POSSESSORY INTEREST THE WHAT, WHEN, HOW AND WHERE
|
|
- Ashlynn Betty Dalton
- 5 years ago
- Views:
Transcription
1 POSSESSORY INTEREST THE WHAT, WHEN, HOW AND WHERE Matthew Burke, Esq. Counsel Pillsbury Winthrop Shaw Pittman LLP Los Angeles, California (213) pillsburylaw.com Mindy McLees, CMI Director Property Tax Group Leader Moss Adams LLP Los Angeles, California (310) mossadams.com
2 INTRODUCTION Why? Government entities largest property owners and largely exempt. Taxing PIs: 1850s in California vs. recent history other states We ll cover: Basic Concepts and Examples Valuation Principles Multi-State Specifics 2
3 BASIC CONCEPTS PI = possession/right to possession of real property independent of the fee simple ownership (possess property owned by another). Taxable PI = PI held by a private party in exempt government owned property. Real property bundle of rights split in a leasehold, license, easement and concession. Elements: Durable Exclusive Private Benefit 3
4 EXAMPLES Cattle grazing permit & agricultural leases Port/harbor berthing area leases Employee & faculty housing Car rental counter Airport parking lots Airport terminal areas Airport garage Timber contracts Air landing rights Oil and gas leases Indian land leases Cable TV franchise River rafter permits Snack concessions Ski resort permit Convention center Boat slip 4
5 EARLY LAW Started in California with private mining claim on federal land, in State v. Moore (1859) 2 Cal. 56. Then with adverse possession of federal land for agricultural purposes, in People v. Shearer (1866) 30 Cal California Supreme Court established three required elements durability, exclusivity, private benefit - in Kaiser Co. v. Reid (1947) 30 Cal.2d 610. Later, independence was added. 5
6 DURABILITY Means the possessor s use has to be for an ascertainable period of time. Can be short example: permit holder renting space at convention center for a few days per year (though must be continuous or recurring). Month-to-month is durable. Durable even if government can terminate. Duration goes to valuation. 6
7 INDEPENDENCE Possessor is not an agent of the government. Possessor exercises significant authority and control over management and operation separate from the government rules and regulations. Pacific Grove-Asilomar Operating Corp. v. Monterey County (1974) 43 Cal.App.3d
8 EXCLUSIVITY Does not mean exclusive against everyone else. Use is not shared by the general public. Allows for co-uses and concurrent uses. Korean Air Lines v. County of Los Angeles (2008) 162 Cal.App.4th 552: Exclusive even though airline shared possession of airport terminal with federal government. Vanguard Car Rental USA, Inc. v. County of San Mateo (2010) 181 Cal.App.4th 1316: Exclusive even though company shared garage with 6 others. 8
9 PRIVATE BENEFIT Private benefit means that the possessor has the opportunity to make a profit. Does not actually have to make a profit. In California, does not require a business or commercial purpose, but in some other states a commercial use for profit is required. 9
10 VALUATION QUESTION What is the appraisal problem? Entire value not taxable: Remove rights not granted to the possessor. Remove the government owner s reversionary rights. Basically two methods: Value present interest of rights held by possessor (would necessarily exclude reversionary rights). Value full fee interest and remove appraised present value of government owner s reversion and retained rights. 10
11 COST APPROACH Step 1: Determine reproduction cost new of the building or improvements (or actual cost, if new). Step 2: Reduce the cost by depreciation. Step 3: Add land value to the improvement value. Step 4: Reduce total of land and improvements to present value today of the government s reversion. Step 5: Remove government s reversion. Important: Consider costs that do not add value, consider changes in real estate market. 11
12 COST APPROACH Difficulties in appraising and reducing to present value the government s reversion. Requires agreement on discount rate. Requires agreement on appreciation factor. Requires agreement on depreciation. What if must remove improvements at lease termination? 12
13 SALES COMPARISON APPROACH PIs usually are complex properties with complex leases. Sales comparison approach is limited: Lack of comparable sales of the leasehold interests. Lack of sales of comparable fee simple properties that could be adjusted. 13
14 Best indicator. Consider: INCOME APPROACH Expenses of governmental owner related to income stream. Duration of lease, or anticipated term of possession. Anticipated future income & factors that could affect that. Risks inherent in maintaining income stream (affect cap rate). Proper discount rate? 14
15 INCOME APPROACH Expense ratio is the big issue. Income approach is based on gross return less gross outgo. Issue what is included in gross outgo? Issues in California with ports. 15
16 INCOME APPROACH California, Assessors Handbook Section 510, Assessment of Taxable Possessory Interests: When estimating the income to be capitalized, or net return, from operating income, all elements of gross outgo, or allowed expenses, whether paid by the landlord/public owner or by the tenant/possessor, must be subtracted from the gross return. Elements of gross outgo, or allowed expenses, include the following, as applicable: cost of goods sold, typical operating expenses, typical management expense, an allowance for a return on working capital, and an allowance for a return on and a return of the value of any nontaxable property that contributes to the gross operating income. (Pages 31-32, emphasis added.) 16
17 INCOME APPROACH California BOE AH 510 definition of typical operating expenses : Typical operating expenses may include expenses for the rental of personal property, for the provision of security services, and for advertising and promotional services, provided such expenses are necessary for the production of the gross income from the subject taxable possessory interest. Typical operating and management expenses include expenses that an owner/operator typically would bear to maintain the property and to continue the production of income from the property but which, in the case of the subject taxable possessory interest, are borne by the public owner. (Page 32.) 17
18 INCOME APPROACH Term of possession to be used in estimating the income stream. Not necessarily lease term. California rule is stated term unless clear and convincing evidence that reasonably anticipated term is shorter or longer. Causes large swings in value. Longer = reversion worth less, increases value of PI. Shorter = reversion worth more, reduces value of PI. 18
19 MULTI-STATE ISSUE Do some states illegally value the reversion? State property vs. federal property. Hawaii: [S]hall be assessed and taxed in the same amount and to the same extent as though the lessee were the owner of the property. Maryland: [A]s though the lessee or the user of the property were the owner of the property. Minnesota: [I]n the same amount and to the same extent as though the lessee or user was the owner of such property. 19
20 (Continued) MULTI-STATE ISSUE Nevada: Value of PI determined in same manner as it would be if the lessee was the owner of the property and it was not exempt from taxation. New Jersey: The private party is subject to liability for taxation to the same extent as though he owned the property. Oregon: Property of the federal government leased shall be valued at 100 percent real market value subject only to deduction for restricted use. Rhode Island: Taxed to the lessee who for purposes of taxation is deemed the owner of the property. 20
21 ALASKA PIs taxable under Alaska Const. Art. 9, 5. Alaska Supreme Court approved use of reversionary method estimates value of leasehold interest by taking value of fee interest and deducting both value of burden of use restrictions and value of reversionary interest. Method is recognized and appropriate to value PI. - Fairbanks North Star Borough Assessor s Office v. Golden Heart Utilities, 13 P.3d 263 (2000). 21
22 COLORADO 2001: Supreme Court case Board of County Commissioners v. Vail Associates, 19 P.3d 1263 (Colo.2001) Vail Associates test: Lease provides revenuegenerating capability to the lessee independent of the government owner; lessee can exclude others; and lease is of sufficient duration to realize private benefit. Colo. Rev. Stat (17): Provides that value of ski area must be calculated by capitalizing annual fees paid to U.S. government in prior year. 22
23 CONNECTICUT Conn. Gen. Stat Broad exemption for leases at Bradley International Airport or any other state-owned airport. Exemption for any restaurant, gas station or convenience stores deemed appropriate for state highway, mass transit, marine or aviation purposes. 23
24 DISTRICT OF COLUMBIA D.C. Off. Code (enacted 2000): The Mayor shall determine the assessed value of the interest or use in accordance with (a)(3) as if the lessee or user of the real property were the owner of the real property and the real property were not exempt or immune from taxation; provided, that the taxable value may be adjusted by the Mayor to reflect the duration of the interest or use remaining; provided further, that the Mayor may impute a duration of the interest or use based upon the intent, actions, and policies of the parties to the conveyance, the history of the real property, the perception of third parties, and written documents. 24
25 Fla. Stats FLORIDA Basic rule is to tax leasehold interests in government property. Exemptions in Fla. Stats : Exempts private uses that serve or perform governmental purposes. Exempts exclusive uses for literary, scientific, religious or charitable purposes. Exempts some leaseholds in port property. 25
26 HAWAII Haw. Rev. Stat : Taxes use or occupation by private party but only in connection with a business conducted for profit. [S]hall be assessed and taxed in the same amount and to the same extent as though the lessee were the owner of the property Lease = one year or more or renewable to constitute total term of one year or more. 26
27 IDAHO Idaho Code Ann Applies to property of state or any subdivision when the possessor has a contract of sale or lease with purchase option, with the lease money applicable to the purchase price. 27
28 Iowa Code IOWA Applies when the lease contains an option of purchase, valued by deducting from the value of the land and improvements the amount of payments required by the lease to acquire title. 28
29 KENTUCKY Ky. Rev. Stat. Ann Applies when property is leased in connection with business conducted for profit. Exempts: Certain industrial buildings; federal property for which payments are made in lieu of property taxes; property of any state educational institution; vending stands operated by blind persons; property of any free public library; and certain property in operated by the Department of Military Affairs. 29
30 MARYLAND Md. Code, Tax. Law 6-102, Applies to lessee of federal government, the state, county or any other municipality or agency, as if lessee were the owner of the property and the use is for a business conducted for profit. Exempts federal defense contractors; concessions at airport, parks, markets or fairgrounds; certain interests in port facilities; certain interests in an international trade center; vending facilities of blind; state university student housing. 30
31 MASSACHUSETTS Mass. Gen. Law. Ch. 59, 5, para. 2. Specifically applies the tax to commonwealth lands in Boston known as the commonwealth flats, if leased for business purposes and lands and flats lying below high water mark in Provincetown harbor, belonging to the commonwealth and occupied by private persons by license of the department of environmental protection together with all wharves, piers and other structures which have been built thereon after Mary 22,
32 MICHIGAN Mich. Comp. Laws Applies if property leased or used in connection with a business conducted for profit. Taxed in same amount and to the same extent as if the lessee owned the property. Exempts federal property for which payments in lieu of taxes are paid; property of state university system; concessions at public airport, park, market, or similar property; property used in conjunction with a certain county and state fairs. 32
33 Minn. Stat MINNESOTA Applies if leased or used in connection with business conducted for profit. [I]n the same amount and to the same extent as though the lessee or user was the owner of such property. Many exemptions including for certain concessions and certain government airport property. 33
34 MONTANA Mont. Code. Ann : Applies the tax when property is leased with option to purchase with lease money applicable to the purchase price. Mont. Code. Ann : Applies the tax when property is held under contract of sale where title is to transfer after certain payments are made, without deduction for purchase price remaining unpaid. 34
35 NEVADA Nev. Rev. Stat Applies when leased or used in connection with a business conducted for profit or residence. Value of PI determined in same manner as if the lessee was the owner of the property and it was not exempt from taxation. 35
36 NEW JERSEY N.J. Rev. Stat. 54: When used in connection with an activity conducted for profit. Assessed and taxed as real property of the private party. The private party is subject to liability for taxation to the same extent as though he owned the property or any portion thereof, unless the owner consents to the taxation thereof. 36
37 N.Y. Tax Law 402. NEW YORK Applies when the possessor has a contract to buy the property or has an agreement where they could acquire the property through an option or right of first refusal. Calls this on the roll interest under contract or interest under option. 37
38 NORTH CAROLINA N.C. Gen. Stat Applies to cropland or forestland owned by federal government, state, county or any local municipality, leased or used in connection with business conducted for profit. 38
39 TENNESSEE Tenn. Code Ann (c)(1). Applies the tax when the property is leased for the purpose of operating, or developing and operating, a golf course. Payments in lieu of ad valorem taxes are due in amount equal to the ad valorem taxes that would be payable on the current fair market value of the leased property. 39
40 OREGON Or. Rev. Stat : Values the property leased from the U.S. government at 100 percent of real market value and assessed at assessed value, subject only to deduction for restricted use. Or. Rev. Stat : Values and taxes U.S. government property under contract of sale the same way. 40
41 RHODE ISLAND R.I. Gen. Laws Applied to state property except land and piers leased for 10 or more years including options. Taxed to the lessee who for purposes of taxation is deemed the owner of the property. Certain exclusions for nonprofit public uses, state property leased for airport, and state property leased to exempt taxpayers. 41
42 WASHINGTON Wash. Rev. Code , , Applies to PIs on federal land if federal government holds land concurrently with the state. Exemption if the private PI holder is exempt from taxation elsewhere or the PI rights are held by public body. 42
If It s Property Tax Exempt, Tax It Anyway!
If It s Property Tax Exempt, Tax It Anyway! How Local Jurisdictions Tax Publicly Owned Properties Cutchin Powell Principal Ryan, LLC Washington, DC cutchin.powell@ryan.com Colin Fraser Associate Greenberg
More informationAdministration > Exemption Certificate Validity Periods
Administration > Exemption Certificate Validity Periods State Exemption Certificate Validity Periods Comments Citation CCH Alabama Valid as long as no change in character of purchaser's operation and the
More informationSummary of State Manufactured Home Purchase Opportunity Laws
Summary of State Manufactured Home Purchase Opportunity Laws July 2018 California Cal. Civ. Code 798.80 When is notice required? The owner of the community must provide written notice of his or her intention
More informationREQUIRED WITNESSES FOR A MORTGAGE OR DEED OF TRUST
Document Systems, Inc. 20501 South Avalon Boulevard, Suite B Carson, CA 90746 Phone: 800-649-1362 Fax: 800-564-1362 Website: www.docmagic.com Email: compliance@docmagic.com REQUIRED WITNESSES FOR A MORTGAGE
More informationNevada Single Document Rule
Nevada Single Document Rule Nevada Law Nevada law requires that all agreements in a motor vehicle retail installment transaction be contained within a single document. Further, in a consumer transaction,
More informationAlabama. Alaska. Arizona. Arkansas. California. Colorado
Alabama Alaska Arizona Arkansas California Colorado Escheat In general, gift certificates are presumed abandoned three years after being sold, however, gift certificates issued by retailers are exempt
More informationThe Subject Section. Chapter 2. Property Address
Chapter 2 The Subject Section The SUBJECT section of the URAR introduces the appraisal assignment by presenting important information about the subject property. The SUBJECT section provides spaces for
More informationPREFACE: This compendium was crafted specifically for those interested in public education funding resources. Property tax is a large (although
PROPERTY TAX COMPENDIUM * PREFACE: This compendium was crafted specifically for those interested in public education funding resources. Property tax is a large (although shrinking) source of those funds.
More informationYour Guide to Real Estate Customs by State
Your Guide to Real Estate Customs by State First American Title Real Estate Customs by State Yes No State Title Insurance Rates Form of Conveyance State Encumbrance Forms Attorney State or Deed Transfer
More informationNCSL TABLE REAL ESTATE TRANSFER TAXES
NCSL TABLE REAL ESTATE TRANSFER TAXES State Tax Description Rate Alabama Deeds: $0.50/$500 0.10% Mortgages: $0.15/$100 0.15% Alaska None N/A Arizona Flat real estate transfer fee: Flat fee $2.00 Arkansas
More informationYour Guide to. Real Estate. Customs by State
Your Guide to Real Estate Customs by First American Title National Commercial Services Real Estate Customs by Title Insurance Rates Form of Conveyance Encumbrance Forms Attorney or Commitment Deed Transfer
More informationSeparating Intangible Value in Valuation of Billboards & Other Property
Separating Intangible Value in Valuation of Billboards & Other Property Clark R. Calhoun Partner Alston & Bird LLP Los Angeles, CA Clark.Calhoun@Alston.com Joe Torzewski Direction, Valuation Stout Advisory
More informationSources Consulted. International Association of Assessing Officers Standard on Ratio Studies (draft version). February.
Sources Consulted IAAO Publications International Association of Assessing Officers. 1999. Standard on Ratio Studies (draft version). February. Chicago International Association of Assessing Officers.
More informationNo Survey Required w/ Survey. Affidavit. Affidavit. Affidavit
STATE Purchase Residential Refinance Residential Additional Information Survey Required: Survey Required: Alabama AL No survey required w/ Survey w/survey Alaska AK Yes Survey Required Survey required
More informationState Incentive-Based Growth Management Laws
Search Results State Incentive-Based Growth Management Laws Arizona 2000 House Bill 2060 Chapter 267) Authorizes taxpayers and corporations to include the amount deducted for conveying ownership or development
More informationWhat is Proper Tax Policy for Smokeless Tobacco Products?
September 22, 2006 What is Proper Tax Policy for Smokeless Tobacco Products? by Gerald Prante Fiscal Fact No. 65 While there exist a large literature and extensive policy discussion on the issue of cigarette
More informationSTATE STATUTES. Expiration Date Provision: Fee Provision: Redeemable for Cash: Escheat Provsion: Definition of Gift Card/Gift.
STATE STATUTES State: Alabama Definition of Gift Card/Gift Certificate: Expiration Date Provision: Fee Provision: Redeemable for Cash: Escheat Provsion: Ala Code 35-12-72(a)(17) Gift certificates are presumed
More informationSTATE POLICY SNAPSHOT
STATE POLICY SNAPSHOT UPDATED SEPTEMBER 2016 School District Facilities and Charter Public Schools By Russ Simnick One of the greatest challenges to the health of the charter public school movement is
More informationState Tax Credits for Historic Preservation A State-by-State Summary. States with income tax incentives States that do not tax income
State Tax Credits for Historic Preservation A State-by-State Summary www.nationaltrust.org policy@nthp.org 202-588-6167 Chart last updated: July 2007 States with income tax incentives States that do not
More informationBusiness Creation Index
Business Creation Index December 2016 National Association of REALTORS Research Department Introduction The new Business Creation Index (BCI) was created to monitor local economic conditions from the perspective
More informationState Housing Trust Fund Revenues 2017
Center for Community Change Project www.housingtrustfundproject.org State Revenues 2017 State Revenue Sources Notes Alabama No revenue Arizona State Unclaimed Property Fund; net revenue from AHFA s single
More informationSteve Leimberg's Asset Protection Planning Newsletter - Archive Message #190 Date: From: Subject:
Steve Leimberg's Asset Protection Planning Email Newsletter - Archive Message #190 Date: 23-Jan-12 From: Steve Leimberg's Asset Protection Planning Newsletter Subject: Merric, Comer & Monasky: Updated
More informationIRA ROTH IRA STATUTE AND SPECIAL PROVISIONS. YES NO Ala. Code 19-3B % for assets held in qualified trusts.
AL NO $15,000 on property not exceeding 160 acres in area. Ala. Code 6-10-2. AK YES $54,000 Alaska Stat. 09.38.010 AZ NO $150,000 Ariz. Rev. Stat. Ann. 33-1101(A) AR YES UNLIMITED for married persons/heads
More informationABOUT THE UNITED TRUSTEE ASSOCIATION
I. ABOUT THE UNITED TRUSTEE ASSOCIATION The United Trustees Association ( UTA ) is a multi-state professional association comprised of trustees under deeds of trust and members working in industries that
More informationPaper for presentation at the 2005 AAEA annual meeting Providence, RI July 24-27, 2005
NEXT YEAR ON THE U.S. FARMLAND MARKET: AN INFORMATIONAL APPROACH Charles B. Moss, Ashok K. Mishra, And Kenneth Erickson Paper for presentation at the 2005 AAEA annual meeting Providence, RI July 24-27,
More informationEl Toro Development Co. v. Orange County
University of California, Hastings College of the Law UC Hastings Scholarship Repository Opinions The Honorable Roger J. Traynor Collection 11-25-1955 El Toro Development Co. v. Orange County Roger J.
More informationPROPERTY REASSESSMENT AND TAXATION. State Tax Commission Jefferson City, Missouri
PROPERTY REASSESSMENT AND TAXATION State Tax Commission Jefferson City, Missouri Revised January, 2017 INTRODUCTION Some aspects of the property tax system are confusing to many taxpayers. It is important
More informationOffice of Legislative Services Background Report The Assessment of Real Property: Answers to Frequently Asked Questions
Office of Legislative Services Background Report The Assessment of Real Property: Answers to Frequently Asked Questions OLS Background Report No. 120 Prepared By: Local Government Date Prepared: New Jersey
More informationIN THE SUPREME COURT OF FLORIDA. ERVIN HIGGS, as Property Appraiser of Monroe County, Florida, CASE NO. SC
IN THE SUPREME COURT OF FLORIDA ERVIN HIGGS, as Property Appraiser of Monroe County, Florida, CASE NO. SC04-1808 Petitioner, Lower Tribunals: Third District Court of Appeal v. Case No.: 3D03-1508 ISLAMORADA,
More informationIN THE SUPREME COURT OF FLORIDA CASE NO. L.T. CASE NO. 4D
IN THE SUPREME COURT OF FLORIDA CASE NO. L.T. CASE NO. 4D04-3895 ELLER DRIVE LIMITED PARTNERSHIP, a : Florida Limited Partnership : : Respondent, : : v. : : BROWARD COUNTY, a Political : Subdivision of
More informationSTATE OF WEST VIRGINIA
OF WEST VIRGINIA Office of County Assessor Commercial Business Property Return County Code: 20 District: Account No.: Business Code: (rev. 2017) THIS RETURN IS TO BE FILED AS SOON AS POSSIBLE AFTER JULY
More informationThe Cost of Value: PV and Property Tax Policy. Justin Barnes North Carolina Solar Center/DSIRE World Renewable Energy Forum 2012 Denver, CO
The Cost of Value: PV and Property Tax Policy Justin Barnes North Carolina Solar Center/DSIRE World Renewable Energy Forum 2012 Denver, CO Property Tax 101 Classification (Exemption??) Full Cash Valuation
More informationWhat Is Proper Tax Policy for Smokeless Tobacco Products?
What Is Proper Tax Policy for Smokeless Tobacco Products? Fiscal Fact No. 120 by Gerald Prante March 26, 2008 (This paper is an updated version of Tax Foundation Fiscal Fact No. 65, available at http://www.taxfoundation.org/publications/show/23045.html)
More informationAGRICULTURAL CONSERVATION EASEMENT PROGRAM AGRICULTURAL LAND EASEMENTS
AGRICULTURAL CONSERVATION EASEMENT PROGRAM AGRICULTURAL LAND EASEMENTS OVERVIEW The Agricultural Conservation Easement Program (ACEP) is a voluntary federal conservation program implemented by the USDA
More informationState of Mexicali Ad Valorem Taxation of Property Statutes, Rules and Regulations
STATUTES CODE OF MEXICALI OF 2000, TITLE 50 REVENUE AND TAXATION, CHAPTER 7 AD VALOREM TAXATION OF PROPERTY Sec. 50-7-1. Legislative intent The intent and purpose of the tax laws of this state are to have
More informationCottage Food Laws as of December 2014
Cottage Food Laws as of December 2014 State Primary Statute Foods Allowed Revenue Venue Restrictions Additional requirements: These are just highlights, please Limit check your state law and any local
More informationGoomzee Corporation Fall MLS Platforms. America s MLS Platform Vendors & Market Distribution. Goomzee Research
Fall 2009 MLS Platforms America s MLS Platform Vendors & Market Distribution Goomzee s MLS Vendor Market Research Over 500 MLS organizations were polled in this research report. This was initially an internal
More informationValuation of Possessory Interest (A Case Study of the District of Columbia) Folu Addey & Olufemi Yomi Omotoso, RES
Valuation of Possessory Interest (A Case Study of the District of Columbia) Folu Addey & Olufemi Yomi Omotoso, RES Office of Tax and Revenue, Real Property Tax Administration, Real Property Assessment
More informationBlack Knight Home Price Index Report: December Transactions U.S. Home Prices Up 0.1 Percent for the Month; Up 8.4 Percent Year-Over-Year
Press Release For more information: Michelle Kersch Black Knight Financial Services 904.854.5043 michelle.kersch@bkfs.com Black Knight Home Price Index Report: December Transactions U.S. Home Prices Up
More informationCHAPTER Senate Bill No. 2222
CHAPTER 98-167 Senate Bill No. 2222 An act relating to taxation; amending s. 197.122, F.S.; specifying the time within which property appraisers may correct a material mistake of fact in an appraisal;
More informationUniform Conservation Easement Act Study Committee Background Report
Uniform Conservation Easement Act Study Committee Background Report June 11, 2017 Nancy A. McLaughlin Robert W. Swenson Professor of Law University of Utah S.J. Quinney College of Law 383 South University
More informationBlack Knight Home Price Index Report: June Transactions U.S. Home Prices Up 0.8 Percent for the Month; Up 5.5 Percent Year-Over-Year
For more information: Press Release Media contact: Michelle Kersch (904) 854-5043 michelle.kersch@bkfs.com Black Knight Home Price Index Report: June Transactions U.S. Home Prices Up 0.8 Percent for the
More information2015 CO 15. The supreme court holds that the possessory interests in concession spaces held
Opinions of the Colorado Supreme Court are available to the public and can be accessed through the Court s homepage at http://www.courts.state.co.us. Opinions are also posted on the Colorado Bar Association
More informationWho s Afraid of the Big, Bad Cost Approach? William D. Shepherd General Counsel Hillsborough County Property Appraiser
Who s Afraid of the Big, Bad Cost Approach? William D. Shepherd General Counsel Hillsborough County Property Appraiser 1 Cost Approach? Eww!! 2 3 Reasons for the Cost Approach s Bad Reputation: Poor job
More informationLOCAL REVENUE SOURCES. Local Revenue Sources. Sources of Local Revenue: County 02/15/ County Revenue by Source
LOCAL REVENUE SOURCES Martha Walston, Fiscal Research Division February 16, 2011 Local Revenue Sources Property Tax Deed Stamp tax Sales tax: occupancy tax and meals tax Privilege tax Other local taxes
More informationMedicaid Prescription Reimbursement Information by State Quarter Ending June 2010
Medicaid Prescription Reimbursement Information by State Quarter Ending June 2010 ASP=average sale price, AWP=average wholesale price, WAC=wholesaler acquisition cost, NH=nursing home, FFS=fee for service
More informationTAX ISSUES FOR REAL ESTATE LEASING BY TAX-EXEMPT ORGANIZATIONS Part One: Residential and Commercial Leases
TAX ISSUES FOR REAL ESTATE LEASING BY TAX-EXEMPT ORGANIZATIONS Part One: Residential and Commercial Leases Written by: Michael J. Huft mhuft@schiffhardin.com 312.258.5627 Nina M. Knierim nknierim@schiffhardin.com
More informationMULTIFAMILY TAX SUBSIDY PROJECT INCOME LIMITS
MULTIFAMILY TAX SUBSIDY PROJECT INCOME LIMITS This chart is provided as a guide only for the following programs: Low Income Housing Tax Credit (LIHTC) Hula Mae Multi-Family Bonds (HMMF) Rental Housing
More informationIN THE DISTRICT COURT OF APPEAL OF THE STATE OF FLORIDA FIFTH DISTRICT JULY TERM v. CASE NO. 5D
IN THE DISTRICT COURT OF APPEAL OF THE STATE OF FLORIDA FIFTH DISTRICT JULY TERM 2003 RON SCHULTZ, as Property Appraiser of Citrus County, et al., Appellants, v. CASE NO. 5D02-2406 TIME WARNER ENTERTAINMENT
More informationThe Homebuyer s Guide to Community Land Trusts
THIS GUIDE IS AN AID TO UNDERSTANDING THE RELATIONSHIP BETWEEN A COMMUNITY LAND TRUST AND A HOMEBUYER. THIS GUIDE IS NOT A LEGALLY BINDING DOCUMENT. PROSPECTIVE HOMEBUYERS SHOULD CAREFULLY REVIEW THE GROUND
More informationIN THE SUPREME COURT OF FLORIDA 2 ND DCA CASE NO FSC CASE NO ROB TURNER, as Hillsborough County Property Appraiser. Appellant, vs.
IN THE SUPREME COURT OF FLORIDA 2 ND DCA CASE NO. 07-1411 FSC CASE NO. 08-540 ROB TURNER, as Hillsborough County Property Appraiser Appellant, vs. FLORIDA STATE FAIR AUTHORITY Appellee. APPEAL FROM THE
More informationI. The Affordability Problem in Boston II. What is Affordable? III.Housing Costs IV.Housing Production V. What Can Public Policy Do? I.
October 23, 2017 I. The Affordability Problem in Boston II. What is Affordable? III.Housing Costs IV.Housing Production V. What Can Public Policy Do? I. What is it Already Doing? II. Case Studies 2 West
More informationCTAS e-li. Published on e-li ( December 29, 2018 Property Classification
Published on e-li (https://eli.ctas.tennessee.edu) December 29, 2018 Property Classification Dear Reader: The following document was created from the CTAS electronic library known as e-li. This online
More informationASSEMBLY, No. 901 STATE OF NEW JERSEY. 218th LEGISLATURE PRE-FILED FOR INTRODUCTION IN THE 2018 SESSION
ASSEMBLY, No. 0 STATE OF NEW JERSEY th LEGISLATURE PRE-FILED FOR INTRODUCTION IN THE 0 SESSION Sponsored by: Assemblywoman BETTYLOU DECROCE District (Essex, Morris and Passaic) Assemblyman ROBERT AUTH
More informationI. BACKGROUND. As one of the most rapidly developing states in the country, North Carolina is losing
PROTECTING CONSERVATION EASEMENTS IN EMINENT DOMAIN PROCEEDINGS Presented by W. Edward Poe, Jr. On Behalf of the NC Land Trust Council Environmental Review Commission December 18, 2008 I. BACKGROUND As
More informationBackground. INTERGOVERNMENTAL COOPERATION AGREEMENTS MICHIGAN Survey of State Law
INTERGOVERNMENTAL COOPERATION AGREEMENTS MICHIGAN Survey of State Law Background In the face of declining resources and increasing demand for services, many local health departments (LHDs) are exploring
More informationAPPRAISER & ASSESSOR Real Estate Tax Valuation Overview and Issues
APPRAISER & ASSESSOR Real Estate Tax Valuation Overview and Issues James R. Johnston, MAI, SRA J. Michael Tarello, MAI, ASA, MRA February 11, 2015 BOSTON Property Advisors Vision Government Solutions AGENDA
More informationSPECIAL PROPERTIES GROUP INDUSTRIAL SERVICES
SPECIAL PROPERTIES GROUP INDUSTRIAL SERVICES CBRE LIMITED INDUSTRIAL SERVICES WWW.CBRE.COM/SPG SPECIAL PROPERTIES GROUP The Special Properties Group provides specialized acquisition, disposition and consulting
More informationCONSERVATION AND PRESERVATION EASEMENTS ACT Act of Jun. 22, 2001, P.L. 390, No. 29 AN ACT Providing for the creation, conveyance, acceptance,
CONSERVATION AND PRESERVATION EASEMENTS ACT Act of Jun. 22, 2001, P.L. 390, No. 29 AN ACT Cl. 68 Providing for the creation, conveyance, acceptance, duration and validity of conservation and preservation
More informationCBRE INDUSTRIAL & LOGISTICS SPECIAL PROPERTIES GROUP
CBRE INDUSTRIAL & LOGISTICS SPECIAL PROPERTIES GROUP 48+ REAL ESTATE EXPERTS 36 OFFICES U.S. & CANADA 27 SUCCESSFUL YEARS THE SPECIAL PROPERTIES GROUP provides specialized acquisition, disposition and
More informationVERMONT S RENTAL HOUSING AFFORDABILITY GAP CONTINUES TO GROW The Average Vermont Renter Can t Afford a Modest 2-Bedroom Apartment
vermont affordable housing coalition FOR IMMEDIATE RELEASE: June 13, 2016 CONTACT: Erhard Mahnke, 802.233.2902, erhardm@vtaffordablehousing.org Renée Sarao, 802.660.9484, renee.vahc@gmail.com VERMONT S
More informationAssembly Bill No. 489 Committee on Growth and Infrastructure CHAPTER...
Assembly Bill No. 489 Committee on Growth and Infrastructure CHAPTER... AN ACT relating to the taxation of property; providing for the partial abatement of the ad valorem taxes imposed on property; directing
More informationBuying An Existing Construction Operation? Do Your Due Diligence
Buying An Existing Construction Operation? Do Your Due Diligence ALERT November/December 2018 Marion T. Hack hackm@pepperlaw.com Michelle Beth Rosenberg rosenbergm@pepperlaw.com This article was published
More informationHosted by: Berkeley County and Jefferson Farmland Protection Boards and Land Trust of the Eastern Panhandle February 27, Bowles Rice LLP
Hosted by: Berkeley County and Jefferson Farmland Protection Boards and Land Trust of the Eastern Panhandle February 27, 2016 2016 Bowles Rice LLP Conservation Easements, Taxes, and Estate Planning Presented
More informationCHAPTER Senate Bill No. 1830
CHAPTER 2013-72 Senate Bill No. 1830 An act relating to ad valorem taxation; amending s. 192.047, F.S.; providing that the postmark date of commercial mail delivery service is considered the date of filing
More informationBlack Knight Home Price Index Report: October Transactions U.S. Home Prices Up 0.1 for the Month; Up 4.5 Percent Year-Over-Year
Press Release For more information: Media contact: Michelle Kersch 904.854.5043 michelle.kersch@bkfs.com Black Knight Home Price Index Report: October Transactions U.S. Home Prices Up 0.1 for the Month;
More informationStatus of State PACE Programs
F A R M L A N D I N F O R M A T I O N C E N T E R Status of PACE Programs As of May 2013, 27 states have state-level purchase of agricultural conservation easement (PACE) programs. Four states Arizona,
More informationTHE KIAMBU COUNTY VALUATION AND RATING BILL, 2015 ARRANGEMENT OF CLAUSES PART I PRELIMINARY PART II ADMINISTRATION PART III- VALUATION
THE KIAMBU COUNTY VALUATION AND RATING BILL, 2015 ARRANGEMENT OF CLAUSES Clause PART I PRELIMINARY 1- Short title. 2- Interpretation. 3- Purpose of the Act. PART II ADMINISTRATION 4- Functions of the Department.
More informationBe It Enacted by the Legislature of the State of Florida:
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 A bill to be entitled An act relating to ad valorem taxation; amending s. 193.023, F.S.; revising authority of the property appraiser
More informationTHE APPRAISAL OF REAL ESTATE 3 RD CANADIAN EDITION BUSI 330
THE APPRAISAL OF REAL ESTATE 3 RD CANADIAN EDITION BUSI 330 REVIEW NOTES by CHUCK DUNN CHAPTER 16 Copyright 2010 by the Real Estate Division and Chuck Dunn. All rights reserved CHAPTER 16 - LAND AND SITE
More informationSummary of Statute/Regulations Citation Summary of Statute/Regulations Citation Alabama None. N/A None. N/A. Alaska Stat
50-STATE SURVEY OF PLANT CLOSING LAWS 777 East Wisconsin Avenue Milwaukee, WI 53202-5306 Phone: 414.271.2400 State Alabama Alaska Trigger: Sale of a facility for which owner or operator has actual knowledge
More informationAssessment Overview. Gallagher Amendment Interim Committee. July 13, 2018
Assessment Overview Gallagher Amendment Interim Committee July 13, 2018 Life s FAQs: Why is the sky blue? How does gravity work? Are we there yet? What happens in an Assessor s office.. how does property
More informationUNIFORM RESIDENTIAL APPRAISAL REPORT (URAR) SE ISSAQUAH-FALL CITY ROAD ISSAQUAH, WA OF THE SINGLE-FAMILY RESIDENCE LOCATED AT
UNIFORM RESIDENTIAL APPRAISAL REPORT (URAR) OF THE SINGLE-FAMILY RESIDENCE LOCATED AT 24015 SE ISSAQUAH-FALL CITY ROAD ISSAQUAH, WA 98029 QUALIFICATIONS OF APPRAISERS QUALIFICATIONS
More informationBillboard Valuation: What s the Issue?
Billboard Valuation: What s the Issue? National Alliance of Highway Beautification Agencies Annual Conference August 28, 2006 Cleveland, Ohio The Law Pertaining to Billboard Valuation Fifth Amendment Nor
More informationREALTOR.COM MARKET OUTLOOK
REALTOR.COM MARKET OUTLOOK Realtor.com Economics May 2018 MOST COMPETITIVE SEASON ON RECORD Key expectations from realtor.com Existing Home Sales Struggle to Break Out Supply: Inventory, Prices, Affordability
More informationALI-ABA Course of Study Commercial Lending and Banking Law January 29-31, 2009 Scottsdale, Arizona
263 ALI-ABA Course of Study Commercial Lending and Banking Law--2009 January 29-31, 2009 Scottsdale, Arizona Legal and Regulatory Issues in the Creation, Perfection, and Enforcement of Security Interests
More informationAGREEMENT FOR PAYMENT IN LIEU OF TAXES FOR REAL PROPERTY AND PERSONAL PROPERTY. between. and THE TOWN OF DOUGLAS
AGREEMENT FOR PAYMENT IN LIEU OF TAXES FOR REAL PROPERTY AND PERSONAL PROPERTY between and THE TOWN OF DOUGLAS dated as of November, 2011 AGREEMENT FOR PAYMENT IN LIEU OF TAXES FOR REAL PROPERTY AND PERSONAL
More informationRIVERSIDE COUNTY ASSESSMENT PRACTICES SURVEY
RIVERSIDE COUNTY ASSESSMENT PRACTICES SURVEY JULY 2018 CALIFORNIA STATE BOARD OF EQUALIZATION SEN. GEORGE RUNNER (RET.), LANCASTER FIONA MA, CPA, SAN FRANCISCO JEROME E. HORTON, LOS ANGELES COUNTY DIANE
More informationSolar Rights in the United States
University of Connecticut From the SelectedWorks of Sara C. Bronin December, 2015 Solar Rights in the United States Sara C Bronin, University of Connecticut Available at: https://works.bepress.com/bronin/17/
More informationThe California Possessory Interest Tax: A Time Honored Concept Gets a New Twist
Santa Clara Law Review Volume 17 Number 4 Article 4 1-1-1977 The California Possessory Interest Tax: A Time Honored Concept Gets a New Twist James C. Martin Follow this and additional works at: http://digitalcommons.law.scu.edu/lawreview
More informationQ. How is Agricultural property valued? A. GENERAL INFORMATION Many states have laws regarding the preferential assessment of agricultural land.
Q. How is Agricultural property valued? A. GENERAL INFORMATION Many states have laws regarding the preferential assessment of agricultural land. This means that farm and ranch assessments are usually based
More informationIN THE COURT OF APPEAL OF THE STATE OF CALIFORNIA SECOND APPELLATE DISTRICT DIVISION ONE
Filed 7/19/18 CERTIFIED FOR PUBLICATION IN THE COURT OF APPEAL OF THE STATE OF CALIFORNIA SECOND APPELLATE DISTRICT DIVISION ONE TIME WARNER CABLE INC. et al. Plaintiffs and Respondents, v. B270062 (Los
More informationASSESSMENT AND TAXATION
ABSTRACT A brief synopsis of the assessment, appeal and taxation process as implemented by the Code of Iowa and Administrative Rules. ASSESSMENT AND TAXATION Iowa State Association of Assessors General
More information(904) (904)
Press Release For more information: Media contact: Investor contact: Michelle Kersch Nancy Murphy (904) 854-5043 (904) 854-8640 michelle.kersch@lpsvcs.com nancy.murphy@lpsvcs.com LPS Home Price Index Report:
More informationHow to Petition for a Review of Your Property Taxes: County Board of Equalization
How to Petition for a Review of Your Property Taxes: County Board of Equalization Talk with the Assessor There are several reasons why you may want to petition for a review of your property taxes. Whatever
More informationANNUAL REPORT KATHLEEN KELLEHER ASSESSOR
2016 ANNUAL REPORT KATHLEEN KELLEHER ASSESSOR 2016 ANNUAL REPORT OUR MISSION We will create equitable, timely and accurate property tax assessments to fund public services. We will be a source of accurate
More informationFLORIDA CONSTITUTION
FLORIDA CONSTITUTION (Provisions related to ad valorem property taxes and exemptions) ARTICLE VII - FINANCE AND TAXATION SECTION 2. Taxes; rate.-- All ad valorem taxation shall be at a uniform rate within
More informationNEVADA EMINENT DOMAIN LAW AND PROCEDURES
Last Revised 7-6-11 NEVADA EMINENT DOMAIN LAW AND PROCEDURES Negotiation/Precondemnation Process: Negotiation Requirements By: Kermitt L. Waters, Esq. and Michael A. Schneider, Esq. Law Offices of Kermitt
More informationSanta Barbara County. Assessor & County Counsel
Santa Barbara County Assessor & County Counsel What We ll Discuss. Taxing Authorities What Happens Each Year The Role of the Assessor County Statistics Taxable Value of Oil & Gas Parcels. DOGGR, Operators,
More informationYOUR GUIDE TO THE REASSESSMENT PROGRAM
YOUR GUIDE TO THE REASSESSMENT PROGRAM Why Reassess? Reassessment is required by law. Act 208, as passed by the General Assembly in 1975, provides that all real property will be valued at its current market
More informationGENERAL ASSESSMENT DEFINITIONS
21st Century Appraisals, Inc. GENERAL ASSESSMENT DEFINITIONS Ad Valorem tax. A tax levied in proportion to the value of the thing(s) being taxed. Exclusive of exemptions, use-value assessment laws, and
More informationDistrict Facilities and Public Charter Schools
District Facilities and Public Charter Schools 27 states have enacted policies that try to provide charter schools with better access to district facilities. Some of these policies are stronger than others.
More informationS18A0430. CLAYTON COUNTY BOARD OF TAX ASSESSORS v. ALDEASA ATLANTA JOINT VENTURE.
In the Supreme Court of Georgia Decided: June 18, 2018 S18A0430. CLAYTON COUNTY BOARD OF TAX ASSESSORS v. ALDEASA ATLANTA JOINT VENTURE. BENHAM, Justice. This case presents the issue of whether the contract
More informationASSEMBLY, No. 326 STATE OF NEW JERSEY. 217th LEGISLATURE PRE-FILED FOR INTRODUCTION IN THE 2016 SESSION
ASSEMBLY, No. STATE OF NEW JERSEY th LEGISLATURE PRE-FILED FOR INTRODUCTION IN THE 0 SESSION Sponsored by: Assemblyman TROY SINGLETON District (Burlington) SYNOPSIS Requires municipalities to share certain
More informationCURRENT THROUGH PL , APPROVED 11/11/2009
CURRENT THROUGH PL 111-98, APPROVED 11/11/2009 TITLE 10. ARMED FORCES SUBTITLE A. GENERAL MILITARY LAW PART IV. SERVICE, SUPPLY, AND PROCUREMENT CHAPTER 159. REAL PROPERTY; RELATED PERSONAL PROPERTY; AND
More information(904) (904)
Press Release For more information: Media contact: Investor contact: Michelle Kersch Nancy Murphy (904) 854-5043 (904) 854-8640 michelle.kersch@lpsvcs.com nancy.murphy@lpsvcs.com LPS' April HPI Report:
More informationJanuary 29, 1992 ATTORNEY GENERAL OPINION NO
ROBERT T. STEPHAN ATTORNEY GENERAL January 29, 1992 ATTORNEY GENERAL OPINION NO. 92-12 The Honorable Clyde D. Graeber State Representative, Forty-First District State Capitol, Room 502-S Topeka, Kansas
More informationIREDELL COUNTY 2015 APPRAISAL MANUAL
SALES UTILIZATION AND FAIR MARKET VALUE PREFACE Sales Collection and verification is the single most important activity in the appraiser's office. There is no other activity necessary to the operation
More informationDee Wisor Denver, Colorado
Dee Wisor TITLE OF PRESENTATION dee.wisor@butlersnow.com 720-330-2300 CLIENT/LATERAL NAME 4600 South Syracuse 9 th Floor DATE Denver, Colorado 80237-2709 1 SELECTED TAX ISSUES IN CONNECTION WITH PUBLIC
More informationAmendment U Exempt Certain Possessory Interests From Property Taxes. Amendment U proposes amending the Colorado Constitution to:
Amendment U Exempt Certain Possessory Interests From Property Taxes Final Draft Amendment U proposes amending the Colorado Constitution to: beginning with tax year 0, eliminate property taxes for individuals
More information