discussions with Lessor.
- Prepare, notarize, and file all personal property tax returns in all jurisdictions that require a return. Returns will be filed on-time or Advanced Property Tax Compliance will be responsible for any penalty or interest required due to late filing.
- Discuss returns and assessments with assessors as necessary. With each return filed, a notification will be sent to the assessing jurisdictions to verify receipt of the return and to change the billing address so tax bills are sent directly to Advanced Property Tax Compliance.
- Request and review assessment notices and tax bills for accuracy, current tax rates, and reconcile each asset's assessed value as filed against the value represented on the tax bill(s). Protests are filed to correct assessed values. Once reconciled, each asset will be assigned an individual taxable amount with the corresponding tax bill(s) numbers.
- Advanced Property Tax Compliance offers multiple options when it comes to the payment of tax bills. The option that is right for your firm will be based on your firm's cash flow, corporate policies, and operational requirements. Advanced Property Tax Compliance does pay tax bills directly for Lessors out of a satellite checking account as one option.
- Reconcile the taxes paid monthly using bank statements. Advanced Property Tax Compliance calls all treasurers where checks are over thirty days outstanding to resolve lost or misplaced check problems.
- Provide electronic property tax billing files to Lessor that can be imported directly into Lessor's lease management software, or in Microsoft Excel format for the purpose of invoicing Lessees for property taxes. If internal billing process is not utilized, Advanced Property Tax Compliance can create PDF invoice files with Lessor's logo that can be sent directly to Lessees.
- Compute administration fees per asset or lease of any variety as directed by Lessor, and include such fees in the billing files or invoices.
- Identify which states require sales tax on property taxes and either include an indicator in the billing file or compute the sales tax amounts using monthly updates.
- Provide billing files when funds are requested or before taxes are due. Billing files can be actual taxes due or estimates based on historical data. Quarterly or annual files are created to assist in comparing to actual taxes to billed estimates.
- Provide on-line access to Advanced Property Tax Compliance proprietary software via a web portal so Lessor's personnel can view asset information and print property tax specific reports to aid in the reimbursement of property taxes from Lessees.
- Provide training to Lessor's personnel so they can understand how to use the software on-line and print reports.
- Provide standard printed reports on a timely basis. Advanced Property Tax Compliance can develop files and reports that are unique each Lessor.
- Represent Lessor in audits with assessing personnel as necessary until conclusion, including the review and/or preparation of worksheets requested by the taxing jurisdictions.