By Donald Swartz, President
Last week, Kristen Canfield and I attended the 2022 RSI Expo and Technical Conference. We made the decision to attend based on the fact we hadn’t been able to go to conferences and felt this would be a good opportunity to see clients and potential clients face to face. Additionally, the technical sessions would provide us with information relating to the railroad industry for the coming year – trends, supply chain issues, technology updates…. all components we are interested in for potential discussion with State Assessors on the valuation of railcars for property tax purposes in the coming year.
The conference did not disappoint, as we were able to meet several individuals throughout the conference who were either interested in our services, were existing clients of Indurante or wanting to become more involved in the industry. It was a great couple of days and we look forward to attending next year’s Expo in Indianapolis.
A big thank you to our client, Trinity Industries for hosting a wonderful dinner at the Ashton Depot.
This has been a busy month as we recently completed our 2023 planning meetings for both Indurante and Swartz. With reassessment looming in Missouri, Iowa and Colorado for the 2023 tax year; rising interest rates, a softening of the real estate market and several articles focusing on a short term (or longer term) recession, property taxes will be a topical concern for most, if not all, owners for commercial real estate, machinery and private railcars. We anticipate a busy year and we want to make sure we’re ready to handle the needs of our clients.
Undoubtedly, counties will be relying on sales data from the past 2-3 years to support their opinions of value for the coming year. Will these sales be reflective of the market place as of January 2023? For income producing properties, what capitalization rates will be employed to calculate values based upon the Income Approach?
These are the big questions taxpayers will face and we’re preparing for the appeals process set to occur in the spring and summer of 2023. As we finish up a successful 2022 season, we know our services will be in high demand heading into 2023!