According to a survey on state and local taxes conducted by accounting firm Coopers & Lybrand, property taxes rank second only to income taxes in the burden they place on corporate America. Even worse, 59% of the 375 businesses surveyed said their real-estate property taxes had risen during the past two to three years. But here's a bright spot: many of the businesses surveyed reported success in challenging their property-tax assessments.
Have you challenged your real-estate property-tax assessments?
Yes 77% No 23%
How successful do you think that strategy is?
Very successful 35%
Somewhat successful 53%
Not sure 4%
Not successful 8%
Source: "State and Local Taxes: The Burden Grows," Coopers & Lybrand, August 1993.* * *