North Carolina County Revaluations in 2020

Saturday, 15 February 2020 11:04

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.

Wake County Revaluation Appeals

Monday, 03 February 2020 11:18

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. 

Manufacturing is at the heart of the American economy. We have always been people who make and build things. Manufacturing jobs have long been coveted by people throughout the nation. For companies in the manufacturing industry, it is vital to make sure you're not cutting into your profits by paying more than you are required on Tax Day. 

Many manufacturing companies go to great lengths to make sure their federal income requirements are met but not exceeded, while they are unwittingly paying more than required for property taxes. In this post, we are providing tips to help manufacturing companies properly reduce their property taxes.

Business owners and managers work hard to make sure their products and services are consistently representative of their high standards. They spend countless hours caring for the needs of employees, supporting customers, and ensuring the wheels of the organization do not fly off. 

As far as you are concerned, state and local business property taxes are probably just a headache you want to go away as quickly as possible. Unfortunately, many companies are paying entirely too much for property taxes due to improper identification of assets and the existence of ghost assets.

In this article, we will discuss business property taxes, asset identification and tagging, and why ghost assets should send a cold shiver down your spine.