First American Proxix Solutions Launches New Property Tax Database
—Accurate, Detailed Tax Jurisdiction Data Supports Correct Filings and Reduces Compliance Liabilities—
February 19, 2008, SANTA ANA, Calif.
First American Proxix Solutions, a member of The First American Corporation (NYSE:FAF) family of companies and a leading provider of geospatial technology, location-based data and tax data, today announced the release of its new personal property tax jurisdiction database. Covering all states that assess personal property tax, plus Washington, D.C., the database includes lowest-level asset accumulation, taxing authority and whether intangible assets are taxable. Designed for use by utility companies, public entities and a wide range of business enterprises, the database can support both regulatory compliance and operating efficiency.
“For businesses, governments and utility companies to correctly assign tax jurisdictions, then collect and remit taxes to every locality where customers reside, can be an extremely complex task,” said Paul Wray, president of First American Proxix Solutions. “A fundamental difficulty is that tax jurisdiction boundaries don’t parallel city, township and county boundaries. The resulting overlap creates as many as 176,500 combinations of tax jurisdictions. The challenge is compounded by the fact that there are 43,000 ZIP codes, 86,000 tax rates and 7,500 tax jurisdictions nationwide.”
Updated quarterly, the new database provides detailed tax boundary files for states, cities, counties, townships, villages, boroughs and school districts.
To create a fully automated resource for tax jurisdiction assignment, the new database can be used with First American Proxix Solutions’ highly precise, parcel-level geocoding technology. This integrated solution, called Site-US Tax, delivers the highest level of accuracy available for relating property addresses to tax jurisdiction boundaries. The resulting reports contain property-specific geocoding data, distance to tax boundary, taxing authority and other information.
About First American Proxix Solutions
Proxix Solutions is a subsidiary of The First American Corporation. The company develops location intelligence products and enterprise spatial solutions to help businesses make smarter decisions, understand and mitigate risks, cultivate profitable customer relationships and increase market penetration. For more information on First American Proxix Solutions, call 866-781-2662 or visit www.proxix.com.
About The First American Corporation
The First American Corporation (NYSE: FAF) is a FORTUNE 500® company that traces its history to 1889. With revenues of $8.5 billion in 2006, it is America’s largest provider of business information. First American combines advanced analytics with its vast data resources to supply businesses and consumers with valuable information products to support the major economic events of people’s lives, such as getting a job, renting an apartment, buying a car or house, securing a mortgage and opening or buying a business. The First American Family of Companies, many of which command leading market share positions in their respective industries, operate within five primary business segments, including: Title Insurance and Services, Specialty Insurance, Mortgage Information, Property Information and First Advantage. More information about the company and an archive of its press releases can be found at www.firstam.com.