Mordechai Katzman, President & Co-FounderErnst & Young reported in December 2016 that “for the fiscal year 2015, property taxes on business properties were in excess of $258 billion” in the U.S., based on land and property values. These taxes keep increasing annually and represent one of the single largest expenses for companies that own, occupy or manage real estate. When this cost is not appropriately managed, companies miss out on the opportunity to minimize property tax expenditures. Yet surprisingly, too many still administer this process using Excel or completely outsource it, with no clear oversight or control.
“There is tremendous value in understanding and managing the property tax expense,” says Mordechai Katzman, President and Co-Founder of Rethink Solutions Inc. (RSI), one of the leading software companies in the property tax and real-estate asset management market. “This is a complex but very manageable expense, however, the proper tools are required to do so efficiently and accurately.” Their flagship offering, itamlink, is the only software solution on the market that allows companies to manage every step in the property tax lifecycle, and all the processes related to it. Unlike most SaaS-based models, itamlink has been designed with ease-of-use and customization in mind, providing great flexibility to clients across multiple sectors such as office, retail, multi-family, industrial, hospitality, oil and gas and more.
The solution lets clients centralize, store, and report on all data related to the property tax process. It allows them to measure their portfolio’s performance from a property tax perspective—which areas are over-taxed, which are under-valued, and where there may be opportunities for savings. Dashboards and robust reporting enable clients to access detailed data about their portfolios and allow for better analysis and decision making by managers. Clients appreciate the ability to mass input and manipulate data within the system and huge efficiencies and time savings are realized by automating the entry of tax bills and assessment notices.
There is tremendous value in understanding and managing property taxes as it is a significant, but controllable, cost
RSI leads clients from implementation through training and launch, and provides ancillary services including system and data integrations, process reviews and software customizations. “We take pride in being able to consult and work with our clients, discuss best practices and process improvement, and develop close relationships with them. This commitment is reflected in the fact that we have almost 100 percent client retention,” declares Katzman. Their annual itamlink user conference offers an opportunity to present changes in the software, discuss best practices to use it efficiently, and receive valuable input from clients to continuously improve the solution.
Katzman mentions, for example, the benefit their software brought to a real-estate developer and property owner. Geographically dispersed property managers were handling data and information locally. Being able to consolidate all their diverse data in a single location enabled the property tax experts to review and approve all property taxes centrally and streamline the process within itamlink. They were also able to use the software to benchmark their properties against the market to ensure their high-value product remained competitive, which was their main goal.
With frequent releases, the itamlink software development team makes sure their product is always up to date with the latest web technologies. Katzman’s goal is to “strive to be and remain the de facto standard for property tax management.”