The District of Columbia (D.C.) reassesses all real property annually. The basis for assessment is “Estimated Market Value,” defined by statute as 100% of the most probable price the property would be expected to sell on the market under “prevailing conditions.” For owners of office property, this should mean a reduction should be in store given the overall market in general and D.C. in particular.
North Carolina assesses most real property at the county level based on a multi-year “cycle, ” not annually. The counties place a value on all real property as of January 1, the start of the assessment year of the cycle adopted by that county.
Every year, businesses are required to report their various assets for federal and property tax purposes. Countless taxpayers make the mistake of simply reporting the same amounts on two different returns.
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On December 15, the IRS released proposed regulations relating to the 45X Advanced Manufacturing Production Credit. The 45X Credit is a production credit established under the Inflation Reduction Act of 2022 to support the domestic manufacturing of wind, solar, and battery system components as well as critical materials needed for these systems.
Ken Zdrok, TJ Sponsel, and Dave McGuire join the podcast to introduce our Property Tax Services
In his latest piece in Forbes, Dave McGuire discusses the rapid growth of solar energy and the importance of understanding the qualifications for the tax credits offered under the IRA
On September 27, 2023, the IRS released heavily anticipated guidance on the 45L Energy Efficient Home Credit. This notice clarifies many vital details, including who is eligible for the credit, how to determine the amount, and energy and certification requirements.
One of the acceptable methods of completing a cost segregation study includes the use of statistical sampling. According to the IRS Audit Techniques guide one method for completing a cost segregation study is utilizing a Sampling or Modeling Approach. However, there are many considerations to consider when completing a sampling review.
Beverage Distribution Center
Client Profile & Study Results
McGuire Sponsel was recently engaged to perform a Cost Segregation study on a newly built $16 million distribution facility in North Carolina.
Our team kicked off the study by conducting a tour of the 168,000 square foot facility. Based on the detailed site visit and subsequent calculations using blueprints and invoices, McGuire Sponsel was able to successfully reclassify over 30 percent of the construction costs into 5 and 15 year property. This generated an increase to the first year cash flow in excess of $1.3 million with a net present value of cash flows over the life of the investment exceeding $840,000.
Interested in a free cost benefit analysis for a potential cost seg study?
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