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In the following podcast interview, Pat Broome, discusses personal property and retailers – specifically when it comes to furniture and fixture valuations.

Consumer trends and the rise of e-commerce have dramatically changed the retail landscape.  The days of bigger is better, where stores looked to pack as many unique SKUs into one location, are over.  Smart consumers price shop constantly, which has led to lower margins and a vast number of store closures.  The supply of used store fixtures on the secondary market vastly outweighs the demand.

As a result, the economic value of the furniture and fixtures used to sell in store merchandise has decreased dramatically. The typical personal property assessor’s valuation methodology has not changed for decades and only accounts for physical wear and tear depreciation and ignores the loss in value due to outside factors, otherwise known as economic obsolescence.

Retailers need to develop the right personal property tax strategies for dealing with this economic obsolescence, which can ultimately lower their tax burden.  Altus Group can provide the insights and guidance that retailers need to help effectively manage the valuation process for furniture and fixtures.

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Patrick BroomeBroomebu-state-local-tax personal-property-tax-consultingpersonal-property-tax-commercial-real-estatepersonal-property-taxpersonal-property-tax-compliance-2hunt-valley

Vice President, Property Tax

Last updated on September 4th, 2019 at 04:34 pm

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