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So Cal Hotel-Condo Trend Creates Valuation Complexity
The hospitality market continues to make a dramatic comeback in Southern California, especially with the emergence of hotels that offer rooms for sale as well as for rent. The good times are prompting owners and investors to seek new strategies to minimize their property tax exposure.
Hotel and hotel-condo properties present unique valuation challenges. Without adequate comparable sales to help assessors determine market value, it is common to see a few high-dollar sales increase values across-the-board. Establishing an equitable base value becomes a critical factor in having a hotel correctly assessed for tax purposes.
Get the full story.
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Florida Considers Revamping Tax System
Florida lawmakers approved a property tax relief plan that lowers tax rates and lets voters decide whether to keep current residential tax caps or move to a super exemption.
If the January 29 referendum passes, businesses will get a $25,000 tangible personal property tax exemption. But these changes set the stage for future assessment increases for business and residential property owners.
Get the full story.
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Cook County Assessment Notices and Appeals
Taxpayers in the northern suburban townships of Cook County, Illinois should consider their appeal options following the recent revaluation. Appeal opportunities still exist in all townships, regardless of whether a reassessment was conducted this year.
Refer to the calendar in this article for notice mailing dates, appeal deadlines and publishing dates for non-assessment townships.
Get the full story.
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Reassessments Ordered in Indiana
Reassessments will be conducted in Marion, Gibson, Posey and Delaware Counties after investigators found problems with commercial and industrial properties being undervalued. More counties may be added to the revaluation order.
Researchers discovered that the majority of commercial/industrial properties did not change in value during a six-year period in Marion County.
The current governmental fervor with "catching up" commercial and industrial property assessments could easily result in excessive values being placed on some properties.
Get the full story.
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Pennsylvania Valuation Practice Ruled
Unconstitutional
A Pennsylvania Court of Common Pleas ruled that the state’s practice of using a base-year valuation rate for an indefinite period of time without reassessment is unconstitutional.
Justices ruled this is a violation of the uniformity clause in the state constitution because properties are not evaluated at the same ratio of assessed value to actual value.
This ruling is expected to be appealed to the Pennsylvania Supreme Court and it is sure to be a topic when the General Assembly reconvenes this month.
Get the full story.
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Texas-Sized Deal Drives Austin Property Values Up
The biggest commercial real estate deal in Texas history was signed in Austin when Thomas Properties Group Inc. spent $1.15 billion to buy 10 of the most prominent buildings in the State Capitol. This deal, along with other recent sales of office, apartment and retail properties point to an assessment spike next year.
There is currently a large spread between what investors are paying and the current tax assessments in Travis County. As assessors work to bring values in line with market prices, many commercial buildings can expect a sizeable increase for 2008.
Get the full story.
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September 2007
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Welcome to the
Premier Edition of the
e-POER Report!
Property tax news
is constantly changing - and what you don't know CAN
hurt you.
The e-POER Report helps you maneuver the maze of new property tax laws, changing exemptions, landmark court decisions, industry-specific assessment practices and much more. As promised, a new set of articles will be delivered to your inbox each month.
We hope the enhanced features of the e-POER Report will make it easy for you to stay up-to-date on important tax issues that impact your business.
Thank you for adding the
e-POER Report to your online subscriptions. We appreciate
your feedback.
Daryl Haines, Editor
Marvin F. Poer & Company
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2007 Tax Calendar Available Online!
Never miss an important
tax deadline again!
Get your copy here
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What's the Assessment Ratio in Georgia?
Does Colorado tax inventory?
Get the answers to these questions and much more in
the
State Profiles section of
our website.
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Don't miss out on our
POER TAX ALERTS
High-impact, time sensitive or urgent tax issues you
will want to know about immediately!
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New critical legislation
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your tax values
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