TCI Announces Property Tax Management System v3.0 for Distributed and Centrally Assessed Assets

San Diego, California – December 6, 2002

Tax Compliance, Inc. (TCI) is pleased to announce the release of its Property Tax Management System (PTMS) v3.0 for Distributed and Centrally Assessed Assets. TCI is the leading provider of property tax compliance software to corporate tax departments with a 70% share of the locally assessed, in-house property tax software market. PTMS is a comprehensive and innovative software product that automates personal and real property tax compliance for all tax jurisdictions. PTMS v3.0 has the added functionality of handling distributed assets – i.e., those assets such as telephone lines, pipelines, TV cable, etc. – whose taxable value must be reported over multiple jurisdictions.

Some states require specific industries to report the value of their distributed assets allocated among local tax jurisdictions. The Jurisdiction Allocation function in PTMS apportions the value of each distributed asset that crosses jurisdictional boundaries to the appropriate tax jurisdictions. The PTMS allocation method allows distributed asset value to be based either on miles or on a percentage of the distributed asset value that lies within each jurisdiction.

The advantage of PTMS over competing software products is the availability of sophisticated, yet simple-to-use functionality specifically designed to minimize property taxes through the efficient management and reporting of taxable values. PTMS v3.0 provides users with the added functionality of performing complex Replacement Cost New (RCN) calculations with user specified RCN values. RCN calculations may be run using one of three alternate methods: (1) RCN tables, (2) a percentage of the cost basis (replacement cost divided by the total cost paid for the asset), or (3) using the FIFO approach. Reporting RCN Less Depreciation can result in a significant reduction in reported value and, therefore, a significant reduction of taxes paid.

PTMS can report asset values either locally (at the county or municipal level) or centrally (at the state level). PTMS automatically calculates values and populates assessor tax forms. Supplemental information, such as stock share price and balance sheet information, can either be imported or entered manually. All forms may be modified on-screen and saved in Adobe Acrobat® (.pdf) format for easy storage and retrieval.

All the above enhancements, like most new PTMS features, have their origin in user requests. TCI obtains such input through many channels, including our Customer Zone and normal day-to-day interaction with our clients. This commitment to solicit input from current and prospective users is what has allowed TCI to continually improve PTMS to make it the most widely used property tax software system on the market today.

About CSC TCI

We’re a leading provider of tax, business process, and compliance management solutions for corporate property tax, property tax appeal, and business licensing and compliance work. We continue to be a market leader with a customer base of over 600 companies, including more than 50 of the Fortune 100®.

Our applications support the entire compliance life cycle, shedding inefficiencies and improving a compliance department’s ability to strategically use data to increase profitability and reduce risk, and are supported by our parent company, Corporation Service Company (CSC), a business, legal, and financial services provider.

To learn more about how we’re is helping compliance professionals thrive, visit www.taxcomp.com.

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