Tax Compliance, Inc. Announces the Release of Property Tax Management System v.3.8
San Diego, California - August 23, 2007
Tax Compliance, Inc. has announced the release of Property Tax Management System (PTMS) version 3.8. Enhancements include enhanced asset-mapping tools expanding the Appeal Manager to include all property types, automatic real-time assessment comparison during tax bill entry, and allocation of taxes to Accounts Payable based on user-defined percentages.
"This new release further solidifies PTMS as the leading property tax software application," said Scott Strauss, TCI’s CEO. "When TCI acquired the PTS Corporate® property tax software earlier this year, we committed to incorporating several of its useful features into PTMS. PTMS 3.8 is a down-payment on that commitment." Expanding on this theme he added, "Keeping our word is how we’ve been able to build a sustained client base of over 530 companies which equates to an 80% share of the property tax software market. No other vendor can even approach these numbers."
Enhancements to the asset mapping features of PTMS provide users with unparalleled property tax reporting automation. PTMS incorporates a new asset mapping layer which streamlines the process of classifying assets by linking users’ internal asset classification codes to each jurisdiction’s set of unique asset classifications. This new layer enables PTMS 3.8 to map asset categories to jurisdictional classifications in one step. PTMS continues to provide users with the flexibility to establish default asset classification mappings on a jurisdiction-by-jurisdiction basis for circumstances that require more specialized asset classification. This combination of asset classification methods provides users with the best of all worlds—simplicity, efficiency, and flexibility.
The Appeal Manager in PTMS 3.8 provides tax professionals with several new tools to oversee the appeal process and manage expenses for all property types. Users can track consultant fees along with other appeal-related expenses to determine the net savings for each property tax appeal. Consultant fees are recorded as flat fee expenses or calculated based on contingency fee percentages. The user interface displays all appeals and related pending tasks using multiple filtering and sorting criteria such as appeal status, consultants used, and date range-providing instant access to pertinent data and greatly simplifying the management of all ongoing appeals.
Several enhancements have been added to the tax payment processing function within PTMS to ensure tax minimization as well as provide more control over how payments are allocated. PTMS 3.8 automatically compares the assessor’s opinion of value with the user's opinion of value when tax bills are entered to determine whether each assessment falls within user-specified tolerances. PTMS displays a warning when thresholds are exceeded, helping to ensure clients pay the lowest legal tax. Furthermore, for all property types including business personal and real property, tax payments can be allocated to multiple A/P accounts using predefined percentage allocation algorithms.