Friday, 24 February 2012 by Advantax
Economy down. Assessor’s getting more aggressive. Watch for double taxation on assets that could be either personal property or real property. Here’s a short PropTax Tutorial to help.
(Click here if you can’t see the link.)
Thursday, 16 February 2012 by Advantax
The New York Giants are the NFL Champions. And they deserve the title. As a longtime Green Bay Packer fan it was devastating to see the Giants beat the Packers in the playoffs (and as you can judge from the timing of this blog, it has taken me some time to be able to talk about it).
What was so sad was watching the Packers drop so many passes… and the Giants catch so many. I think the Packers dropped around 13 passes that game. It’s as if the Giants had some kind of spell over the Packer receivers. I think they used the same spell in the Superbowl, as the Patriots dropped a few well thrown passes.
Now it seems the Giants have a new opponent, property taxes. Like most football teams, the Giants have a long standing exemption on their football stadium. It is officially owned by a tax exempt entity and leased to the Giants. However, East Rutherford taxing authorities say that the Giants owe property taxes on their training field, which is privately owned. And it’s no small matter. The taxes in dispute exceed $1.5 million.
Perhaps the Giants can use the same spell they used on the Packers and the Patriots and get East Rutherford to drop the ball.
Thursday, 09 February 2012 by Advantax
Straight from the horse’s mouth (and in this case it’s the Icelandic horse I’m talking about), Iceland wins the award this month for most creative way to increase property taxes! That’s right. Iceland, the 18th largest island in the world with 23 counties and a population of 318,452, wins the top spot for property tax creativity.
Iceland isn’t horsing around. By reclassifying horse stables to industrial facilities they are able to increase the property taxes on those stables by almost 1,000%. How can they do this? How can a horse stable be considered industrial? I have no idea. Nor do the hundreds of stable owners affected by this change.
Unfortunately the horse has already left the barn. The City of Reykjavik made the decision and sent out no prior notification of the change. The owners of horse stables plan to find a solution and I wish them well in that fight.
Arbitrarily changing the classification of property…. Now that’s a horse of a different color.
Thanks to Mike Hunter for sending me the inspiration for this blog.