Today’s digital business processes and workflows demand more than just accurate information – the information must also be easily understood, available on-demand and delivered in a way that integrates with technology.
As title companies adopt more digital business processes and re-design their workflows accordingly, opportunities exist to vastly improve operational efficiency. Case in point: How title companies source property tax status information.
Title companies confirm tax status to determine any outstanding tax liabilities and the balance due at closing.
At many title firms, collecting the appropriate tax information often remains a time-consuming and labor-intensive process that may involve manually searching tax agency websites, emailing and calling tax agency representatives, or even in-person visits to tax collector offices.
Some title companies use tax vendors to source this information. However, most of these vendors have regional, rather than national, coverage and their data formatting is not integrated with leading title production systems. Additionally, when tax data is accumulated from numerous sources, it usually must be manually rekeyed multiple times, creating opportunities for costly data errors.
Simplifying the Process
DataTrace developed DataTrace TaxSource to help title companies simplify and standardize the process for securing tax data. TaxSource is a centralized, on-demand tax reporting platform that produces accurate, consistent tax status. Title professionals only need to request a report and TaxSource does the rest.
TaxSource provides on-demand access to nationwide tax records including:
- Current-year bill details
- Assessed values with exemptions
- Tax agency requirements
- Prior-year delinquency records with payoff amounts
Unlike the myriad of tax forms and reports used by local taxing agencies, TaxSource information is delivered in a standardized, easy-to-understand format, easing the burden on title professionals to interpret the complicated tax forms.
TaxSource data undergoes a rigorous validation process for data currency and integrity, providing the quality tax information needed. Also, when there are questions, DataTrace’s network of experienced regional tax specialists is available to support clients using the platform.
Standardized, Integrated and Consumable
Thanks to the standardization in TaxSource, title professionals receive their tax information in the same consistent record format with every tax request. This is true whether a client is ordering through the API or performing searches in our user platforms.
TaxSource integrates with leading commercial and proprietary title production systems and with several DataTrace platforms, including DT-API, DataTrace System (DTS), TitleFlex and Advanced Data Solutions. This reduces the need to rekey information, helping to save time, prevent data errors and accelerate title closings.
As the title industry becomes more digital, it needs to acquire, validate and consume data more efficiently. Working with an industry leader, like DataTrace, title companies will not only get the accurate tax information they need, but also improved operational efficiency and an enhanced closing experience.
