by Karen Stern
Property taxes can be a significant operating expense for a business. 2019 is a reassessment year in Missouri, and that could mean a potential increase in your tax liability.
However, not all reassessments are accurate. You may need a property tax specialist to analyze your assessed value for potential savings. Conducting a property tax review can help minimize your tax burden.
Here are some things to consider as you plan for 2019:
- Notices of value are mailed in early spring. They are time-sensitive and should be reviewed immediately.
- Deadlines to appeal are generally in June or July.
- The assessment should be based on true market value — what a willing buyer or seller would consider — and you should be provided equal treatment under the law.
- A review is especially important if you have made a significant change to the property, such as new construction or an expansion.
- Even if the property has not physically changed in the last two years, shifts in the market could mean a review is prudent.
- A review of the property characteristics will often identify savings opportunities.
Business personal property tax assessments should also be reviewed annually. Personal property is self-reported, but a reconciliation of your fixed assets to what has been filed or self-reported could reveal additional tax savings.
To learn more about real estate taxes and business personal property taxes in Missouri or other states, contact Jenna Kerwood, partner and Property Tax Services practice leader at Brown Smith Wallace, at jkerwood@bswllc.com or Karen Stern, partner in charge of the Entrepreneurial Services Group at Brown Smith Wallace, at kstern@bswllc.com.
Karen Stern, CPA, (kstern@bswllc.com), partner in charge, Brown Smith Wallace Entrepreneurial Services Group, provides tax and accounting services for companies ranging from start-ups to $20 million in revenue.
Submitted 5 years 299 days ago