4 Ways to Reduce Property Taxes For Your Facility

Written on October 16, 2017 at 12:43 PM

By Seth Krchmar, Managing Consultant | MFRTECH

Keeping costs at a minimum is often a top priority for owner/operators of manufacturing facilities; however, they often overlook one key area that can positively impact their bottom line. In fact, property taxes are often one of the biggest line item expenses manufacturing facilities face and can represent 30 to 50 percent of operating costs. The good news is that owners don’t have to take them at face value. 

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Categories: Heavy Industrial, Personal Property, Automobile Manufacturing, Real Property, Industrial & Manufacturing, Paradigm Info

Automotive “Game Changers" Fuel Charleston's Industrial Market

Written on August 18, 2015 at 11:39 AM

A pair of “game-changing investments," Volvo Cars North America and Mercedes-Benz Vans, is fueling Charleston's industrial sector and has the the potential to grow automotive manufacturing in the region and throughout South Carolina, according to a report by Colliers International. The region's industrial market is already seeing declining vacancy rates, and a slew of new construction taking place or planned will help keep up with the high demand. Mercedes-Benz and Volvo will be building manufacturing sites that, combined will result in $1 billion worth of investment and at least 5,300 jobs to start. The plants will also bring a flock of automotive suppliers that tend to locate near the main manufacturing site to reduce transportation costs. Because Charleston's industrial market is already tight, a spur in construction activity is expected in both speculative and build-to-suit construction.

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Categories: South Carolina, Automobile Manufacturing, Industrial, Construction, Real Property, Industrial & Manufacturing

What is Fixed Asset Tagging and How Can it Reduce Your Property Taxes?

Written on October 07, 2014 at 07:27 AM

By Mark Yost, Senior Managing Consultant, Detroit

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Categories: Heavy Industrial, Personal Property, Automobile Manufacturing, Fixed Asset Tagging, Real Property, Industrial & Manufacturing, Paradigm Info, Health Care

Michigan Voters Pass Proposal 1, Personal Property Tax Phase Out Will Proceed

Written on August 06, 2014 at 06:43 AM

Michigan primary voters gave final approval to Proposal 1 yesterday, which will set in forth the plan to phase out personal property taxes that small businesses pay on office equipment and manufacturers, including Detroit automakers, pay on industrial equipment. The Legislature passed initial bills eliminating the tax in 2012, and subsequent legislation to fix the revenue shortfall for communities was passed earlier this year. Supporters of Prop 1 argued that reforming the personal property tax was imperative for business growth and investment, and will make Michigan more competitive with neighboring states that have already eliminated similar taxes. According to MLive, vocal critics were few and far between, but those who did speak out against Proposal 1 questioned the statutory guarantee of replacement revenue — which lawmakers could revisit in the future — and the overall impact on the state budget. The plan is projected to cost state government up to $600 million a year. But manufacturers will pay an assessment expected to generate about $100 million annually, and supporters say expiring tax credits would make up most of the difference.

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Categories: Michigan, Personal Property, Automobile Manufacturing, Industrial & Manufacturing




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