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SERVICES
 Benefits Of Using Valu Tec
- We employ experienced industry professionals. Our staff is experienced in informal negotiations and the appeals process.
- Our work is completed in a timely and friendly manner.
- We follow up to ensure compliance with all state and local requirements.
- We are available to answer any questions that you or your staff may have.
How does Valu Tec Find Tax Reductions?
Real Property Services
Personal Property Services
Abatements
Pollution Control Exemptions
Fixed Asset Inventories
Advantages to Having an Asset Inventory Completed
How does Valu Tec Find Tax Reductions?
There are several common pitfalls that can contribute to overstated tax liability. Here are just a few of the things Valu Tec looks for that could potentially cause overpayment of taxes:
- Personal vs. Real - If a company owns the real estate where they conduct their business, we verify that there are no duplications on the Assessor's Property Record Card. Common problem areas include fixtures, refrigeration equipment, electrical fixtures, truck dock plates, and bases for heavy duty machinery or equipment. We verify that the item is listed in the real property or personal property record, but not both.
- Construction in Progress - When a company constructs a new facility or undergoes other related projects, certain project costs do not add value to the assets under construction. Assessors commonly use the Cost Approach To “Value”. After a thorough evaluation and review, it is often evident that COST does not equal VALUE.
- Intangible Assets - Several items are intangible in nature but reflect value for financial purposes. Typical examples include: copyrights, trademarks, patents, customer lists, and computer software.
- Ghost Assets - These assets no longer physically exist, but continue to be depreciated and over-inflate taxes.
- Permanently Idled or Retired Assets - Changes in the specific industry a company is involved in or rapidly advancing technology may cause certain assets to become unused. Once an asset reaches this point, obsolescence in all forms can be analyzed to find potential tax reductions on this asset.
Real Property Services
Valu Tec’s assessors appraise real property owned or leased by the client. The appraisal is then compared to the ad valorem assessment of the subject property. When the property is over-assessed, Valu Tec conducts an informal or formal appeal of the tax assessment to the property taxing authority. Where appropriate, Valu Tec can also file for refunds of overpaid real estate taxes, and/or request corrections to the assessor's property record cards. Real property tax assessments are reviewed annually and updated as needed.
Personal Property Services
Valu Tec appraisers inspect and review the personal property as inventoried on the Client’s fixed asset listing. The analysis includes verification of the assets’ continued productive use, and the proper scheduling for ad valorem taxation. Valu Tec prepares a list of recommendations, if any, for the correction or amendment of the Client’s tax filing and fixed asset listing for past, present and future filings.
Abatements
True benefit from the abatement process can be optimized by a thorough analysis of project valuation. The abated assessment should reflect the increase in actual value, not gross expenditures. This review can potentially lower the tax basis, thus resulting in a substantially reduced tax liability.
The abatement plan distinguishes qualified or non-qualified assets for abatement. Valu Tec completes all required filings, including the necessary forms for the establishment of an abatement zone (where applicable). Valu Tec attends all required meetings of the local taxing authority to present the abatement application, and files all appropriate responses. Valu Tec also monitors and prepares the annual continuation of the tax abatement.
Pollution Control Exemptions
Many states, including Michigan and Indiana, offer tax real and personal property tax exemptions for pollution control equipment. These exemptions can result in substantial long-term tax savings for businesses. Valu Tec can complete the pollution control exemption application process for your company, and oversee its application process until the exemption is in effect.
Fixed Asset Inventory
Fixed asset listings are critical for the optimization of personal property ad valorem taxation. Valu Tec performs fixed asset inventories, which includes asset identification, tagging, and constructing a fixed asset listing. Valu Tec also reviews older fixed asset listings to ensure the assets are properly identified and reported.
Advantages to Having an Asset Inventory Completed
- Reduces personal property taxes by eliminating "ghost" assets and by properly classifying idle and obsolete equipment
- Provides sound basis for annual preparation of the client's personal property returns with supporting documentation
- Structures appropriate identification system and tags for the client's use upon acquisition of new fixed assets
- Provides Sarbanes-Oxley (SOX) compliance
- Facilitates the tracking and transferring of fixed assets between sister facilities
- Enables accurate estate planning or succession planning for a closely held company
- Assists in bankruptcy or company reorganization
- May be required to obtain bank loans or insurance quotations
- Facilitates the purchasing or selling of fixed assets
- Provides for the peace of mind from knowing if it is on your fixed asset listing, it is in your facility
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