Maximize
your eďŹƒciency with Business Personal Property
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Business
Personal Property Taxes
If you are a business owner who owns a building, land, or property, you will be probably familiar with business property taxes. In any case, you might be liable for paying business personal property taxes in addition to your other taxes.
Why Is
Personal Property Valued? There are a fairly consistent set of reasons people require valuation of business personal property including: Accounting / depreciation Impairment of value Casualty loss Business valuation Business dissolution Divorce Estate taxes Property taxes
Methods For Valuing Personal Property Cost Approach The cost approach is an appropriate valuation method. It is based on the assumption that the cost of a property should be equal to the cost of building a similar property from scratch. Income Approach The income approach is used to value leased property. The income approach simply considers the quantity and quality of the income stream that an asset is expected to deliver. Sales Comparison Approach The sales comparison approach for real estate is based upon the hypothesis that it is possible to generate a credible opinion of value based upon reviewing the sales price of similar properties and making adjustments for the dierences from the subject property.
There are three primary approaches
3 major mistakes in valuing BPP 01
02
03
Using inaccurate depreciation tables
Taxing on intangible personal property
Encouraging property owners to include inappropriate costs
Enroll today in the Business Personal Property program and get to know your potential tax savings
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