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Case Studies:  Tax Minimization & Recovery
Business Personal Property Tax

Tax Appeal and Negotiation Helps Medical Laboratory Save Over $80,000

Industry:  Laboratory
Client Profile:  Medical Laboratory

The Challenge
A Medical Laboratory hired a tax consulting firm to manage the business personal property process for the company. The tax consulting firm was responsible for filing the company’s tax return, verifying the accuracy of the valuation notice, representing the company during the appeal process, and approving all tax bills. The tax consulting firm filed the tax return in a timely manner and later verified and approved the valuation notice. The tax consulting firm informed the company the later assessed value placed on the company’s assets and inventory was accurate and that filing an appeal of the assessed value was not necessary. Wanting to gain a second opinion the company asked OSG to review its current tax return and accounting records.

The Solution
OSG determined that the tax consulting firm had failed to recognize several areas of potential value reduction on behalf of its client. OSG filed a property tax appeal and began informal value negotiations with the assessors’ office. Based upon on industry experience and relationship with the assessors’ office, OSG was able to reduce the company’s assessed value by reclassifying and accelerating the depreciation categories assigned to the company’s fixed assets.

The Results
OSG reduced the company’s original tax liability by 23%, a savings of over $80,000.

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