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Tax Savings through Proper
Software Classification
Last month, we explained how ghost assets in the form of
computer software and hardware can lead to over
assessment. This month, we present a case study that
shows how identifying ghost assets and properly
classifying software can dramatically reduce your tax
exposure.
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Property Tax Relief for California
Firestorm Victims
Several California counties are providing tax
reductions
for real and personal property damaged
in the 2007
firestorms.
The “Application for Reassessment of Property
Damaged or
Destroyed by Misfortune or Calamity”
is issued by the
county assessor's office. Tax breaks
are being offered
in several counties: including
San Diego, Los Angeles,
Ventura, San Bernardino
and Orange County.
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More than $30 M in DC Tax Office Fraud Uncovered
Washington D.C. property owners may have to
wait longer to get tax refunds after successful
appeals following a massive public theft case
involving District of Columbia tax office employees.
The suspects in the assessment services division are
charged with fabricating property tax refund checks
worth more than $30 million and depositing the money
into fake corporate bank accounts.
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Businesses Disappointed by Florida Property Tax Proposal
On January 29, Florida
taxpayers will vote on
whether to cap commercial and residential property
tax assessments, give residential owners portability
with their homeowner exemptions and give businesses
a personal property tax break.
Businesses are concerned that
their tax break is too
little, too late and lobbyists are already gearing up to
push for more substantial tax relief when the legislature
reconvenes next March.
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Indiana Gov. Proposes Massive Property Tax Changes
Gov. Mitch Daniels wants to change the Indiana
Constitution in order to cap residential assessments
at 1%, rentals at 2% and commercial property at 3%.
Since many Indiana tax jurisdictions currently have
effective tax rates of 2.5% or less, the implementation
of a 3% rate means the majority of commercial and
industrial property could face higher taxes even if the
value remains the same.
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New Travis County, TX Chief Appraiser
Patrick Brown has been named the new Travis County
(Austin) Chief Appraiser. The Board of Directors for the
Travis County Appraisal District chose Brown to succeed
Art Corey, who will retire at the end of December
following 19 years on the job.
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Washington Tax Cap Reinstated
A one-day special session of
the Washington Legislature
re-established a 1% cap on annual
property tax levies that the state
Supreme Court threw out on a
technicality just weeks earlier.
The new legislation upholds
I-747,which capped annual increases of certain property
tax collections at 1% unless
voters approved a higher levy.
Some property taxes, such as
school taxes, are not subject
to the cap.
I-747 seeks to restrict total
levies collected – not individual
property assessments.
Critics say it's not a true 1% cap
because hundreds of local taxing
districts can still increase
property tax levies by more than
1%. They can do so because they
did not increase property taxes
to the maximum allowable level
in past years.
Lawmakers pledged to put
property taxes at the top of
their agenda for the regular
legislative session beginning
in late January.
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