What is your business’s property worth? North Carolina state law requires counties to revalue property every eight years; however, some choose to perform valuation more often. Wake County, for instance, has historically done revaluations every four years. For companies in Wake, you have likely received a letter with your new valuation and found it is much higher than you expected. Therefore, your business property tax liability has increased in a time when you are likely doing everything you can to cut costs.
This has been one of the most challenging seasons for businesses and individuals in American history. Many companies were forced to furlough employees as they went on hiatus to comply with stay-at-home orders, while others who were able to remain operational have served fewer clients and struggled to meet goals and projections. With business owners and executives scrambling to figure out how to cut costs and preserve profit margins, it has never been more important to reduce overhead and shed unnecessary expenses.
In this article, we are discussing some of the ways you can lead your business to reduce business property tax spending.
Tax season is well underway for businesses, and Tax Day is approaching in earnest. While business owners and managers scramble to collect mountains of paperwork in preparation for it, the day-to-day challenges of running a company do not pause for you to catch up. At the same time, several counties in North Carolina have announced a revaluation of commercial real estate properties. At Sharon Lyall CPA, we are here to help you with your business property taxes. We can help you navigate revaluations, and if necessary, walk through the appeals process.
Throughout 2020, property revaluation notices are being sent to business owners in numerous counties in North Carolina. Revaluation is how counties determine how much your company’s real property is worth, and therefore, how much property tax you will owe. Companies are often scrambling through the tax season to make sure they cross each “T” and dot each “I”, with revaluation often adding another layer of stress. If you are in one of the counties that are appraising property, such as Wake in central North Carolina, Sharon Lyall CPA can help you make sure you understand all the changes and help you evaluate whether to appeal.
No one wants to pay more in taxes than they should. Nevertheless, when it comes time for businesses to pay their property taxes, they often do, unknowingly, give more than they must. Companies and their CPAs spend most of their time and effort on federal income tax, where they likely have the most expertise. Inevitably, they follow the same income tax rules they know best when reporting and calculating their complicated property taxes.
Lyall CPA has decades of experience helping companies avoid property tax pitfalls. In a previous article, we discussed how to avoid paying more than you owe for real estate property taxes. In this post, we are discussing personal property taxes.