Global Property Tax Services Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029
Market Overview:
The latest research study on the global Property Tax Services market finds that the global Property Tax Services market reached a value of USD 3476.85 million in 2022. It’s expected that the market will achieve USD 5366.85 million by 2028, exhibiting a CAGR of 7.5% during the forecast period.
Property tax service providers are using advanced software technology to estimate and manage property tax issues, so as to improve the results and provide quality services. Service providers provide customers with software platform solutions, which are mainly used to automate tax processes and property tax consulting services. According to the survey, 35.4% of the American population prefer the digital tax option, because the cost related to digital declaration is lower, and it is easy to use the program to realize automatic calculation and online filing. The software trend of property tax service helps service providers to operate in the market structure.
Influenced by covid-19, the global digital reform is accelerating. Software makes it easier for stakeholders in the property tax service market to track depreciation schedule, reportability and classification during the continuous pandemic. Personal property software solutions have great demand for quick decision-making and obtaining tax compliance information.
Increase of internal consultant team
Property tax service providers provide consulting services to customers, and may not be able to meet customers' expectations in terms of quality reports and tax-saving opportunities. Due to the lack of qualified consultants/personnel in the property tax industry, some service providers provide poor service quality, which is expected to hinder the growth of the property tax service market. More and more large enterprises focus on improving the quality of tax-related services. Therefore, these companies are setting up internal consultant teams to improve the tax process by employing former tax consultants in the management team. The business strategy of increasing the internal consultant team is expected to reduce the use or demand of external tax service providers or consultants.
Lack of understanding of property tax services
Small and medium-sized enterprises have limited budgets to invest in outsourcing services and advanced technology financial services. The company is managing tax-related issues by itself to maintain its profitability by reducing the cost of hosting services. It is expected that small and medium-sized enterprises' lack of awareness of the benefits of property tax services will inhibit market growth. This factor will have a moderate impact as a market restriction in the forecast period. Because the problems related to poor quality and lack of awareness have been solved by introducing skilled professionals with tax expertise to improve the consulting team.
Region Overview:In 2022, the share of the Property Tax Services market in America stood at 40.57%.
Company Overview:Deloitte is one of the major players operating in the Property Tax Services market, holding a share of 14.32% in 2023.
Deloitte
Deloitte is the largest professional services firm in the world. They provide audit, consulting, financial advisory, risk management, tax and other services through their member firms.
EY
Ernst & Young Global Limited, doing business as EY, is a multinational professional services network with headquarters in London, England. EY is one of the largest professional services networks in the world. Along with Deloitte, KPMG and PricewaterhouseCoopers, it is considered one of the Big Four accounting firms.
Segmentation Overview:As for product types, the Property Tax Advisory Services segment held the largest market share in 2022.
Application Overview:The market's largest segment by application is the segment Personal Property, with a market share of 75.72% in 2022.
Key Companies in the global Property Tax Services market covered in Chapter 3:Altus Group
Cushman & Wakefield
BDO
Newmark
CliftonLarsonAllen (CLA)
RubinBrown
PwC
Ryan, LLC.
EY
Deloitte
RSM International
EisnerAmper
Crowe
CBIZ
KPMG
Duff & Phelps (Kroll)
Paradigm Tax Group
CohnReznick
Cherry Bekaert
Grant Thornton
In Chapter 4 and Chapter 14.2, on the basis of types, the Property Tax Services market from 2018 to 2029 is primarily split into:Property Tax Advisory Services
Property Tax Compliance & Co-Sourcing Services
Property Tax Exemption & Abatement Services
Property Tax Due Diligence Services
In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Property Tax Services market from 2018 to 2029 covers:Real Property
Personal Property
Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)