Key Benefits of a Centralized Property Tax Management Program
John M. Dyslin CPM, CCIM
Senior Director of Sales and Marketing
When it comes to choosing a property tax vendor, many companies opt to allow their asset managers or property managers to select individual service providers across the nation. While this may seem like the most sensible way to secure the best representation in each market, it often creates more problems than it solves.
Below you will find some of the many benefits to a centralized property tax management program.
- A Single Point of Contact for your Entire Portfolio and the Engagement
One of the most substantial issues facing large national portfolio owners is keeping track of hundreds of individual properties and all the variables that come along with them. With appeal deadlines and statutory requirements varying by jurisdiction, and different vendors with unique processes in each market, getting a firm grasp on the state of your entire portfolio is often an overwhelming and inefficient endeavor. Thankfully, it doesn’t have to be.
Enter your Engagement Handler; a single point of contact responsible for managing the account team and keeping you up to date throughout the entire engagement. Rather than chasing down multiple vendors and piecing together inconsistent updates and reports, let your dedicated Engagement Handler provide everything for you (before you even have to ask).
Communication is the absolute key when it comes to property tax management, and our client-centric culture empowers our clients with proactive reporting and a menu of services. Bottom line – your Engagement Handler will save you time and energy.
- Technology Providing All-Encompassing Portfolio Updates and Reporting
Now that we have the communication issue covered, let’s tackle the next problem. Sure, you can call or email your Engagement Handler at any time for updates, but shouldn’t you be able to access your portfolio information with just a few clicks? Of course.
While much of the property tax industry is a lagging behind on the technology front, Paradigm has developed the Ascend platform specifically to manage appeal activities for many different portfolios. Ascend is a cloud-based software application and secure database of detailed client, property, and parcel information.
Through Ascend, our team of seasoned tax professionals are able to efficiently and effectively manage entire portfolios of properties and provide clients full transparency to our nationalized process. The client portal provides an easily navigable snapshot of your entire portfolio – regardless of size – with quick access to individual property information and real-time updates on the progression of all appeals 24/7. Appeal-related documentation, from government notices to value-analyses, is tagged, logged, and stored with the associated property or properties.
When juggling multiple property tax vendors, chasing down several contacts for updates and reports is only part of the battle. Once you finally get all the reports, they’re inconsistent and all over the place. Unfortunately, without centralized data management, continuity is simply not an option.
With our standardized processes firmly in place, gathering reports from across the nation is simple and streamlined; and our sophisticated reporting tool allows you to generate customized reports that can be downloaded in a variety of formats.
- Network of Best-In-Class Consultants Already in Place
When you have a different property tax vendor in multiple markets, your goal is likely to hire the best local representation available to achieve the greatest results. This is an understandable approach, as property tax is a relational business enhanced by a team with high integrity in the market and the local relationships that drive maximized savings.
Paradigm takes the guesswork out of finding the best consultants in each market in which you do business – even though your Engagement Handler remains the same no matter which market or markets you have properties in.
With a network of property tax-dedicated offices serving all 50 states, we’re home to many of the most seasoned and skilled consultants in the industry. Our team includes licensed attorneys, CPAs, MBAs, appraisers, former assessors, and other professional designations. Our property tax specialists average 17 years of experience and are equipped with strong local legislative knowledge, unparalleled familiarity with local market conditions, and outstanding local assessor relationships.
Looking to acquire or develop new properties? You can rest assured knowing you have the best property tax representation already in place and one less thing to on that pesky to-do list. And our experts can provide a quality pre-acquisition property tax estimate with a five to seven year detailed forecast, a crucial component of the due diligence process.
- Comprehensive Service Offerings
Not only is keeping track of multiple vendors for the same service a headache, but what about all your other related service needs? A centralized property tax firm should be able to offer an array of services to support you throughout the asset ownership life cycle.
A centralized provider with a firm understanding of your entire portfolio will be able to inform you of tax minimization services that will benefit you before you even know you need them. Paradigm hosts full reviews with every client in which the account team will look into what has been accomplished year-to-date, any upcoming appeals you may have, and plan for the future. In addition, the account team will discuss any of our comprehensive service offerings that would help reduce the client’s tax liability and increase profitability of their portfolio.
Utilizing a centralized property tax vendor is the most effective and efficient solution for comprehensive portfolio management. Your property tax vendor should serve as an extension of your team, alleviating your stress and time commitment while working to secure you maximum tax savings.
Talk to us – and find out how Paradigm Tax Group can help you and your organization achieve your tax minimization goals.