Property Taxes & Outsourcing
Experienced Property Tax Managers
When it comes to managing your property taxes, accuracy is critical. You can invest the time and energy in doing things yourself or you can rely upon the experienced professionals at Cold River. We are your property tax outsourcing solutions. With nearly 30 years of experience, we offer a range of comprehensive services to ensure that your property tax liabilities are managed efficiently. There are property management software programs out there, but most of us would still rather talk to an actual person. It’s clear that there can be significant liabilities associated with property tax management. We can help. Whether you’re a home builder, developer, CFO or just someone who wants help, call us today.
With all the complexities of property tax management, our services are some of the most comprehensive in the market. Here’s what we offer:
· Returns filed, assessments tracked, appeals made and managed to settlement.
· Tax liability forecasted, tax bills processed, paid and verified.
· Tax sales stopped, redemptions made, property and collateral protected.
· Taxes researched and delinquencies identified.
· Customized tax digest provided by secure web portal so that the entire tax digest is available to the client 24/7.
The risks involved in allowing taxes to go unpaid vary from state to state. The consequences range from additional expense and time to catastrophic loss of collateral and property. Real estate owned and loan collateral should be monitored for tax liability and a systematic process should be in place to make sure they are paid.
Part of what makes property tax tedious is the management and organization of the tax records through the process of return filings, assessments, appeals and bills plus juggling all the different compliance dates and verifications. Typically tax records are stored with the collateral or the property records which makes them difficult to manage.
Companies that specialize in banking, investing, or other professions with high concentrations of real estate as owned property or collateral, know that taxes are important, but typically have little time for the tedious job of managing them. It’s also not a core function but rather a distraction to staff whose expertise is underutilized on administrative duties like taxes. Tax issues usually become interruptions and breaks in the continuity of the core business. They belong in the hands of administrative resources that manage property taxes as a full time function.
Taxes must be paid but they should also be forecasted, analyzed, minimized and paid without a fire drill. There should be a system in place to make sure that all tax assessments are reviewed in time to make informed decisions on appeals and to properly forecast the tax liability due and how it affects cash flow. The outsource process should also have a predictable fee.
Taxes get sold, property gets lost, and investors buy deeds and liens and charge for redemptions. Tax sales on delinquencies usually happen every month, in every state, and for a lender, notice is a nice thought but often does not happen in time. In these instances, you need a live person that knows the property tax business whose job it is to deal with your crisis.
Distressed Asset Purchases/Loss Share Arrangements:
These arrangements usually come with a host of property tax issues that need immediate attention and decisive action. Cold River specializes in triage and repair for tax portfolios acquired through loan/property purchases or loss share acquisitions. Documentation is key in loss share agreements and reporting means reimbursement.
Loan servicers can carve out the tax management portion of any portfolio and put Cold River in their back office for tax management.
Let us be your property tax outsourcing resource. Contact us to discuss your real property tax management needs.