Well-documented property tax appeals consistently provide extraordinary annual operating cost savings for newspapers.
Austin, Texas (PRWEB) September 13, 2011
Rapidly changing industry dynamics have “left many newspapers with a gross oversupply of legacy capital assets that has cratered the market values of newspaper plants and manufacturing equipment,” states John Woolard, managing partner at Morrison & Head, LP, a national property tax valuation and consulting firm specializing in the newspaper industry.
“The unfortunate reality of declining ad revenues, plant closures, consolidation, and diminished production requirements have forced newspapers to reduce their operating costs across the board,” says Woolard. “However, many newspapers are realizing that they’re quickly running out of ways to achieve cost-savings goals without further cutting staff, retooling presses, or consolidating operations.”
The proposed solution? As one major Massachusetts metro paper recently discovered: Property tax assessment negotiation and appeals.
Morrison & Head’s comprehensive property tax analysis allowed the paper to save over $350,000 in 2010 alone that will “continue to provide compounded benefits for years to come,” according to Woolard. Other newspapers have followed suit and realized similar, if not greater, savings. For example, Woolard’s firm just negotiated a savings of $325,000 for a Texas metro, $460,000 for a Florida metro, and $660,000 for a national commercial printer by successfully proving that their assessed values were excessive.
“Well-documented property tax appeals consistently provide extraordinary annual operating cost savings for newspapers," states Woolard. “Morrison & Head will continue to stay on top of the industry as it evolves and changes in order to serve our clients best and meet their cost-savings goals.”
About Morrison & Head, LP
Morrison & Head, Industrial/Complex Property Division specializes in identifying, developing, and implementing innovative property tax savings initiatives exclusively for manufacturers and distributors. With an emphasis on long-term client relationships, quality service, and proven performance, Morrison & Head LP's 125+ years of collective commercial and industrial property tax experience has consistently generated proven results for our clients.