A Leading Provider in Equipment Financing

When to Prepare for Annual Property Taxes?

Don’t Wait Until the End of the Year to Prepare for Annual Property Taxes on Leased Equipment

Let’s start at the beginning for those new to leasing equipment. Property taxes are owed on leased equipment. In most states, property taxes are due by December 31, though there are a few exceptions depending on where your business is located.

Since the equipment is leased through GFLS Services, your equipment financing provider, we retain title of ownership and we are responsible for reporting all equipment to your local taxing jurisdictions, as well as ensuring the property taxes are paid on time. Once we receive the tax bill on your leased equipment, our team sends a copy to you, the lessee, along with a notice that the tax amount will be deducted from your bank account.

Simply put, we receive and pay the tax bill, in turn you’ll pay GFLS Services back through an ACH (debit transfer) from your bank.

Nobody likes end-of-the-year tax surprises, so the GFLS Services team not only includes detailed information about leased equipment property taxes in lease agreements, but also verbally reviews it with you so you know exactly what to expect. Even though tax bills vary from state to state, once you receive the notice about your first one, we recommend you record that date to keep in mind for future financial planning.

The Legality and Benefits of Your Equipment Financing Provider Managing the Property Taxes

Legally, it is GFLS Services’ responsibility to pay the property tax bills on equipment owned by us, but leased to our clients. We take that responsibility seriously and always pay on time.

But doing so also means additional benefits for the lessee. It is one less bill for you to track a payment date. And, it could give you a little financial wiggle room. Initially, the property tax payment comes directly out of our pocket. Since we pay the bill first, this gives you a few days cushion which makes a big difference for businesses dealing with slow accounts receivables or strained cash flow. Unlike taxing jurisdictions, we’re able to set up monthly payment plans with our clients to cover property taxes, which can help with budgeting and minimize larger outlays at once.

Isn’t Property Tax Planning for Leased Equipment an Issue for the Accountant?

Absolutely. We highly encourage our clients to consult their accountants for advice and assistance with their company’s financial matters. However, we believe in education, too, to help business owners become more knowledgeable.

The GFLS Services team manually sets up, processes and posts all property tax accounts and bills. Since we lease equipment across the country, this is a time-consuming process. However, this saves you money since you are not paying your accountant to do so as you’d likely do if you owned, rather than leased, the equipment.

Any time you have a question about planning for or paying property taxes on your leased equipment, give us a call at (480) 478-7400. We’re always happy to review the process and answer your questions.

People Are Talking . . .

Richard Pennington, Owner Pennington Designs

Not your average lender! Judi and her staff were very professional and prompt in helping us to acquire much needed equipment which will allow us to grow our company. Very fair and willing to work with us through the entire purchase and assured that all vendors involved had fulfilled their orders and met my needs. We look forward to a long and successful partnership with Global Financial.
Global Financial and Leasing Client Testimonials
2019-03-20T07:39:30-07:00
Not your average lender! Judi and her staff were very professional and prompt in helping us to acquire much needed equipment which will allow us to grow our company. Very fair and willing to work with us through the entire purchase and assured that all vendors involved had fulfilled their orders and met my needs. We look forward to a long and successful partnership with Global Financial.

P. Bosley, Mgr. Member, Vendor

Larry, I really appreciate you working so diligently on this lease application and approval. You are a true professional!

Global Financial and Leasing Client Testimonials
2019-03-20T07:39:56-07:00
Larry, I really appreciate you working so diligently on this lease application and approval. You are a true professional!

G. Duncan, CFO, CPA, CFE

Judi your email agrees 100% with our discussion yesterday. I appreciate the customer service and you going to some trouble to help us out. That type of service is remembered and appreciated.
Global Financial and Leasing Client Testimonials
2019-03-20T07:40:24-07:00
Judi your email agrees 100% with our discussion yesterday. I appreciate the customer service and you going to some trouble to help us out. That type of service is remembered and appreciated.

Executive Director, Surgery Center

Judi, please accept my thanks to you and the team there for the very nice cookie basket. We received it this morning and it was a big hit with our staff. Your thoughtfulness is much appreciated and admirable. Again, my thanks to you and Larry for the smooth financing transaction we just completed. Have a great weekend. Now I have to go find some milk.
Global Financial and Leasing Client Testimonials
2019-03-20T07:18:42-07:00
Judi, please accept my thanks to you and the team there for the very nice cookie basket. We received it this morning and it was a big hit with our staff. Your thoughtfulness is much appreciated and admirable. Again, my thanks to you and Larry for the smooth financing transaction we just completed. Have a great weekend. Now I have to go find some milk.

Jeffrey L., FPC Financial Partners

Jerald Collens and Global Financial and Leasing Services have been great in helping me get some of my deals done that I otherwise would not have been able to close. Jerald looks at all aspects of the deal in order to find a solution that suits my clients.
Global Financial and Leasing Client Testimonials
2019-03-20T07:40:58-07:00
Jerald Collens and Global Financial and Leasing Services have been great in helping me get some of my deals done that I otherwise would not have been able to close. Jerald looks at all aspects of the deal in order to find a solution that suits my clients.

Office Manager, Podiatrist

I sincerely appreciate your response on this holiday weekend. You’re a true professional and your dedication with assisting clients has always been honorable. May the remainder of your weekend be enjoyable!
Global Financial and Leasing Client Testimonials
2019-03-20T07:21:41-07:00
I sincerely appreciate your response on this holiday weekend. You’re a true professional and your dedication with assisting clients has always been honorable. May the remainder of your weekend be enjoyable!

Taylor M., General Financial

Your company has helped touch the hearts of both new, and returning mutual clients across the US. Jerald Collens continues to show excellence in his career, and still goes out of his way to make himself available at all times to satisfy our demanding clients needs. We are proud to have a funding partner in our industry that is dedicated to finding a way to say “yes” to every single clients unique circumstances, when other funding sources typically say “no”.
Global Financial and Leasing Client Testimonials
2019-03-20T07:41:17-07:00
Your company has helped touch the hearts of both new, and returning mutual clients across the US. Jerald Collens continues to show excellence in his career, and still goes out of his way to make himself available at all times to satisfy our demanding clients needs. We are proud to have a funding partner in our industry that is dedicated to finding a way to say “yes” to every single clients unique circumstances, when other funding sources typically say “no”.

Malcolm, President Specialty Contracting Company

Judi, thanks for your support. We are building something here and having folks like yourself on our side makes all the difference!
Global Financial and Leasing Client Testimonials
2019-03-20T07:22:06-07:00
Judi, thanks for your support. We are building something here and having folks like yourself on our side makes all the difference!

T. Poague

Been with these guys for over a year they helped me get my business started it hasn’t went as planned but these guys have worked with me in every way possible my hats off to to mr Ira ,Mrs Judi and mr Sean guarantee I will use them for any of my business financing if possible Great folks

Global Financial and Leasing Client Testimonials
2019-06-27T06:11:01-07:00
Been with these guys for over a year they helped me get my business started it hasn’t went as planned but these guys have worked with me in every way possible my hats off to to mr Ira ,Mrs Judi and mr Sean guarantee I will use them for any of my business financing if possible Great folks

IT/Telecom Vendor Sales Rep

Judi, the thanks is all yours!! You made this happen very smoothly. I am your loyal customer from here on.
Global Financial and Leasing Client Testimonials
2019-03-20T07:22:31-07:00
Judi, the thanks is all yours!! You made this happen very smoothly. I am your loyal customer from here on.

R. Lowery

Had a great experience with Patrick. He was very knowledgable with regard to our specific needs! Thank you!

Global Financial and Leasing Client Testimonials
2019-06-27T06:12:47-07:00
Had a great experience with Patrick. He was very knowledgable with regard to our specific needs! Thank you!

JH, Medical Vendor Rep

Thank you, Judi, you are the best ... So understanding of the complexities of this crazy industry and compassionate enough to work with people in difficult circumstances, there is a special place in heaven for you and Jim.

Global Financial and Leasing Client Testimonials
2019-03-20T07:26:35-07:00
Thank you, Judi, you are the best ... So understanding of the complexities of this crazy industry and compassionate enough to work with people in difficult circumstances, there is a special place in heaven for you and Jim.

Byron Waters

Great folks over at Global. Julian and his Team have helped us out several times always an easy process

Global Financial and Leasing Client Testimonials
2019-06-27T06:13:06-07:00
Great folks over at Global. Julian and his Team have helped us out several times always an easy process

CP – Medical Vendor

I want to thank you both so much for doing a wonderful job with my customers. You truly go the extra mile to assist them with their financing needs.
Global Financial and Leasing Client Testimonials
2019-03-20T07:32:35-07:00
I want to thank you both so much for doing a wonderful job with my customers. You truly go the extra mile to assist them with their financing needs.

Alyson

Very good people.

Global Financial and Leasing Client Testimonials
2019-06-27T06:13:28-07:00
Very good people.

SS, Medical Vendor

I certainly appreciate all the effort and hard work that you put into our customers. Your dynamics show us even when the financial situations are shaky that you still come through with positive outcome. Thank you so much for your hard work!
Global Financial and Leasing Client Testimonials
2019-03-20T07:32:54-07:00
I certainly appreciate all the effort and hard work that you put into our customers. Your dynamics show us even when the financial situations are shaky that you still come through with positive outcome. Thank you so much for your hard work!

Michael B.

Not be any happier with this company.

Global Financial and Leasing Client Testimonials
2019-06-27T06:40:57-07:00
Not be any happier with this company.

President, Plumbing Company

Just wanted to thank you again! I just picked up five new vehicles from a lease I acquired from your friend! I am so excited! Again I cannot thank you enough for all that you have done for me!
Global Financial and Leasing Client Testimonials
2019-03-20T07:37:24-07:00
Just wanted to thank you again! I just picked up five new vehicles from a lease I acquired from your friend! I am so excited! Again I cannot thank you enough for all that you have done for me!

Hollie Aneshansley

Amazing opportunity these wonderful people gave me♡

Global Financial and Leasing Client Testimonials
2019-06-27T06:41:30-07:00
Amazing opportunity these wonderful people gave me♡

President, Plumbing Company

Just wanted to thank you again! I just picked up five new vehicles from a lease I acquired from your friend! I am so excited! Again I cannot thank you enough for all that you have done for me!
Global Financial and Leasing Client Testimonials
2019-03-20T07:37:57-07:00
Just wanted to thank you again! I just picked up five new vehicles from a lease I acquired from your friend! I am so excited! Again I cannot thank you enough for all that you have done for me!