The global property tax services market has been witnessing steady growth over the past few years. Property tax services include consulting, advisory, assessment of property value, tax appeal representation and other services offered to assist individuals and businesses to comply with property tax laws and regulations set by local and state authorities. With increasing complexities in global property tax legislations and rising property values, demand for premium property tax services has surged significantly. Additionally, the mounting need to optimize property tax burdens while maximizing deductions, exemptions and property value has propelled the growth of property tax services market worldwide. Technological breakthroughs that have enabled the automation and digitization of property assessment processes are expected to disrupt the conventional property tax services in coming years.
Market Dynamics:
The global property tax services market is primarily driven by increasing complexities in property tax regulations across major countries. Revision of property tax laws by regional governments along with constant fluctuations in tax rates depending on market conditions has augmented the need for expert property tax guidance and consultation services among end-users. Moreover, exponential growth of commercial real estate sector with large global players venturing into new overseas markets has created strong demand for multinational property tax planning and representation services. However, intense competition among existing players and legal restrictions imposed by few countries on foreign property tax advisory firms limits the scope for market expansion. On the other hand, proliferation of advanced analytics and Artificial Intelligence (AI) backed services to manage & reduce property tax liabilities through automated record-keeping and e-filing present bright opportunities for market participants in the near future.
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