Starttheprocesstoreduceyourpropertytaxesbyenteringyour propertyaddressbelowandsearchingasstep 1
BusinessPersonalPropertyTax
Yes–thereisNEVERafeeunlesswereduceyourproperty taxes
Simpleon-lineenrollmentinjust2or3minutes
Wedoalltheworkandyoujustshareinthesavings.Wefile theprotestandattendthehearing.Noflatfee;justpayhalf offirstyearpropertytaxsavings
Personalizedconciergeservicesitevisits
O’Connorsavedclientsover$190millionin2024!
WhatIsPersonalProperty?
Businesspersonalpropertyincludestangibleandintangiblepersonalproperty.Realestate,mineralsandtangiblepersonalpropertyaretaxedinmost states.However,nostatecurrentlyappliesapropertytaxtotheintangiblecomponentofpersonalproperty.Somestatessolelytaxintangiblepersonal propertysuchasbonds.
provide information on correct valuation proceduresforpersonalproperty; provide a series of insights into personal propertyapplications;and Evaluatepersonalpropertytaxissues. Valuationofpersonalpropertyhasbecomemore complex during the last fifty years. Consider a company that spent $100,000 to provide
Tangiblepersonalpropertycanbeseen,moved,touchedandfelt.Itdoesnotincluderealestate,orminerals.Ingeneral,it efers to physical objects that have value because of utility It does not include cash, stocks, bonds, contracts, patents, trade secrets, software, business enterprise value, going concern value, business processes and proprietary trainingprograms.
ExamplesofTangiblePersonalProperty
Tangiblebusinesspersonalpropertycanincludehouseholdgoods,automobiles,snowmobiles,boats,luxuryitemssuchas art and jewelry, other types of collectibles, office furniture and equipment, machinery and equipment, inventory, supplies, work in progress (of physical product and not services) and equipment for operating restaurant and services businesses. This is not necessarily a comprehensive list. The three key words to define tangible personal property is that it can be moved,feltandtouched.
Understanding the difference between tangible and intangible personal property is essential to valuing it. Tangible property can be seen, felt, touchedandmoved.Ithasvaluebasedonitsqualityofconstruction,condition,functionalityandsupplyanddemand.However,thetotalvalueand the tangible value are not the same in most cases. Extracting the tangible value from the total cost is challenging for relevant types of personal propertyvaluation.
ChangesinPersonalProperty
In1800itwaslessdifficulttodifferentiatethevalueofthetangibleandintangibleproperty Eightytoninetypercentoftheworkforcewasinvolved inagriculturein1800.Seventy-twopercentofpopulationwasinvolvedinagriculturein1820(NationalInstituteonFoodandAgricultureandUSDA) compared to less than one percent involved in agriculture today Today intangible value is intertwined with tangible value in a manner difficult to separate.
Thinkaboutthechangeinthelastfortyyearssince1977:
1977–FirstApplecomputer
1983–Internetin1.4%ofU.S.households
1990–Cellphoneusereaches50%
1990–Internetin42%ofU.S.households
2015–Internetin75%ofU.S.households
2016–Cellphoneuseover75%
We skipped the following: CB radios, 8 Track players, cassette players, faxes, introduction of email, and the incredible growth in the U.S. productivity from 1985 to 2000 resulting from the introduction of computers.
Personal property appraisal is similar conceptually to valuing real estate. The largest differences are data sources and not the underlying theory of valuation. There are credible ways to develop opinions of value. The next steps to consider in valuation are the purpose of the appraisal,effectivedateoftheappraisal,definitionofmarketvalue,level oftradeandwhetherintangiblesareincluded.