Personal property assessments are generally based on the self-reporting of assets to the local tax jurisdiction. Classification of assets is critical to correct reporting and proper taxation. “Ghost” assets, or assets used mainly for air or water pollution abatements, are often incorrectly categorized and reported, leading to higher personal property taxes. Uzelac personal property specialists monitor tax-code changes to keep current with reporting requirements and ensure clients’ assets are properly identified, classified and depreciated for tax purposes.
Our review of personal property includes: