Property tax management & compliance
Property tax management & compliance
Get peace of mind with ongoing management of your portfolio’s property tax liabilities
Finding the time and resources to stay on top of property tax assessment legislation in each jurisdiction you operate while managing a myriad of tax bills can be challenging. Local and provincial governments continuously update tax policy through legislation, regulation and municipal by-laws. Operating in multiple jurisdictions increases your risk of non-compliance, which may result in additional costs or loss of potential tax savings opportunities.
Our access to national data and knowledge of the property assessment and tax legislation in each jurisdiction ensures you remain compliant where you own or lease property. Through our tax management services, we work closely with you to minimize risks, identify errors and pinpoint areas of concern to help predict and manage your property taxes. This will ensure your compliance with legislated requirements including assessment authority requests for information.
Optimize your bid with proper tax due diligence
Real estate transactions can significantly impact the tax burden of a property. Changes in use, sale price, demolition and construction can all impact the assessed value, classification and ultimately property tax payable.
Comprehensive tax due diligence should be performed for every asset or site purchase to provide greater certainty and mitigate risks that may be assumed during a purchase.
During the acquisition stage, we will:
- Review current property tax assessments
- Evaluate any outstanding appeals
- Ensure future assessment appeal rights are not compromised by the vendors’ inadequate or non-compliance with assessment authority information requests
- Review and analyze property tax recoveries to identify landlord shortfalls and errors in tax clauses, non-compliance issues, tax bill errors and grounds for assessment or tax appeals
- Identify potential risks or exposure to fluctuations in past, current or future years’ tax liability
- Verify tax classifications
- Provide accurate and detailed tax forecasts for pro forma financial modeling
Uncover opportunities for tax savings
Each stage of the development cycle should be closely monitored to ensure access to all available levies and grants. Altus consultants will provide tax forecasts which account for future phase-in programs, as well as anticipated municipal and school board budgetary requirements.
It is important to stay vigilant of legislative and municipal changes and to meet critical deadlines for providing information to the assessment authority.
During the development stage, we will:
- Project estimated taxes due to changes in value & tax classification
- Provide tax forecasts for development budgets and leasing
- Evaluate available levies and grants
- Anticipate future assessment and tax policy changes
Increase operational efficiency and minimize risk
Whether owning or managing property for the short or long term, proper oversight of realty tax obligations and recoveries minimizes the risk of tax shortfalls and maximizes opportunities for tax savings.
We can assist with ongoing tax management tasks for your operation, including:
- Tax bill payment processing
- Tenant tax allocations and recovery
- Third party opinions to facilitate landlord/tenant disputes
- Fulfillment of all compliance deadlines
- Detailed, reasoned forecasts for property tax budget and leasing needs
- Proactive planning for legislated reassessment cycles and mid-year supplementary assessments
Enhance value for resale
Well-managed taxes enhance the value of your asset. Protect your rights to ongoing appeals and/or outstanding refunds.
When selling property, we can provide advice on how the status of appeals and timing of refunds should be addressed in closing documents, then assuring that you protect your rights to ongoing appeals and/or outstanding refunds.
If repositioning assets, manage the risk of tax recovery shortfalls by establishing optimal tax recovery clauses for new developments.
Take advantage of our in-house services by leveraging one of our technical tax experts to manage your portfolio’s property taxes from within your office. An in-house tax professional saves you time in dealing with property assessment and taxation issues and increases your efficiency by allowing your accounting or lease administration staff to focus on other critical business operations. An in-house consultant has access to our extensive data and regional experts, enabling your operations to run seamlessly and ensuring compliance with jurisdictional requirements.
Tenant tax allocations
Take advantage of our comprehensive lease review and tax allocation audit. We will confirm that allocations are conducted in accordance with lease terms, current legislation and the most recent court decisions, thus managing risk and increasing recovery rates. Our services include:
- Reviewing leases to determine appropriate tax allocation methodology
- Preparing and/or auditing allocation schedules for multi-tenant properties
- Advising on the optimal structure of tax clauses to reduce risk of recovery shortfalls and maximize recovery
- Managing landlord/tenant tax allocation disputes
Tax bill payment processing
Don’t risk a missed or late payment. We can manage your property taxes, including all administration and payment, through our customized database. We will ensure all tax bills are received, verified and processed for payment on time, avoiding costly penalties.
Contact a qualified expert
Our multi-disciplinary team of professionals brings a wealth of industry experience and unparalleled data-driven insights, providing the clarity you need to make informed decisions.
Changes to Alberta Assessment and Tax: Regulated Industrial Property Assessment Minister’s Guidelines
Jun 26, 2017
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