Ryan Tax Professional Helps Author Real Property Assessments Improvement Act.

WASHINGTON, July 12 /PRNewswire/ -- Michael Allen, Principal for Ryan, a leading tax services firm, recently led an initiative with the Apartment and Office Building Association (AOBA) to improve Washington, D.C. real property assessments. Together with AOBA, Mr. Allen helped author the Real Property Assessments Improvement Act of 2010 that provides taxpayers with fair and accurate values for their commercial properties.  

"The act requires an external audit of the Office of Tax and Revenue (OTR). The audit will examine the valuation of Washington, D.C. commercial property over the last several years. This has never been done before, and I believe it will be very beneficial to taxpayers with property in Washington, D.C.," said Mr. Allen.

The act will require the Office of the Inspector General to submit a copy of the first audit findings, along with recommendations made by the firm that conducted the audit, to the District of Columbia's (DC) Council, Mayor, and Chief Financial Officer (CFO) on or before December 1, 2010. A report that meets the requirements must be submitted once every three years or upon request of the DC Council or Mayor. By July 1, 2010, the CFO will submit an examination of Washington, D.C.'s performance for the last five years in commercial real property valuation cases that have been appealed by a taxpayer from the Board of Real Property Assessments and Appeals (BRPAA). The required information for each case includes:

• The initial value of the property by the OTR
• The BRPAA decision on the taxpayer's appeal
• The value of the property presented at trial by the Office of the Attorney General on behalf of the OTR
• The value of the property presented by the taxpayer
• The final value decided by the court

"Earlier this year, the OTR conducted an independent cap rate study. The study concluded that OTR's rates were too low, which led to dramatic reductions in proposed assessed values issued this year," said Mr. Allen. "This new audit is yet another indication that the Council does not believe that the real property assessments are market supported—something most taxpayers have known for some time."

Given the importance of OTR's role in real property assessment valuation and tax collections, it is important that it function efficiently and fairly.  The independent audit will provide Washington, D.C. with the information and recommendations needed to implement improvements to the real property tax assessment process and ensure that taxpayers receive fair and accurate values for their properties.

About Ryan

Ryan is the leading tax services firm in North America, with the largest transaction tax practice in the United States and Canada. Headquartered in Dallas, Texas, the Firm provides a comprehensive range of state, local, federal, and international tax advisory and consulting services on a multi-jurisdictional basis, including audit defense, tax recovery, credits and incentives, tax process improvement and automation, tax appeals, and strategic planning. With a multi-disciplinary team of more than 800 professionals and associates, Ryan serves many of the world's most prominent Fortune 1000 companies.

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