Archive for category: General Information

By Donald Swartz, President

Recently, I made the trip to St. Louis to see a long-time strategic partner. It had been more than a year since we last sat across the table from each other, and the timing finally lined up. We certainly talked business, but just as important, the visit gave us a chance to reconnect and keep strengthening a relationship that has served both of our organizations well for years.

That trip reminded me of something I believe has only become more true over time: you can never underestimate the power of connecting in person.

One Trip, Two Meetings

As I was heading to St. Louis, I reached out to one of our Indurante clients to see if they might be available for lunch while I was in town. We had met in person a few years earlier, and I was thrilled when they said yes. It’s not every year that I get to sit down face-to-face with a taxpayer we work with, so I was glad to make the most of it.

We started where good conversations usually start: catching up on the important things, which in this case meant family and sports. Only after that did the conversation drift toward business. And somewhere between the small talk and the check arriving, a new opportunity came up. The client mentioned a Kansas City facility, and that led to a conversation about having the Swartz team review property tax issues at the local level for that location.

Nobody walked into that lunch planning to discuss this new opportunity. It simply came up, the way things do when people are relaxed, attentive, and actually in the same room together.

Could It Have Happened on a Teams Call?

Possibly. If that Kansas City facility had been an agenda item, we certainly could have covered it on a phone call or a Teams meeting. Virtual tools are valuable, and we use them every day to serve clients efficiently across a wide geography.

But that is exactly the point. It was not on anyone’s agenda. Scheduled calls tend to stay on script: we cover the items, confirm next steps, and hang up. There is rarely room for the side comment that turns into a real conversation. In person, those openings happen naturally. The fact that this opportunity surfaced organically, over lunch, reinforces what I have long believed about the power of simply being there.

What In-Person Gives You That a Screen Cannot

Over the years, I’ve noticed a few things that face-to-face meetings consistently deliver:

• Room for the unplanned. The best ideas and opportunities often come from tangents. In-person conversations leave space for them.
• Deeper trust. Property tax work involves sensitive financial information and long-term decisions. Clients want to know the people behind the advice, and that trust builds faster when they can shake your hand.
• Better listening. Without the distractions of a second monitor or an inbox pinging in the background, both sides are more present. You pick up on tone, body language, and the concerns people do not always say out loud.
• A signal of commitment. Showing up takes time and effort, and people notice. Making the trip tells a partner or client that the relationship matters to you.
• Relationships that last. A shared meal or conversation creates a personal connection that carries through every call and email that follows.

Making Face-to-Face Part of the Routine

In-person connection does not have to mean a special trip every time. Opportunities are all around us if we look for them:

• Piggyback on travel. If you are already heading to a city for one meeting, reach out to other clients and partners in the area. That is exactly how my St. Louis lunch came together.
• Show up at conferences and industry events. These gatherings put many of the people you work with in one place, often with built-in time to connect.
• Keep it casual. A lunch, a cup of coffee, or an after-hours refreshment can do more for a relationship than a formal meeting ever could.
• Put it on the calendar. For your most important relationships, plan an annual or periodic in-person visit so it does not keep getting pushed aside.
• Let business come second. Go in to reconnect, not to pitch. When the relationship comes first, the business conversations tend to follow on their own.

Everyone Wins

Whether it is lunches, conferences or scheduled in-person events, it’s critical to recognize the value of the in-person relationship. It is easy to lose sight of this when virtual meetings are so convenient, but I have repeatedly seen the positive results when we make the effort. Clients feel better served, partnerships grow stronger, and new opportunities surface that might otherwise have stayed hidden. Everyone wins.

So if your situation allows, take the time to make face-to-face happen. Pick up the phone, suggest lunch, or add an extra stop to your next trip. I think you will be pleased with the results.

As always, please reach out to me at or . Better yet, let’s see if we can meet in person 😊

Swartz + Associates, Inc. (SAI) is a full service property tax firm specializing in the review, analysis and appeals of real and business personal property tax valuations. If you need help with your property taxes, give us a call!

By Pacey Salzman, Client Research Specialist at Swartz and Associates

After joining Swartz + Associates full time in August, I began training to become a property tax analyst. Attending the Institute for Professionals in Taxation (IPT) Property Tax School was an important step in that development, giving me the opportunity to strengthen my understanding of property taxation and the methods used to value property.

IPT’s Property Tax School provided me with a comprehensive foundation in the theory and practice of property taxation. The program covered topics including property tax administration, valuation principles, personal property attribution and valuation, tax research, and ethics. For me, the experience was an opportunity to take the concepts I encounter in my day-to-day work and better understand how they fit into the broader property tax process.

Understanding the Factors Behind Property Values

One of the most valuable parts of the program was taking a deeper look at property valuation. We explored the three primary approaches to value—the sales comparison, cost, and income approaches—and examined how each may be used to determine a property’s value.

Understanding these approaches is important when evaluating an assessment. Knowing how a value may have been developed makes it possible to review the underlying data more thoughtfully and identify questions or opportunities that may warrant further examination or a possible appeal.

Knowledge That Supports Our Clients

Because property tax practices vary significantly among jurisdictions, effective client support depends on careful research and close attention to local requirements. IPT Property Tax School strengthened my understanding of that complexity and showed me how professionals draw on technical knowledge, practical experience, and sound judgment when addressing property tax challenges.

Connecting Theory to Real-World Property Tax Work

Another important aspect of IPT Property Tax School was learning from professionals who work in the industry. The curriculum is taught by corporate, consulting, and legal practitioners, bringing different perspectives and real-world experiences into the classroom.

Hearing how experienced professionals approach valuation, tax research, administration, and other challenges helped me see how what I have learned working at Swartz + Associates fits within the broader property tax industry. Their examples also reinforced the importance of thorough research and attention to detail when working across different jurisdictions.

Continuing to Grow as a Property Tax Professional

My biggest takeaway was that property tax involves far more than reviewing an assessed value. The field brings together valuation theory, research, legislation and jurisdictional requirements, ethical considerations – all of which contribute to a well-informed analysis.

Attending IPT Property Tax School gave me a stronger foundation to build on as I continue developing my career. I’m looking forward to applying what I’ve learned to my work at Swartz + Associates and continuing to expand my understanding of the property tax industry.

Swartz + Associates, Inc. (SAI) is a full service property tax firm specializing in the review, analysis and appeals of real and business personal property tax valuations. If you need help with your property taxes, give us a call!

By Keith Sherman, Business Development at Swartz and Associates

Over the last two and half years I’ve spent more time back in my home state of Arkansas, reconnecting with companies and introducing more of them to our value‑added commercial property tax services. At the same time, living in Plano has allowed me to pursue opportunities in Texas. Seeing both markets up close has made one thing very clear: the way commercial properties are valued and appealed in Texas and Arkansas is fundamentally different.

Those differences matter, especially for owners with multi‑state portfolios.

Arkansas: 20% Assessment + Reassessment Every 3–5 Years + Taxable Value Limits

Arkansas uses a simple statewide rule: Market Value × 20% = Assessed Value

Most counties reassess every 3–5 years, which keeps values stable and tax bills more predictable. But Arkansas adds another important layer: a cap on how much taxable value can increase each year.

Arkansas’ 10% Taxable Value Cap

State law limits annual increases in taxable value for commercial property to 10%, even in a reassessment year.

A simplified example:

• 2026 market value: $10,000,000
• 2026 assessed value: $2,000,000
• 2026 taxable value: $2,000,000

If 2027 is a reassessment year and the market value rises to $15,000,000:

• 2027 market value: $15,000,000
• 2027 assessed value: $3,000,000
• 2027 taxable value: $2,200,000 (only a 10% increase over 2026)

Because of the cap, the taxable value implies a market value of $11,000,000 ($2,200,000 ÷ 20%).

To actually reduce taxes, the owner must reduce the valuation below that implied value, not just below the reassessed number.

This cap creates a meaningful difference between assessed value and taxable value, especially in a reassessment year.

Texas: 100% Assessment + Annual Reassessment + Heavy Protest Culture

Texas appraisal districts start with full market value. A $10 million building is taxed on $10 million.

Texas also reassesses every year, which creates a highly active appeal environment. Because values reset annually, these protests can significantly change the taxable value, and the tax bill, every single year.

Bottom Line

Arkansas is built around stability with a 20% assessment ratio, infrequent reassessments, and a 10% cap on commercial taxable‑value increases.

Texas is built around annual valuation, full‑value taxation, and frequent protests.

For companies with property in both states, understanding these differences is essential to managing tax exposure and planning ahead.

Swartz + Associates, Inc. (SAI) is a full service property tax firm specializing in the review, analysis and appeals of real and business personal property tax valuations. If you need help with your property taxes, give us a call!

By Gary A. Stone, ASA, Manager at Swartz and Associates

Recently, I had lunch with an associate who asked me, “How is the market?” My first response was, “Which one?” That led to a short conversation about the manufacturing industry and, ultimately, the topic for this blog. When it comes to used manufacturing equipment, there really isn’t one market. Demand can vary significantly depending on the type of equipment, industry, age, technology, and even the particular make and model.

Reshoring

Reshoring, the practice of bringing manufacturing operations or production back to the United States, is one factor influencing today’s manufacturing equipment market.

A recent Reshoring Initiative survey found increased reshoring activity among both original equipment manufacturers (OEMs) and contract manufacturers, with 63% of surveyed OEMs planning U.S. capital investment through 2027. The reasons extend beyond tariffs and geopolitical concerns. Manufacturers reported benefits from reshoring that included faster speed to market, improved delivery performance, and lower logistics costs. As manufacturers expand domestic capacity, this investment can create additional demand for machinery and equipment.

However, that demand is not evenly distributed. In the used CNC (Computer Numerical Control) market, certain 5-axis machining centers, multi-spindle turning centers, large horizontal machining centers, and wire EDM equipment are experiencing stronger demand, while more readily available 3-axis vertical machining centers, older CNC lathes, and CNC routers have faced softer market conditions.

Higher new equipment costs are also making quality used machinery an attractive alternative for manufacturers looking to add capacity. Buyers continue to place a premium on equipment that is productive, well maintained, supported, and easily integrated into their operations.

Market Research

At Swartz + Associates, Inc., these trends reinforce why market research is such an important part of the appraisal process. Age and original cost provide useful information, but they don’t necessarily tell us what an asset is worth today. We also consider specifications, conditions, technological obsolescence, marketability, and what is actually occurring in the secondary market for that particular type of equipment.

As reshoring, technology, and capital investment continue to influence manufacturing, some equipment may benefit from increased demand while other equipment continues to depreciate.

If you’re trying to answer that question for your own equipment, whether you’re planning a sale, securing financing, settling an estate, or simply need to know what your assets are worth in today’s market, we can help. Swartz + Associates has been appraising machinery and equipment for many years, and our valuations are grounded in current market research, not just age and original cost. Give us a call or send us a note, and let’s talk about your equipment.