CFOs and VPs of Tax are attuned to risks associated with changing market conditions. Many experts contend that the 10-year run of relatively stable economic growth is overdue for a correction. While the arc of the next recession is difficult to predict, forward-looking finance chiefs are formulating plans to navigate their companies through the next economic downturn.
Commercial property tax management is essential in a company's strategic plan, and the finance team can proactively use it to reduce operating costs, accurately budget, and identify key areas for savings in economic downturns. Property taxes can account for as much as 40 percent of all state and local taxes that a company pays. In an economic recession, this can create significant savings opportunities for organizations looking to create value.