For What It's Worth: The Newsletter of Integrity Tax Consulting
October 2010
Filing the right appeal
Think you want to file a small-claims tax appeal? Think twice. When filing a small claims appeal, you're limited in the amount protested--just $1 million or less in assessed value. You're limited in the amount of time you have to present your case--just 20 minutes. And you're limited in your ability to introduce evidence: Once you've made your presentation to the small-claims court, you cannot bring in any new findings.
If it's a black-and-white issue, filing a Correction of Error (Petition 133) will result in a tax refund.
If it's a subjective item, file a Review of Assessment (Petition 130); 98 percent of those appeals result in success at the informal level in three to six months. Of course, those appeals have to be filed within 45 days of the day your Notice of Assessment is mailed. Watch Integrity's Twitter feed for updates.
From the desk of the CEO
Very few discern the impact we most likely will see on commercial properties in the fourth quarter. I call this scenario "the cliff." It appears that about $5 trillion of the $22 trillion in debt held by financial institutions is due to be paid out in the third quarter. Lenders will demand the notes be paid or refinanced. Thanks to the subprime mess that began in June 2007, values have fallen, and lenders are requiring a greater percent down on properties that have declined. Refinancing is a greater challenge today. And heaven knows what might happen if interest rates begin to migrate north.
As investors fall short, many sectors of our economy will be affected. Companies may see this as a troubling time--and it will be for some. But it is also an opportunity to secure a reduced tax assessment/liability. Integrity is on top of this. We take every measure to keep our clients' property taxes the lowest permitted by law to survive any precipice with a safe landing...and perhaps even to thrive by boosting all-important net operating income.
Meet Integrity
CEO Gregg DuCharme founded Integrity in 1997 at his kitchen table. Today, the company employs 25 and serves clients regionally and nationally. When not growing the business, Gregg enjoys spending time with his children and engaging in competitive matches of golf and volleyball--even wearing cleats for the latter to gain an advantage over his opponents. Gregg is equally competitive and prepared when presenting a case for his clients in the courtroom.
It pays to tell the proof
Some clients have asked why we request proof of their property tax payment when we're processing a refund (Form 17T). Here's why: The majority of Indiana counties use a "lock box" service when receiving property tax payments; it posts payments to the parcel numbers on the tax bill. So to determine the correct party to whom the refund should be issued--the entity that actually paid the bill associated with those parcel numbers--the county requires proof of your payment.
The missing link
We may be numbers people, but we're pretty social, too. So we're reaching out in new ways: Follow us on Twitter at www.twitter.com/integritytax for business news, helpful links, deadline alerts and other tips each day. And connect with us on LinkedIn, where Integrity has a company page as well as individual employee profiles. Don't forget to check out our website for regularly updated resources. Brains and personality--Integrity's got it going on.
