President’s Message – May 2021

Happy Spring to all - I hope you are on the verge of “back to normalcy” or at least what the new normal looks like……

In my first President’s Message there were key components we wanted to address concerning my acquisition and involvement with Indurante & Associates. Inc. I want to update you on our progress and provide information of our annual tax savings generated for our clients.

We recently completed the filing season utilizing our proprietary software, RailMarx. As with any initial versions of a software we had our share of bumps in the road, but overall, the process was a success and has created a wonderful foundation to use going forward. Reducing the amount of manual data entry was a priority in 2021 and this was a major step forward. Our goal in the coming years will include client accessible portals with the ability to download information relating to tax bills, valuation notices and assessments. I am confident in the direction we are heading with RailMarx and look forward to sharing updates as we progress.

Our compliance service includes strategies to minimize your annual property tax liability and we are dedicated to ensuring your fleets are being assessed at the lowest fair market value. Each year we gather information from the industry concerning the idle capacity of certain types of cars; secondary market sales; replacement costs of car types and reviewing state assessment guidelines for valuing railcars. We ask our clients for annual repairs and maintenance expenditures, allowing us to offset some of the property tax liability with tax credits in those states allowing the reduction. Speed studies and obsolescence arguments are a significant portion of our review and we are pleased to be able to provide all this analysis to our client base at no additional charge.

In 2020, our clients saved almost $6,200,000 from our efforts described above. In 2019, the tax savings exceeded $6,800,000 and in years 2016-2018 our average annual savings amounted to just under $8,000,000. The annual savings may have decreased the past 2 years due to the fact the cars are older, reducing the amount of savings as the valuation decreases with age. In addition, fewer cars were purchased in 2020, creating a reduced opportunity on the valuation of railcars in our speed studies, particularly in Nebraska, where valuations are significantly lower when older cars are reported on the State filing.

Few, if any, in our industry can provide this level of service you have come to expect from Indurante over the years. We thank you for the opportunity to represent your interests. Please reach out to us if you should have any questions or comments.

Donald J. Swartz, ASA


Don is the President and owner of Indurante & Associates, Inc. which he acquired in 2018. Combined with his property tax consulting firm, Swartz + Associates, Inc. these two entities cover all aspects of property tax valuations; from centrally assessed properties to county assessed valuations; individual assets to nationally recognized real estate portfolios and everything in between. With experience as a business owner of a small company as well almost twenty years’ experience as a Managing Director of Property Taxes for a publicly held accounting, tax and advisory firm, Don has the unique experience of understanding the needs and concerns of other small business owners as well as large publicly held entities. This blend provides Don with the experience to help all property owners.

Don has been involved in the review and analysis of commercial/industrial real estate, machinery, equipment and data processing equipment since 1986. During this time, he has directed the filing of thousands of personal property renditions and real property appeals concerning market value disputes. His experience includes reviews in most States across the country.


Manager, Operations


Tax Program Manager


Senior Analyst


Senior Analyst

Katy True joined Indurante in 2018 to streamline processes improvements along with business and financial transactions. Katy also has additional responsibilities with Swartz + Associates and oversees the client management and day to day functions. Prior to this, she had been employed with Cerner Corporation for several years as a business analyst. Katy has her accounting degree from the University of Missouri, Kansas City where she also excelled as a four-year captain and hall of fame inductee for her contributions as a setter for the women’s volleyball team. Additionally, Katy is very involved in various volunteer activities such as PTA, coaching and mentoring.

Kristen started with Indurante & Associates in 2001 in Las Vegas, Nevada as an office clerk. From 2002-2006, she attended University of Nevada, Reno while working as a logistics manager for Old Navy. She returned to work for Indurante in 2007 and has moved from tax bill analyst to Compliance Supervisor. She oversees training of all employees, mileage tracking and statistics, tax filing production, payment compliance, tax payment account management and maintenance of the state accounts. Post-filing season she hits the road to visit with friends and family and raft or float any river.

Noelle joined Indurante & Associates, Inc. in January 2009 as a property tax analyst. She has experienced all aspects of the rail car tax business while working for Indurante, but specializes in data collection, the filing and protesting of Texas business personal property accounts and assessment review and training. Over the years, Noelle has gained a vast knowledge of the intricacies of the rail car property tax industry.

Noelle graduated cum laude from Loyola University Chicago in 2004 with a bachelor’s degree in Business Administration. Since moving to Las Vegas in 2007, Noelle has enjoyed spending time outdoors with her husband, two young children and two rescue dogs.

Mark Phillips has nearly 20 years of experience in Ad Valorem tax concentrated mainly in centrally assessed public utilities. Mark joined Indurante & Associates, Inc. in March 2013 as a property tax analyst. Prior to joining Indurante, he was employed as an Auditor at the Louisiana Tax Commission for 12 years where he gained experience assessing and auditing a wide variety of public utilities.

At Indurante, Mark specializes in fleet data analysis, filing, assessment review, protests, and obsolescence studies for all accounts. Mark’s previous experience in state assessment gives him unique insight and personal relationships with many of the state taxing jurisdictions and authorities which helps maintain Indurante’s positive relationships and communications with these taxing authorities. Mark graduated from Louisiana State University in 1997 with a B.S. in Psychology.


Property Tax Analyst


Railcar Analyst

David has over three years of experience in the property tax industry before he began working for Indurante in the Summer of 2019. Prior to his move to Las Vegas from Kansas City, David, worked extensively in the review and analysis of commercial real estate, particularly in the area of convenience stores and “big box” retail centers.

Since his transition from Swartz & Associates to Indurante, David, is learning the intricacies of the rail car property tax industry. He is maintaining his current commercial real estate portfolio while taking on new responsibilities with Indurante.

David graduated from The University of Kansas with a business degree and has since completed multiple appraisal courses to further his education.

Originally from London, UK, Emma has 12 years experience in Financial and Operational Accounting, working in a variety of industries from music, fashion, electronic security, Financial services (WU), and  property management all before coming to the US.

Emma first joined Indurante as seasonal in 2012 and became a popular fixture at consecutive/intermittent filing seasons.  She became a permanent member of the team in 2018 joining the assessment and reviewing side/team.