Leveraging Commercial Property Taxes As A Strategic Advantage
CFOs — especially those in industries that are vulnerable to shifts in the economy such as printing, steel, plastics, food and beverage, and manufacturers — are particularly sensitive to the risks associated with changing overall market conditions.
Many experts contend that the 10-year run of relatively stable economic growth is overdue for a correction. “There will be a recession because there has to be,” Robert Alessandrini, finance chief at IT staffing and consulting firm The Judge Group, recently told CFO.com.
While the arc of the next recession is difficult to predict, forward-looking finance chiefs are formulating plans to navigate their companies through the next economic downturn. This means shoring up balance sheets and shaving costs, all while continuing to fund strategic growth initiatives. Companies that have a comprehensive and agile strategy that considers all the different economic scenarios will be best positioned to thrive.
Commercial property tax management is a key variable in a company’s strategic plan that often goes unexplored. While commercial property tax does not get a lot of coverage in business school or CPA curriculum, it is a cost that worries many senior finance executives, and with good reason. Commercial property taxes can account for as much as 40 percent of all state and local taxes that a company pays.
Often when a tax bill comes in, finance and tax leaders simply pay it without realizing that they have options to potentially reduce their bill. By implementing a long-term strategic property tax management plan, CFOs and VPs of tax can proactively reduce operating costs, accurately budget for property tax payments, and uncover opportunities for tax savings.
This eBook examines how to:
- Manage risk and find opportunities for commercial property tax savings in uncertain times
- Lay the groundwork for a commercial property tax strategy
- Implement a proactive commercial property tax management plan
Download now to learn more!