The Global Property Tax Services Market size was estimated at USD 3.28 Billion in 2021 and is expected to hit around USD 5.52 Bn at a CAGR of 7.5% by 2030
Some calculators on the municipal authority's website allow people to estimate their property tax obligations. Businesses that provide property tax services are stepping up their efforts to expand their software-assisted consulting and compliance services and offers. Such patterns assist in maintaining economies in the marketplace.
During the continuing epidemic, the software makes it more straightforward for property tax services industry participants to keep track of depreciation schedules, reportability, and classifications. Personal property software solutions are highly sought after for making quick decisions and learning about tax compliance.
Market Dynamics
Drivers:
One of the most recurring operational costs for a tangible asset is now property tax. Asset tax and the property's actual value are two things that most owners are unaware of. In order to increase tax assessment and reduce their clients' property taxes, suppliers of property tax services offer tax advising or consulting services. For a variety of financial products and services, the United States is regarded as a technology hub. Property tax outsourcing should be used early to improve business process and expense management for real estate-related costs.
By examining physical property portfolios, liabilities, and associated property taxes, service providers assist clients in identifying tax savings. Diverse businesses and industries are seeing an increase in demand for innovative financial solutions and financial consultancy to preserve and improve their financial standing by developing new tax-saving opportunities in property tax. The market for property tax services is anticipated to grow as small and medium-sized businesses become more aware of the issue.
Restraints:
Small and medium-sized businesses have limited resources to invest in innovative and outsourced financial services. By cutting costs on managed services, enterprises are tackling tax-related difficulties to sustain profitability. Small and medium-sized companies are likely to lack awareness of the advantages of property tax services, which will likely limit market expansion. This factor is expected to have a mild effect as a property tax services market limitation over the projection period because the concerns with low quality and lack of knowledge are already being addressed by strengthening the consultant team by bringing in skilled professionals with tax expertise.
Opportunity:
Businesses that provide property tax services are looking into the potential for projects to reduce their property taxes. Contrarily, services for litigation support and expert witnesses in property tax law are offered. Using rebuttal testimony and legal advice for case preparation is becoming more popular among clients. Additionally, studies on equalization are offered as advisory and support services for property taxes.
Key players:
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Advantax LLC
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Altus Group Limited
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Argil Property Tax Services
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Bryden Johnson CBIZ Inc.
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Cherry Bekaert LLP
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Colliers International Group Inc.
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CoreLogic Inc.
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Cushman & Wakefield Inc.
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Deloitte Touche Tohmatsu Limited
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DuCharme
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McMillen & Associates Inc.
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Duff & Phelps LLC
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Global Tax Management Inc.
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Hilco Global
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Me Group Holdings Limited
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Moss Adams LLP
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PropertyTaxAdvisers.co.uk
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UK Property Accountants Ltd.
Property Tax Services Market, By Service Type
Property Tax Services Market, By Application
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Personal Property
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Real Property
Property Tax Services Market, By Region
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North America
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Europe
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Asia-Pacific
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Latin America
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Middle East & Africa (MEA)
Regional Analysis:
Property tax services are predicted to be in high demand in developed nations including the U.S., Canada, and the U.K. due to rising third-party service demand and increased commercial sector awareness of these services. In North America, over 800 property tax specialists provide services to the residential and commercial sectors to handle the tax that landlords and property owners must pay to governments. This promotes a greater understanding of the advantages of property tax services throughout important nations and geographical areas.
Scope of the Report:
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Report Coverage |
Details |
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Base year |
2021 |
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Forecast period |
2030 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 7.5% |
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YoY growth (%) |
XX% |
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Regional analysis |
North America, Asia Pacific, Europe, Latin America, the Middle East, and Africa |
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Current Market size |
USD 3.28 Billion |
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Forecast market growth |
USD 5.52 Billion |
User
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Introduction
Our market research is an extensive, iterative process that takes into account a combination of primary and secondary research tools with the aim of minimizing deviation and producing the most precise estimate and prediction. For the future course of action, this approach meticulously outlines the actual changes and industry trends. It gives incredibly valuable data that is drawn from the insights and opinions of analysts and professionals. Our papers include in-depth research and analysis based on several factual inputs obtained from expert interviews, accurate data, and local information.
Market Size Estimation
The overall size of the market has been estimated and validated using both top-down and bottom-up methods. The sizes of other market subsegments have also been thoroughly estimated using these methodologies.
In the top-down technique, the market is divided into segments based on the percentage share of each segment. This method assisted in determining the size of each segment's market. The market size of each segment and its sub-segments was then divided into regional market sizes. This Approach helps mainly with the new Product Launch. It uses Multi-variate Regression Model coupled with Vendor based primary research inputs to forecast to the Market Size.
In the Bottom-Up approach, comprehensive study of key players has to be done wherein we add the market size of the major key players to understand the national market size which helps to determine the regional market size and eventually the complete market size. Companies annual report along with data from paid and unpaid resources like reports from government agencies and organizations like world bank provide the data for this approach.
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