Despite efforts of governments to render online property tax payment seamlessly during the COVID-19 pandemic, possible glitches are a concern for people. Individuals are calculating their property tax liability through calculators on the municipal authority’s website. Companies in the property tax services market are increasing efforts to ramp-up their offerings in property tax advisory services and compliance with the help of software. Such trends are helping to keep economies running in the market landscape.
Software is making it easier for stakeholders in the property tax services market to keep a track of depreciation schedules, reportability, and classifications during the ongoing pandemic. Personal property software solutions are in high demand for fast decision-making and acquiring tax compliance information.
Request a sample to get extensive insights into the Property Tax Services Market
Lucrative Growth Opportunities in Kampala Grab Attention of Stakeholders
Recent improvements to the tax administration system in Kampala have helped to broaden the property tax net and raised revenues. However, it has been found that more than 50% of potential revenue remains uncollected, as property tax compliance in Kampala is relatively low. Thus, companies in the property tax services market should capitalize on compliance challenges and increase their services to ensure better compliance in Kampala. Robust software solutions with built-in data management tools, flexible customization, and personalized tax calendars are being highly preferred.
Since several businesses are found overpaying property tax, companies are offering services such as providing ratio studies, annual trending assistance, and industrial construction assessment to meet client needs.
To understand how our report can bring difference to your business strategy, Ask for a brochure
Collaborative Audit Support Services Ensure Successful Value Negotiations
Independent, result-driven, and innovative property tax services are in high demand in the global property tax services market. Duff & Phelps – a multinational financial consultancy firm based in the New York City, is being highly publicized for property tax advisory services that ensure appropriate market values and collaborative audit support services.
The property tax services market is expected to cross US$ 5.8 Bn by the end of 2031. This is evident since service providers are increasing their focus on property tax compliance and co-sourcing services. Designated teams are ensuring timely and accurate submission of renditions and payment of tax liabilities owed for the portfolios. Companies are expanding their services into fixed asset review categorization and identification of exempt items.
Pollution Control Analysis for Property Tax Exemption Bolstering Company Credibility
Apart from advisory and compliance, companies in the property tax services market are mainly focusing on property tax exemption and abatement services. This explains why the property tax services market is likely to advance at a favorable CAGR of ~7% during the assessment period. Companies are providing training to their teams to ensure that all available statutory property tax exemptions and abatements are maximized in the value negotiation cycles.
Innovative services including pollution control analysis for property tax exemption and special tax purposes are bolstering credibility credentials of service providers. Freeport exemption efforts and alternative energy exemption certification services are being preferred by clients.
Read our latest Press Release:
