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Reducing Operating Costs - property tax management
The document outlines strategies for managing property tax to reduce operating costs, emphasizing the importance of a proactive approach in property assessment and taxation. It details key steps and services provided by Altus Group, including site inspections, cost allocation reviews, and assessment appeal services. The aim is to ensure accurate property valuations and optimize tax-related expenses.
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Reducing Operating Costs - property tax management
- 1. Property Tax Management ReducingOperating Cost P R O P E R T Y T A X C O N S U LT I N G 1.403.508.7770 Energy@altusgroup.com www.altusgroup.com 2020 4th Street SW, Suite 310, Calgary, AB T2S 1W3 Canada Proactive Reporting: Detailed site inspection of facilities Review of cost allocations between “Building & Structures”, “Machinery & Equipment”, and “Linear” properties Determine extent of net assessable costs associated with expansions and modifications on facility cost valuation Verify extent of retired equipment that has been removed from operation Confirm if appropriate non-assessable allowances were applied in the valuation Re-reporting of existing site improvements where applicable, in accordance with methodologies outlined in the Construction Cost Reporting Guide and reporting on any assessment related concerns based on our valuation Ascertain if any forms of obsolescence exist and to what extent Research and justify the application of the experimental allowance Establish final assessment value based on the applicable assessment methodology Proactive approach with assessing authorities Property tax is a significant operating cost payable on an annual basis as long as you own the property. The management of your property assessment is crucial in keeping operating costs low. You can do this by taking a proactive approach to property assessment & taxation review. We have provided some key steps you can take to reduce your operating cost. Where necessary, the following appeals are filed and pursued: Linear (wells/pipelines), industrial sites/facilities, or commercial (realty/business) assessments Altus Group provides full assessment appeal services Assessment Contestation (Appeal): Our complimentary services: Lunch ‘n’ Learns: Property Tax 101 Property Assessment & Taxation Estimates Other Resourceful Property Tax Documentation