Appraisal Management Research Company works in tandem with you to ensure that you are not being over-assessed and claiming all property tax deductions, exemptions, or incentives. In order to reach this determination, AMRC has a specific process that has been proven time and time again throughout our many years of business. This process varies slightly for the different lines of business that we do a consultation for, but our principle remains the same for each of our clients.

Below we have detailed our different methods of operation for the different types of consulting work that we provide. To find out more about your specific business or industry and how we will professionally execute our assessment, please read below.

Real Property

Please note that there can be some variance from state to state but the following is the general process.

  • Obtain the assessor’s records (public information)
  • Inspect the property
  • Verify all factual information (square feet, height, age, etc.)
  • Note any factual errors in the assessment (might be able to obtain refunds for prior years). If appropriate file a claim for overpayment of taxes for prior years.
  • Note any functional or economic obsolescence and quantify
  • Consider the three approaches to value (cost, income, direct sales comparison)
  • Reconcile the approaches
  • When appropriate file an appeal and as necessary:
  • File and/or negotiate with appropriate assessing official(s)
  • Present case to the county board
  • Present case to state board
Business Personal Property

Please note that there can be some variance from state to state but the following is the general process.

  • Obtain the last filed business personal property return and the backup for the return (fixed asset depreciation schedule).
  • Inspect the machinery and equipment and go through the asset list line by line to determine:
    • If any assets are not taxable
    • If accelerated depreciation can be applied to any assets
    • If all assets are placed in service
    • If any assets are no longer at the site
    • Prepare corrected return and (with approval of client) file amended return or incorporate reporting changes into the next filed return
Real and Business Personal Property Incentives

Beyond the deductions that we can identify within your industry, AMRC will work to locate incentives for your particular business. These incentives can help you save an even greater amount in the long run. Further information about how these incentives might benefit you is available below. For further in-depth information please feel free to contact us.

Business Personal Property Tax Compliance

Often, we begin with a client after we have completed an audit of past filings, which results in appropriate reporting changes that reduce the tax.  Also, we have been called in to assist clients with a state or local business personal property tax audit for a return that they or another have prepared. From this, we have continued with annual compliance for subsequent years. For many companies, we annually complete their business personal property tax return to ensure that they are properly filing, claiming all appropriate exemptions and deductions, and not paying more tax than necessary.

Abatements

This can vary greatly from state to state.

  • Generally, it is best to have abatement in place before real property construction has started and for those states that tax business personal property before new machinery and equipment is delivered to the site. It is best to apply for an abatement well in advance any building permits are requested
  • As part of our property tax consultant service, if we determine that the taxpayer should apply for abatement, we would:
    • Meet with granting officials as early as possible in the abatement process
    • File for the abatement on all appropriate forms
    • Meet and attend hearings with the granting authority
    • Meet all annual compliance guidelines. Often the approval, duration, and compliance of abatements are tied into potential employment and salaries

Enterprise Zones

These can vary greatly from state to state.

In Indiana:

  • Can be retroactive
  • Can last up to 10 years
  • Have annual filing deadlines and compliance
  • Can substantially reduce your property tax if you qualify
  • As part of our property tax consultant service, we check if you qualify and, if so, claim the appropriate deduction

Other

Being on tax committees and networking for many years with government officials and lobbyist for various interests, we strive to stay abreast of incentives that states offer. Some of them go beyond property tax.  If we find one that we believe applies to your operation, we will bring it to your attention.