Marine

MARINE

We help inland barge operators recover property tax savings resulting from adverse industry conditions (declining freight rates & volume) and overlooked exemptions.

Navigating Change in the Marine Transportation Sectors

Companies operating in marine transportation sectors are often impacted by adverse industry conditions yet they overlook this as an opportunity to capture complex property tax savings. We help companies in the marine transportation sector navigate these changes and the impact on their complex industrial property taxes.

Complex Property Tax Expertise: Inland Barges

One example is the U.S. inland barge industry that is facing diminishing volume per barge, a 40% decline in freight rates, 28% decline in revenue, and a 71% decline in operating income. In pursuit of rising liquid and dry cargo volumes, many shippers expanded their fleets too aggressively, resulting in an out of balance supply demand equation.

However, this excess capacity has left too many barge operators chasing too little cargo, resulting in the worst barge market conditions in 30 years.

Analysis CTA

Barge on River

An Example

In one example, we helped a company that provides marine transportation of petrochemicals as their existing property tax consultant had overlooked the decline in Fair Market Value of the company’s assets due to adverse industry conditions. In this case, the adverse industry conditions were due to out-of-balance supply and demand factors.

We were able to negotiate an economic impact adjustment plus an additional pollution control exemption credit on their tank barges.

Specialized Knowledge

We apply our specialized knowledge of the marine industry to successfully help our clients identify and appeal over-valuation of their marine transportation assets -- resulting in millions of dollars of industrial property tax savings.

Let us do the same for your business.

Resulting in Millions of Dollars of Industrial Tax Savings

Success Stories

marine company

Marine company

$3.6M
ANNUAL
SAVINGS
TAX SAVINGS OF 33%
Industry Association
MARINE
Industry Association
MARINE
  • A combination of exemptions, quantified functional obsolescence and economic obsolescence produced a 33% property tax savings for KIM’s allocated fleet assessment.

Southwest Shipyard

Southwest Shipyard

$150K
ANNUAL
SAVINGS
TAX SAVINGS OF 15%
Industry Association
MARINE
Industry Association
MARINE
  • Produced immediate 2017 savings of approximately $150,000 by quantifying the physical, economic, and functional obsolescence affecting their dry docks.

Higman Marine

Higman Marine

$2M
ANNUAL
SAVINGS
TAX SAVINGS OF 40%
Industry Association:
MARINE
Industry Association
MARINE
  • Our multi-year representation of Longsol’s Webberville, Texas plant, based on the diminished replacement cost of PV modules, reduced taxable value
  • Savings generated greater than $3.1 million

What Clients Say

Quotes

I have worked with John and the rest of the Industrial Property Tax Solutions team the last three years. They are highly capable tax professionals who possess a wonderful combination of tax technical skills and people skills, which are both necessary to navigate the pitfalls of state and local property taxes. With their assistance, we have lowered our annual property taxes.

- Scott Dant, Director of Tax -

American Commercial Barge Line LLC

What Clients Say

Quotes

I worked with IPTS' John Woolard, during my 17 year tender at Odfjell Houston. John had a sound understanding of our business which enabled him to apply innovative ideas, that were later used during our HCAD mediation process. As a direct result of his field work and experience, we were able to reduce our out-of-line HCAD property tax values from $60M to $38M culminating in major tax savings. John maintained strong working relationships with HCAD tax appraisers and he continuously sought ways to reduce our tax values. He gets results.

- Albert M. Noggle, Retired CFO and Interim President -

Odfjell Holdings US Inc

What Clients Say

Quotes

I’ve had the pleasure of working with John over the past 7 years. During this time he has shown me to be reliable, responsive and reasonable in his approach. Overall, he has served as a solid partner and has been instrumental in reducing our property taxes.

- Craig Wohlfort, Controller -

Austin American-Statesman

What Clients Say

Quotes

I have been worked with IPTS for three years. They are efficient and timely in the services that they provide for HID, and a great source of reference on Texas property tax issues. They keep us apprised of emerging tax related concerns in Austin.

- Teresa Wagner - Assistant Controller -

HID North America