Your year-end property tax checklist

As we approach the end of the year, our minds are often occupied with holiday events and New Year’s celebrations. But if you own a business, you may also be scrambling to handle preparations for filing property taxes in the year ahead.

While tax time is often stressful for businesses, with a little planning, you can make sure nothing slips through the cracks and your deadlines aren’t missed. Here’s what to add to your year-end property tax checklist. 

The surest way to avoid tax penalties is to know exactly when your taxes are due. With property taxes, all states — and in many cases, local jurisdictions — have their own set of due dates for personal property tax returns, appeals, and tax bills. If you have businesses in multiple states or jurisdictions, property taxes can be a year-round issue. 

No one wants to receive an enormous property tax bill (or several bills). But having an estimate of what you’ll owe can help you plan accordingly. As you create your budget for the year to come, plan to set aside a portion for your property taxes so your business won’t struggle.

Filling out the proper up-to-date forms is essential, as is using accurate depreciation schedules for your assets. Property tax paperwork is stressful enough on its own, so you’ll want to take the time to do your research before you begin.

Property tax laws change from time to time, both in individual states and on a local level. Some changes may make your tax filing processes easier, while others may complicate them. State (and jurisdiction) laws are particularly relevant to property taxes. 

Staying up to date on all the tax laws will come in handy if you ever need to file an appeal. Fortunately, having good property tax software can take the guesswork out of this step. 

As tax bill after tax bill arrives in the mail and your forms start to pile up, it may become apparent that you need a system for the property tax process. Putting automation in place can help eliminate any potential property tax headaches, such as:

• Missed deadlines
• Late fees
• Filling out incorrect forms
• Missing new tax laws that could be beneficial
• Keeping up with depreciation schedules for your property
• Staying on top of each jurisdiction’s regulations

Avalara has officially entered the world of property taxes, and Avalara Property Tax for Enterprise simplifies both real and personal property tax management in one secure hub. By solving your most common tax compliance challenges, you can focus on your business and leave the deadlines and due dates to our automated system. Make this the year you stop stressing over your property tax payments.