CHALLENGE

Businesses are required to file a Business Personal Property Tax Statement in most states. Businesses pay taxes to the jurisdiction where they are located based on the value of the assets declared in this statement. Unfortunately, not all businesses file a BPP form. In reality, as many as 40% may fail to file annually. Local tax administrators are then required to assign a fair and equitable value to the businesses which have failed to file. This can be time consuming and inefficient to do manually, with tax administrators having to research the business type and assign a reasonable value.

CAVS

Our solution to this challenge is the Cost Analysis Valuation System, or CAVS. CAVS is the best way to estimate the value of personal property owned by a business.  Our models are based on extensive research, and values derived from current pricing sources. Our algorithm adjusts quantities based on employee concentration, and we give the user the ability to custom tailor these estimates to their personal knowledge.

CAVS has over 400 of our prepopulated templates that include assets and their value for each business type, organized alphabetically or found in the universal search bar. Users customize the templates by scaling the number of employees, add or delete assets, and adjust asset values directly. Cost data is automatically updated online, keeping estimate templates as accurate as possible. CAVS stores previous estimates in the Archived Estimates tab, for easy reference.

The result is a streamlined assessment estimation process for employees and increased quality of correspondence with taxpayers. Because CAVS is a software as a service (SaaS) product, there is no need for users to update the software. Users can access CAVS from anywhere they work, with only an internet connection and Chromium browser required.