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Don't Let Ghost Computer Assets Haunt Your Company
Many companies are over paying their business personal
property taxes. That's because they're paying tax on
computer hardware and software that is not fully
utilized. For example, analysts estimate 8-10% of all
servers in large corporations may have no identifiable
function.
Since property taxes can carry a residual value as high
as 30% of the original cost, it's apparent that the
removal of ghost assets is an important tax-saving
strategy.
This month we share how you can identify the problem.
Next month we will discuss in depth what you can do
eliminate or at least minimize paying taxes on ghost
assets.
Get the full story
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Illinois - Higher Taxes for Cook County Businesses
The Illinois General Assembly voted to extend a property
tax cap for Cook County homeowners for the next three
years. The governor is pushing to make the residential
tax cap permanent and may call a special session before
the end of the year.
Either way, it's a win for homeowners at the expense of
commercial and industrial taxpayers, who pay higher
rates and get no tax cap relief.
Get the full story
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Maryland May Tax Commercial
Real Estate Sales
Gov. Martin O'Malley is pushing for a new law that would
require commercial property owners to pay additional
taxes following a sale.
Maryland law currently allows commercial buildings or
real estate to be transferred into a limited liability
company (LLC). These deals are not subject to
recordation or transfer taxes. Gov. O'Malley wants the
exemption removed to help balance the state's budget.
Get the full story
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North Texas Commercial Foreclosures
on the Rise
Along with higher residential foreclosure rates,
foreclosures on North Texas commercial properties hit
their highest level in 13 years.
In the midst of rising foreclosures, the income approach
to value with higher cap rates applied to the income
stream can be a successful appeal strategy.
Get the full story
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Valuing Complex Properties is
No Simple Task
Assessors rely heavily on the cost approach to value
complex industrial properties. This presents problems
when depreciation, obsolescence and other variables are
not properly factored in.
Because the cost approach only looks at past investment,
it can't accurately account for current fair market
value. It's up to owners and their representatives to
document the unique characteristics of industrial plants
in order to successfully challenge overstated
assessments.
Get the full story
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Wisconsin Tightens Pollution Control Exemptions
Wisconsin is tightening personal property tax exemptions
for pollution control equipment. Under a new law, fewer
properties will qualify as waste treatment facilities.
As tax exemptions are restricted or eliminated, it is
crucial for manufacturers to take full advantage of all
remaining tax breaks available.
Get the full story
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November 2007
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Most Business-Friendly
States for 2008
The nonpartisan Tax Foundation is releasing its 2008
State Business Tax Climate Index.
The Index ranks states based
on the taxes that matter most
to businesses:
- Property tax
- Sales tax
- Corporate tax
- Individual income tax
- Unemployment tax
Property taxes are important
to companies because they represent a substantial cost
of doing business. With increasing property valuations,
businesses are paying higher and higher
tax bills, regardless of profits.
According to the Foundation,
the top 5 most business-friendly states are:
- Wyoming
- South Dakota
- Nevada
- Alaska
- Florida
The bottom 5, or least
business-friendly states, are:
- Ohio
- California
- New York
- New Jersey
- Rhode Island
The full report is available at
http://www.taxfoundation.org
/files/bp57.pdf
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Have you
considered . . .
Increase Your Cash Flow with Cost Segregation
If you have
recently constructed, purchased or renovated a property,
you may be missing out on a very taxpayer friendly tool
that allows you to defer some Federal income taxes
through a service known as cost segregation.
POER's Cost Segregation service webpage is a
great resource for becoming more familiar with this
valuable service.
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