The Tax & Accounting Business of Thomson Reuters Reveals Results From Business Property Tax Survey

NEW YORK, May 27 /PRNewswire/ -- The Tax & Accounting business of Thomson Reuters today announced findings from a recent survey which revealed that more than half of respondents expect their companies' property tax burden to either remain the same or increase compared to last year. The survey conducted during a Web seminar in May 2010 polled over 100 property tax executives in various industries including manufacturing, energy, and telecommunications and found that:

• 58 percent expect their property tax liability to either remain the same or increase compared to last year  
• 74 percent find compliance with business personal property tax on inventory a significant issue for their organization

Currently there are more than 13,000 taxing jurisdictions in the United States, each with varying rules and regulations on how property, including inventory, is taxed.

"As the economy improves, many businesses may believe that they have maxed out their efforts to reduce property tax liabilities," said Jeff Moore of Thomson Reuters. "But with various and changing property tax laws across state and local jurisdictions, as well as a plethora of existing exemptions, some businesses are not aware of the many opportunities still available to reduce their liability."

For example, the Web seminar highlighted how the state of Louisiana offers a tax credit to businesses that pay property tax on inventory and Arkansas, Georgia, Mississippi, Oklahoma and Texas offer Freeport exemptions.

In addition, the stabilization and increases in some property values vary considerable between industries, property types and geographic areas. Businesses need to carefully review their assessed values during this time of economic change.

More information about the Thomson Reuter Tax and Accounting Complex Property Tax Group can be found at: http://onesource.thomsonreuters.com/propertytax/complex-property.asp.

About Thomson Reuters

Thomson Reuters is the world's leading source of intelligent information for businesses and professionals. We combine industry expertise with innovative technology to deliver critical information to leading decision makers in the financial, legal, tax and accounting, healthcare and science and media markets, powered by the world's most trusted news organization. With headquarters in New York and major operations in London and Eagan, Minnesota, Thomson Reuters employs more than 50,000 people and operates in over 100 countries. For more information, go to www.thomsonreuters.com.

The Tax & Accounting business of Thomson Reuters is the leading provider of technology and information solutions, as well as integrated tax compliance software and services to accounting, tax and corporate finance professionals in accounting firms, corporations, law firms and government. Headquartered in New York, Tax & Accounting has major operations in Dallas, Ann Arbor (Michigan), London, Sydney, and Toronto, and offices in nine countries. For more information, go to http://thomsonreuters.com/products_services/taxacct/.

Sabrix and Sabrix Managed Tax Service are trademarks of Thomson Reuters. All other company and product names are trademarks or registered trademarks of their respective holders.

SOURCE The Tax & Accounting business of Thomson Reuters

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