From understanding the basic principles, to learning about the major risks and challenges associated with a multi-
property portfolio, we have all the resources and expertise you need to enhance your knowledge of property tax
Contrary to popular belief, property tax is actually one of the largest expenses
associated with a multi-property portfolio. In fact, in FY'18 $530.8 Billion was
paid in property tax in the U.S. alone and approximately $300 Billion of this was
paid by businesses. Despite this, as a result of elements such as inefficient
technology or disparate data, it is often a significantly mismanaged expense.
Responsible for day-to-day property tax management, property tax professionals must work
diligently to maintain all data as it relates to a property's income and expenses, ensuring bills are
paid and penalties are avoided. This usually involves a great deal of tedious, manual data entry, a
challenge exacerbated by the fact that most organizations have no central repository to store or
retrieve information. This means teams and data are siloed, which makes entering, reporting on
and manipulating data more difficult. Furthermore, property tax professionals must navigate
jurisdictional inconsistencies and a lack of transparency between internal and external teams.
Charged with the task of reducing cost and maximizing value, finance professionals are responsible for the financial health of an organization, including its financial compliance. They are also responsible for reporting and forecasting, preparing budget reports, keeping diligent records and ensuring APs and ARs are paid properly and on time. Organizational silos and manual data transfer can make this difficult if various teams do not have a way of sharing information in real time. Having an accurate idea of cash flow can also be a challenge if property tax bills are inaccurately tracked or managed. Furthermore, a large number of organizations use spreadsheets to manage this massive expense which, without an audit mechanism, puts their financial plans at risk of errors and data loss.Find out how itamlink can help with automation >
Information and technology professionals, in addition to managing any IT-related issues, are tasked with developing, implementing, managing and evaluating an organization's technological resources. They are also responsible for technology and data security, mitigating risk and keeping the organization compliant with SOC 2 audits. One of the biggest issues for IT professionals In terms of property tax management is finding a software solution that can handle the complexity of the property tax lifecycle. Building and maintaining internally built solutions is time consuming and inefficient. However, using sub-par external tools can create new challenges as IT teams struggle to build stopgap solutions or manage integration projects with incapable platforms.Find out how itamlink can help with integrations >