Property Tax Services Market: Introduction
Transparency Market Research delivers key insights on the global property tax services market. In terms of revenue, the global property tax services market was valued at ~US$ 3 Bn in 2020. It is expected to cross US$ 5.8 Bn by 2031, expanding at a CAGR of ~7% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecasts in its report on the global property tax services market.
The global property tax services market is broadly affected by several factors, including increasing awareness about property tax services in commercial & residential sectors. Thus, rising adoption of property tax services in different sectors is propelling the global market for property tax services.
Property Tax Services Market: Dynamics
Electronic accounting or online accounting is a new trend in the commercial accounting process. Most large and small & medium enterprises are making use of electronic accounting solutions and services to preserve their financial data-related tax modules in a secure environment, and allow real-time access to authorized users, irrespective of their location or computing platform. Another major reason for adopting e-accounting in property tax services is the reduction of time and stress for accountants and employees, as it generates accurate results with high security. Manual records involve procedural complexities such as errors, longer time, lack of accuracy, etc. Online accounting helps in overcoming these challenges and helps to create new tax opportunities.
The foremost attribute of using e-accounting is the large storage capacity and reduction of clerical work. Electronic accounting can be implemented in various applications in property tax services. In e-tax practice, transactions such as imputation of taxes, preparation of tax returns, and other tax-related debt or information can be operated using electronic accounting or online accounting. Large amounts of money spent on manual books can be saved due to the adoption of electronic accounting by various organizations and service providers across a range of industries, and it helps in enhancing the technology in various financial operations. Hence, the increasing adoption of electronic accounting in property tax services is expected to boost demand for outsourced property tax services during the forecast period.
The increasing demand for outsourced property tax services in developing countries in Asia Pacific and Europe is expected to generate new revenue opportunities for service providers. Most property tax service providers are collaborating with local tax consulting firms and advisory firms to explore new market opportunities in untapped areas. Service providers are also investing in Asian countries to increase their commercial customer base with increasing adoption of the outsourced business module in Asian industries. Service providers are maintaining the global standard in service that helps companies to maintain their financial databases and tax-saving opportunities with a team of financial experts.
Property Tax Services Market: Prominent Regions
The property tax services market in North America is expected to expand during the forecast period, owing to the presence of key market players, technological advancements, and rise in consumer spending in outsourced financial services in the region. The property tax services market in Europe is also projected to expand during the forecast period, due to a significant rise in commercial investment in property tax services and increase in the number of property tax service providers in major countries such as the U.K. and Germany. The market in Asia Pacific is estimated to grow at a rapid pace during the forecast period, owing to the presence of a large number of players in the property tax services sector and adoption of property tax services among commercial spaces.
Property Tax Services Market: Key Players
Key players operating in the global property tax services market include Advantax, LLC, Altus Group Limited, Argil Property Tax Services, Bryden Johnson, CBIZ, Inc., Cherry Bekaert LLP, Colliers International Group Inc., CORELOGIC Inc., Cushman & Wakefield, Inc., Deloitte Touche Tohmatsu Limited, DuCharme, McMillen & Associates, Inc., Duff & Phelps, LLC, Global Tax Management, Inc., Hilco Global, Me, Group Holdings Limited, Moss Adams LLP, PropertyTaxAdvisers.co.uk, RSM International, Ryan, LLC, and UK Property Accountants Ltd.
Global Property Tax Services Market: Segmentation
Property Tax Services Market, by Service Type
- Property Tax Advisory Services
- Property Tax Compliance & Co-Sourcing Services
- Property Tax Exemption & Abatement Services
- Property Tax Due Diligence Services
- Litigation Support Services
Property Tax Services Market, by Application
- Personal Property
- Real Property
Property Tax Services Market, by Region
- North America
- Rest of Europe
- Asia Pacific (APAC)
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- United Arab Emirates
- South Africa
- Rest of Middle East and Africa (MEA)
- South America
- Rest of South America
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