PROPERTY TAX SERVICES MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Market Concentration and Competitive Landscape

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Growing number of real estate transactions leading to an increase in demand for property tax services

Healthy real estate markets everywhere have meant greater investment activity and increased transactions in the sector over the past decade. Both commercial and residential property sales volumes have boomed significantly across major world economies. Rising wealth levels, growing urbanization, low interest rates and positive demographic trends continue to drive high buyer and investor interest in real estate around the globe. Development of new large-scale projects too has accelerated to meet the housing and infrastructure requirements of expanding populations worldwide.

All these real estate deals naturally require due diligence and documentation to close properly according to local conveyancing laws. However, what many buyers and sellers often overlook in the excitement of closing a purchase is ensuring tax compliance regarding transfer duties and property taxes post the deal. Missing to pay transfer taxes on time as part of the purchase transaction or failure to update property tax filings after an ownership change have serious cost and legal implications. Relying on internal resources to navigate these crucial tax steps surrounding a real estate transaction without expert assistance is quite risky.

Given the complexity involved, established property tax advisory firms have stepped in as the logical solution. Their professionals help transacting parties understand tax implications thoroughly, accurately compute resulting tax liabilities and ensure hassle-free payment to the tax departments. This brings much-needed peace of mind and clarity to real estate investors and occupiers at a crucial junction.