Tax Compliance Inc.
By combining the functionality of its new real property tax module with the personal property tax functionality of PTMS, TCI "has created a versatile and affordable property tax software solution for both personal and real property tax management," the company said in an announcement. PTMS offers user-controlled in-house and remote access and is also available on an outsourced basis through any of the more than 30 property tax outsource providers that use PTMS as their production tool.
PTMS 3.4 provides a variety of options for determining fair market value for real property. Commercially available data on an unlimited number of comparable properties ("comps") can be linked to a parcel, allowing the user to compare and analyze property values on a per-unit basis--such as building value in dollars per square foot, land value in dollars per acre, etc. In addition, PTMS displays the assessor's current assessment of property value, along with a multi-year tax history to identify possible overvaluations.
A sophisticated appeal management tool has also been included. PTMS tracks every step of the process from initial assessment to final determination of value.
The latest release also enhances tax estimate and accrual functionality. Tax estimates are calculated based on the user's opinion of value or the prior year's final value. Each estimate is segmented to accommodate each company's unique preferences. When a tax bill is processed, PTMS reconciles the accrued tax estimate with the actual tax amount and automatically makes any necessary adjustments.
TCI claims to have more than 500 customers, including scores of Fortune 500 corporations.