Overview
Our attorneys have advised clients on properties located in all 50 states. Our service offerings include traditional valuation review and litigation of real and personal property tax issues; tax exemption and/or tax incentive structuring, application and maintenance; processing of real property tax payments; assistance with tax accruals; and management of tax notices. In short, our service offerings are scalable to meet the property tax needs of our clients to both manage the property tax expense and planning as well as the administrative burdens associated with property taxes.
Real Property Valuation
Our tax attorneys work closely with appraisers, property managers, engineers and accountants to identify opportunities to help reduce our clients’ property tax burdens. Once an opportunity for savings is identified, our attorneys, in concert with our clients and their advisors, develop the appropriate strategy to pursue the opportunity. Our goal is to ensure that the fair share, and only the fair share, of property taxes are being paid.
On an annual basis, our attorneys work with our clients to identify which properties should be reviewed. Factors to consider involve revaluation cycles by local assessors, new construction, significant changes at a property that could include market changes, decreases in occupancy, decreases in rental rates or government funding sources, casualties such as fire or wind damage or deferred maintenance issues that impact a property’s value. Our process typically involves three stages:
Service Contact
NationwideProperty Tax CoverageOur extensive nationwide experience in real property valuation taxation allows us to provide comprehensive support and proactive management of clients’ full property portfolios.
Personal Property Valuation and Appeal
Most states impose taxes on tangible personal property in addition to real property. Vorys represents clients in tangible personal property tax matters throughout the country. Often designated as personal property or central assessed property, the machinery, equipment and supporting property, and in some instances inventory, used by businesses is subject to complex state and local tax laws and rules resulting in high values and higher tax rates. Our attorneys work with these companies and their accountants to properly identify applicable state and local tax law, meet any required reporting to the state or local assessors and departments of revenue, and obtain exemptions if possible. We also use our knowledge to make sure property is properly classified and not being taxed as both real and tangible property. If resolution cannot be reached with state or local assessors, Vorys will contest a tax valuation when necessary.
Property Tax Exemptions
Our attorneys regularly review real property tax records for all properties owned – or in the process of being acquired – by our clients for possible new or continuing real property tax exemptions. We do this work for clients across the country. We specifically review property descriptions and use new construction detail, property records and pertinent legal authorities to determine eligibility for property tax exemptions.
We then prepare and file applications for property tax exemptions with the appropriate local/state agency, and respond to any requests from such agency regarding these applications. Where an appeal from the local/state agency becomes necessary, Vorys prepares the appeal and represents our clients before the reviewing board or court.
Property Tax Counsel During Acquisition / Development
When companies acquire real estate holdings, it is paramount to undergo the proper due diligence regarding the tax implications that exist. Vorys regularly helps clients evaluate properties prior to acquiring them to provide budgeting and underwriting advice. Our attorneys review and evaluate properties to identify overvalued parcels and estimate potential cost savings that may exist or identify and estimate potential exposure to increased property taxes as a result of the anticipated acquisition. Where such exposure exists, Vorys assists in identifying and evaluating potential steps to mitigate risk.
For projects under development or in the planning stages, Vorys assists clients in developing real property tax budgets, managing assessments of incomplete improvements, and managing initial assessments once complete. Where assessors rely upon cost data for their assessments, Vorys ensures proper information is reported to avoid excessive assessments based upon inaccurate data.
Property Tax Payment Services
Property taxes are often the largest non-productive expense incurred by property owners. Assessment and property tax notices are different than most accounts payable and require a professional understanding of the process. The collection, review and payment of property tax bills add additional administrative burdens on property owners. Vorys can collect property tax bills and notices and make payments on your behalf. We streamline the process, helping you save time and money. With Vorys handling your tax payments, you will simultaneously benefit from a number of efficiencies and improved property valuation services. These can lead to a decreased tax burden, more accurate budgeting, and additional time for internal staff to focus on higher priority endeavors. Our comprehensive service is designed to save you money.
"Invaluable Memberof our Team.”We partner with our clients to conduct management and oversight of their properties across the country. See what our clients have to say about how we support them in this area.
Subscribe toThe EvaluatorAt Vorys, we are constantly educating ourselves on the changing real property tax environment. It's our job to stay on top of these changes so you don't have to. We created a quarterly publication, The Evaluator, to provide the relevant information that you need in this area, including summaries of statutory and regulatory adjustments.
