Learn about the solutions available to owners of business personal property (BPP) to avoid gross over-assessment.
Business personal property is routinely valued at 150 to 200% of fair market value, with the exception of inventory and vehicles. Inaccurate appraisal district straight-line depreciation schedules and inclusion of intangible personal property (which is not taxable) are the primary causes of gross over-assessment. Learn about the solutions available to owners of business personal property (BPP). These solutions will include rendering based on market value instead of rendering cost (as allowed by state law), excluding the value of the intangible personal property, and appealing excessive assessments using market value evidence.
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Agenda
Types of Property
- Real
- Personal Property
- Intangible Personal Property
Options to Render
- Cost/Year of Acquisition
- Opinion of Value
- No Rendition
How Assessors Value
- Prefer to Start With Cost and Year of Acquisition by Property Type
- Use Straight-Line Depreciation
- Don't Consider Obsolescence
Problem With Assessor Valuation
- BPP Is Grossly Over-Valued by Straight-Line Depreciation
- Does Not Consider Market Value
- Does Not Consider Intangible Personal Property Embedded in Personal Property
- Often Values Ghost Property
- Overstates Value Throughout Ownership Period
Recommended Approach
- Render Opinion of Value If Possible
- Exclude the Value of Intangible Personal Property
- If Not Possible to Render Opinion of Value, Appeal If the Assessed Value Is Excessive
- Continue the Appeal After the Administrative Hearings If the Value Is Excessive
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Credits
OnDemand Course
This course was last revised on July 20, 2022.
Call 1-866-352-9540 for further credit information.
- AR CLE 1.0
- This course has been approved for 1.0 hours of CLE by the Arkansas CLE Board.
- Arizona CLE 1.0
- The Arizona State Bar does not pre-approve or pre-certify MCLE programs. However, records of this program and attendance will be maintained by Lorman Education Services for auditing purposes. This activity may qualify for up to 1.0 hours toward your annual CLE requirement for the State Bar of Arizona.
- CA MCLE 1.0
- Lorman Education Services is a State Bar of California approved MCLE sponsor and this course qualifies for 1.0 CLE hours of participatory credit.
- CT CLE 1.0
- Neither the Connecticut Judicial Branch nor the Commission on Minimum Continuing Legal Education approve or accredit CLE providers or activities. This course has been approved for CLE credit in jurisdictions aside from CT and therefore it automatically meets the content and delivery requirements in Connecticut. Credit is based on a 60 minute credit hour and shall be awarded as follows: 1.0 CLE credit(s).
- GA CLE 1.0
- This program has been approved by the Georgia Commission on Continuing Lawyer Competency for 1.0 CLE hours.
- MO CLE 1.3
- This course qualifies for self-study CLE credit in Missouri.
- NH MCLE 1.1
- NH MCLE does not approve or accredit CLE activities for the NH Minimum CLE requirement. Lorman Education Services believes this Ondemand course meets the requirement of NH Supreme Court Rule 53 and may qualify for CLE credit(s). Program Length: 65 Minutes.
- NV CLE 1.0
- This program has been approved by the Nevada Board of Continuing Legal Education for 1.0 CLE hours.
- RI CLE 1.0
- This program has been approved by the Rhode Island Mandatory Continuing Legal Education Commission for 1.0 hours of CLE credit.
- VT CLE 1.0
- This self-study program has been approved by the Mandatory Continuing Legal Education Board of Vermont for 1.0 hour(s) of CLE credit. Please note: Attorneys may only claim 12 credits per compliance period in this format. This course is considered "Non-Moderated Programming without Interactivity".
To earn each credit Lorman offers through the OnDemand learning platform, you need to watch 100% of the program. Also, for certain credits you will need to fulfill additional requirements which will be displayed on the "credits" tab when viewing the course.
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
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Credit
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Faculty
Patrick O'Connor
O'Connor Tax Reduction Experts
- President/Owner
- O’Connor is among the largest property tax consulting firms in the United States, with areas of expertise including commercial and residential property tax, business personal property tax, cost segregation, as well as commercial and residential real estate appraisals
- Author of What You Need to Know about Personal Property Valuation
- MAI designated by the Appraisal Institute
- M.B.A. degree, Harvard University
- Can be contacted at [email protected] or 713-375-4215
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
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- State Specific Credit Tracker
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