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Property tax bills will be hitting mailboxes in New Hampshire this December, and they’re based on the local assessor’s opinion of the property’s fair market value. While that assessed value might seem like the final word, it’s not set in stone.

Tim LeMasters and TJ Sponsel dive into the latest growth strategies and opportunities across all areas of specialty tax. As we approach tax planning season, this session will provide you with insider knowledge on how to maximize credits, deductions, and incentives for your clients or business.

A cost segregation study can be a valuable tool to create substantial tax and cash flow benefits

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.

Property tax is fraught with complexities, particularly in distinguishing between real property tax and personal property tax. While real property tax is based on the assessed value of buildings, personal property tax encompasses machinery, equipment, furniture, and other movable assets. Addressing both types of property tax is crucial for comprehensive tax planning.

McGuire Sponsel has helped many clients understand the benefits of our property tax services. Through these experiences, we recognized the importance of answering some of the most frequently asked questions for the rest of the CPA industry. Often, people are overpaying property tax bills.

Dave McGuire joined Casey Peterson’s Generally Accepted Accounting Podcast (GAAP) to discuss cost segregation and depreciation.

In this episode of Let’s Talk Tax, host ⁠Tim LeMasters⁠ discusses the history and intricacies of cost segregation with expert Dave McGuire⁠.

In his latest piece in Accounting Today, Dave McGuire discusses the upcoming presidential election and the potential impacts on tax policy.

The Inflation Reduction Act of 2022 has been a windfall for many businesses, including those looking to upgrade their facilities for energy efficiency or adding solar panels. Unfortunately, the implementation of these incentives has caused much confusion. During this webinar, McGuire Sponsel’s Dave McGuire will review 179D, 45L, Section 48 credits, and other provisions.

Key Deadlines for Contesting New Hampshire Property Tax Assessments

Property tax bills will be hitting mailboxes in New Hampshire this December, and they’re based on the local assessor’s opinion of the property’s fair market value. While that assessed value might seem like the final word, it’s not set in stone. In fact, there are several reasons your clients might want to challenge it—and doing so could save property owners significant money.

Assessors often rely on “mass appraisal” techniques, using computer models to calculate property values. While this approach might be efficient, it’s not always accurate, especially for underperforming properties. Issues like commercial vacancies, declining rental income, rising expenses, or property damage can all lead to inflated assessments.

If any of these scenarios apply, now is the time to act.

To contest the 2024 tax assessment reflected on December’s bill, you must file an abatement petition no later than March 1, 2025. After submitting the petition, the local assessment office has until July 1 to make a decision. If they deny your request, there’s still an opportunity to escalate the case by appealing to either the Superior Court or the New Hampshire Board of Tax and Land Appeals.

For CPA and real estate professionals, understanding these processes is critical. Property owners will likely turn to you for advice on whether their assessments are fair and how to navigate an abatement. Identifying discrepancies in assessed values could create significant savings for your clients and strengthen your role as their trusted advisor.

Don’t wait until the last minute to start evaluating your property assessments or advising clients. Take a proactive approach now by reviewing tax bills and considering potential abatement opportunities.

Contact our Fixed Asset Services team with any questions on property tax assessments or appeals.

As a manager in McGuire Sponsel’s Property Tax Services practice, Matthew Barnhill leads strategic initiatives that drive growth, streamline operations, and enhance service delivery across a national client base

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