In the Commonwealth of Massachusetts many types of personal property are taxable, based upon the fair market value of the property or the price paid on the open market by willing buyers. However, we have found that many cities and towns typically tax such personal property items based on rigid straight line depreciation tables. Because some kinds of personal property can lose significant market value from one year to the next due to functional obsolesence or a change in market conditions, the assessed values pulled from these tables can often exceed the fair market value of the personal property.
Ridgefield Valuation is experienced in obtaining personal property tax abatements for Massachusetts commercial and industrial businesses. For example, last tax year we obtained over $28,000 in personal property tax abatements for a local chain of fitness centers. If you have a personal property tax bill which exceeds $5,000 it is wise to consult Ridgefield Valuation to determine if there is a case for a personal property tax abatement; and if so, to utilize Ridgefield to represent you on a contingent fee basis.