- Emergence of electronic accounting that enables preserving tax module of financial data expands vistas in property tax services market.
- Adoption of property tax services in different business sectors substantiates growth at ~7% CAGR from 2021- 2031
ALBANY, N.Y., May 20, 2021 /PRNewswire/ -- Property Tax Services Market - Overview
According to records, property tax is in fact the oldest tax levied that has merged with the modern system of public finance. And, because of this, it is associated with both pre-modern and modern tax philosophies. Howbeit, the modern property tax mostly has a legal side, wherein a very different tax that is behind is concealed. Meanwhile, at the same time, due to decentralized administration and informal and illegal assessment procedures, the de facto property tax is carried forward into modern times with much of the elements from its pre-modern form.
In its modern form, property tax is the annual amount paid by a land owner to the local government or to the municipal corporation of the area for all tangible real estate, house, office building, and other properties that are rented. Therefore, for both individuals and business enterprises who own multiple properties, property taxes can be complicated, costly, and time-consuming. This requires professional services to approach property taxes in a more streamlined, seamless, and tax-efficient manner.
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Serving these needs, property tax services has evolved to be a multi-million dollar business sector that assists clients with multiple aspects of property tax. Property tax consultancy services helps companies with a deep understanding of complexities of real and personal property tax and help them to control this expense. This substantiates a whopping valuation of the property tax services market at US$ 3 Bn in 2020, with further projections of notable worth at US$ 5.8 Bn by 2031.
Property Tax Services Market - Key Findings of the Report
Improvements in Tax Administration System in Kampala Opens Lucrative Opportunities
Recent improvements in tax administration system in Kampala, which earlier reported low tax compliance has helped to expand the property tax network and have raised revenues. To capitalize on this, companies in the property tax services are creating solutions for compliance challenges and expand services for better compliance in Kampala. To serve this, robust software solutions with built-in data management tools, personalized tax calendars, and flexible customization are slowly finding use in the tax administration system in Kampala. This amounts to substantial growth in the overall property tax services market.
Explore 239 pages of superlative research, current market scenario, and extensive geographical projections. Gain insights into the Property Tax Services Market (Service Type: Property Tax Advisory Services, Property Tax Compliance & Co-Sourcing Services, Property Tax Exemption & Abatement Services, Property Tax Due Diligence Services, Litigation Support Services, and Others; and Application: Personal Property and Real Property) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2021-2031 at https://www.transparencymarketresearch.com/property-tax-services-market.html
Prospect of Collaborative Audit Support, Co-sourcing Services to Ensure Successful Value Negotiations
Independent, result-oriented, and innovative property tax services are what customers seek from providers of property tax services. Clients seek appropriate market values and collaborative audit support services from providers of property tax services. To serve this, property tax consultancies are ensuring timely and accurate submission of renditions and payment of tax liabilities owed for portfolios of their clients. Furthermore, large companies in the property tax services market are expanding their services for fixed asset review categorization needs and identification of properties that are exempt from taxes.
Analyze global Property Tax Services Market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study
Pollution Control Analysis for Property Tax Exemption Manifests Growth
Besides advisory and compliance, property tax exemption and abatement services is the focus of companies in the property tax services market to expand their credibility. For such pursuits, companies are training teams to maximize all available statutory property tax exemptions and abatements in the value negotiation cycles.
Innovative services for property tax exemption include pollution control analysis and special tax rebates that are helping to bolster the credibility credentials of service providers. Alternative energy exemption services and Freeport exemption efforts are being preferred by clients for property tax calculation.
Property Tax Services Market -Growth Drivers
- Emergence of electronic accounting that most large, small, and medium enterprises are using to preserve tax modules of financial data in a secure environment, and allows real-time access to authorized users creates massive opportunities in property tax services market.
- Increasing practices of large companies to outsource property tax services in developing countries of Asia Pacific, which involves collaborations with local consulting firms and advisory firms opens vistas in property tax services market.
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Property Tax Services Market - Key Players
- Advantax LLC
- Argil Property Tax Services
- CBIZ Inc.
- Colliers Inrernational Group Inc.
- Cushman & Wakefield Inc.
- DuCharme
- Duff & Phelps LLC
- Hilco Global
- Group Holdings Limited
- PropertyTaxAdvisers.co.uk
- Ryan LLC
- Altus Group Limited
- Bryden Johnson
- Cherry Bekaert LLP
- CORELOGIC Inc.
- Deloitte Touche Tohmatsu Limited
- McMillen & Associates Inc.
- Global Tax Management Inc.
- Moss Adams LLP
- RSM International
- UK Property Accountants Ltd
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