The Michigan State Tax Commission (STC) has introduced new personal property multiplier tables for certain automotive manufacturing equipment that yield much lower values when compared to the previous tables (Section B of form L-4175) for these assets. Historically, the Michigan business personal property tax filing form classified all manufacturing equipment, regardless of industry, ownership or type of equipment, using the same one-size-fits-all STC Personal Property Multiplier Tables.
Duff & Phelps' Jerry Schwartzman and Gregory Burkart published in The Bankruptcy Strategist.
Duff & Phelps reduced a client's property tax liability even as the taxable
basis increased.
Duff & Phelps helped a power generation client with Texas property value negotiations, saving over $6 million in current year property taxes.
The increase in commercial property values in Colorado since the last valuation cycle will cause most commercial property assessments in the state to increase substantially when compared with those for 2008. This increase will be driven primarily by the real estate reassessments being issued by Colorado County Assessors on May 1, 2009.
Read the cover article of Valuation Insights Q2 to learn more about maximizing cash flows from long-lived asset impairments.
In this economic environment, more and more companies are recognizing asset impairments, including those pursuant to SFAS 144-Accounting for the Impairment or Disposal of Long-Lived Assets.