Lessor Functionality
PTMS offers features and functions specifically designed to accommodate the special property tax compliance needs and preferences of lessors.
Each Asset Individually Tracked
PTMS uniquely identifies each asset and tracks its location from year to year. Assets that are retired, sold or moved to a new jurisdiction are automatically reported as such to the previous assessor and, when appropriate, to the new assessor. Assets coming off lease and into inventory can be automatically reported for assessment, or not, depending on each state’s tax policy on inventory items.
Tax Returns Produced to Meet Lessor's Needs
PTMS can produce one tax return for each lessee location or one return for all lessees/assets in the jurisdiction. Assets listed on each tax return can be itemized or summarized by asset class and year. All tax return are guaranteed to be acceptable to the assessor.
Automatic Allocation of Property Tax
A single tax bill covering any number of assets leased to any number of lessees is automatically and precisely apportioned to ensure each lessee pays only its proper tax amount. No manual calculation or data entry is required.
Automatic Upload to Accounts Receivable
The apportioned tax can be uploaded directly to the accounts receivable section of the lessor’s lease management system for timely billing to the lessee.
Tax Administration Fee
Many lessors charge their lessees a fee to administer the property tax compliance for their leased assets. PTMS allows the lessor to add such a tax administration fee to the tax amount being billed back to the lessee. This tax administration fee can be a flat amount per lease or per asset or a percentage of the tax amount being billed back to the lessee. In almost every instance, the profit generated from implementation of such a tax administration fee is many times greater than the total cost of PTMS.
