IDEA: Cut property taxes for next year: before YE, write off fixed assets now scrapped, sold or moved out of your county’s jurisdiction.

Go through your fixed asset listing and make sure to dispose of those items that are no longer owned or now in pieces for spares. Property taxes are not based upon depreciated values but market values of items residing and used in your county if those items are still present. If your items have been shipped out state to another company location, they come off your local county taxes.  If they have been scrapped or sold off  write these items off before yearend financial closing in order to cut your property taxes levied the following year. If older machines are sold for junk or scrap metal, keep evidence of their disposal for not only your yearend CPA audit but also proof of fixed asset disposals for property tax purposes.