Life isn’t Fair, and Neither are Property Taxes!
Topic: A Tax to Grind, Property Tax Administration
Friday, 16 September 2011 by David H. LeVan
Loading ...I remember as a kid my dad telling me “life isn’t fair and the sooner you get over that fact the happier you’ll be”. That used to really bug me! Why isn’t life fair? Why do I have to accept that?
We’ll it seems I work in an industry that isn’t always fair. Why is it that a state like Kentucky can go back 4 years in an audit if they think there is a potential liability but a taxpayer can only go back 2 years if a savings opportunity exists? And, why does that same state charge 5% interest on money that the taxpayer owes them and only pays 1% interest on money they owe the taxpayer?
I guess my dad was right. It’s just not fair!
Why Can Property Tax Management Be So Difficult?
Topic: A Tax to Grind, Property Tax Management
Thursday, 15 September 2011 by David H. LeVan
Loading ...Why can property tax management be so difficult? According to CFO magazine, “Property tax is one of the biggest tax expenses – and the hardest to manage”. So what gives? Check out the latest PropTax Minute for insights on this question.
http://www.youtube.com/watch?v=i1xixD6eUzU
Watch out for Higher Property Tax Assessments
Topic: A Tax to Grind, Property Tax Appeals
Thursday, 15 September 2011 by David H. LeVan
Loading ...A colleague of mine recently received his property tax assessment for real estate in the state of Washington. Surprisingly, it showed an increase in value of 113% even though no additions or expansions were made at the plant in the past year. Additionally, the facility has exhibited significant obsolescence and nothing has improved that situation in the past year If anything, the value should have declined.
When he inquired about the rational for the increase he was told in no uncertain terms that they decided to remove all obsolescence and excess depreciation adjustments on larger industrial properties for 2011 because the Assessor wants to generate more revenue for the County. If a Taxpayer appeals this arbitrary decision they will consider a reduction, if not the higher value stands. Are they hoping taxpayers won’t notice the increase? I suppose there will be some who don’t.
Interesting revenue generating technique! What are you seeing out there?