BOARD OF EQUALIZATION 2017 Training - PowerPoint Presentation

BOARD OF EQUALIZATION 	 2017 Training
BOARD OF EQUALIZATION 	 2017 Training

BOARD OF EQUALIZATION 2017 Training - Description


BOE Training Overview of BOE Overview of Ad Valorem Taxation More specifics of timeline and requirements Sunshine Law Hearings Speed Round Legislation Exemptions Economic Programs Who is on the BOE ID: 673371 Download Presentation

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Slide1

BOARD OF EQUALIZATION

2017 TrainingSlide2

BOE Training

Overview of BOE

Overview of Ad Valorem Taxation

More specifics of timeline and requirementsSunshine LawHearings

Speed Round

Legislation

Exemptions

Economic ProgramsSlide3

Who is on the BOE

City of St. Louis

Assessor – president

4 property owning citizens appointed by the mayor

1

st

Class & Charter

3 persons appointed by County Commission

(except Greene Co)Slide4

Greene County

County Wide

Three Members

Appt. by CommissionOwn propertyResidents for 5 years

Springfield Area

Five Members

Appointed by Council

Director of FinanceSlide5

2nd, 3

rd

and 4

th ClassCounty Commissioners

Assessor (non-voting)

Surveyor

2 citizens appointed by the Commission

Auditor (2

nd

class counties)

Clerk (Secretary, non-voting)Slide6

Powers and Duties of BOE

Hear appeals;

Adjust, correct, and equalize assessments;

Hear erroneous assessments; andAdd omitted property.

Determine appeals, keep records and issue decisions;

Administer oaths.

Issue subpoena to witness and order production of books and papers;

Raise or lower assessments; and

Notify property owners of adding omitted property or increasing values;Slide7

Overview of the property tax process

Assessor creates the assessment book;

Assessor turns over the book to the clerk on July 1 and the book becomes the “tax book”;

The Clerk is now responsible for the book and will make any changes in accordance with BOE decisions, adds levies and extends the taxes;

The Clerk delivers the book to the Collector by October 31.Slide8

Overview of the Appeal Process

Informal Meeting

Board of Equalization

State Tax Commission

Judicial ReviewSlide9

Nuts and BoltsSlide10

Assessment Timeline

Jan 1: Date of Value

March 1: Declarations are due

June 15: impact notices are sent3rd

Monday in June – 1

st

class county appeals are due*

July 1: Assessment book is turned over

1

st

Monday in July – 1

st

class county BOEs meet

2

nd

Monday in July – all BOE appeals are due

3

rd

Monday in July – BOE meets

July 31: BOE closes

4

th

Saturday in August: BOE in Charter Counties close.Slide11

JUNE 2017

Sunday

Monday

Tuesday

Wednesday

Thursday

Friday

Saturday

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

26

27

28

29

30

Timeline – 1

st Class & Charter

JULY 2017SundayMondayTuesdayWednesdayThursdayFridaySaturday12345679910111213141516171819202122232425262728293031

Odd Years may start meeting

Meet

End

August 27Slide12
Slide13

Timeline for 2nd, 3

rd

, 4

th

JULY

2017

Sunday

Monday

Tuesday

Wednesday

Thursday

Friday

Saturday

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

1617

181920

2122232425262728293031May meet in odd yearsMust MeetEndSlide14

Establish scheduleDeadline to appeal

Dates and times of hearings

Allow adequate time

Comply with the Sunshine law – Notices, Open meetings, etc Publicize the appeal process

Prior to HearingsSlide15

Sunshine Law

Wilkendone

Partnership v. St. Louis County BOE

Court of Appeals, Eastern District 9/6/16Slide16

Boards of Equalization

Quasi-judicial body

NOT A COURT

All votes, actions, deliberations, meetings and hearings are subject to the Sunshine LawSlide17

All votes, actions, deliberations, meetings and hearings are subject to the Sunshine LawSlide18

Public Governmental Bodies

Meetings, records, votes, actions, and deliberations are open to the public

Public Governmental Bodies means…body under the direction of 3 or more elected or appointments members having rulemaking or quasi-judicial powerSlide19

BOE

None of the activities of the board are exempt under Sunshine Law.

Even when deliberating and deciding appeals, the Board must comply with

the Sunshine LawSlide20

Requirements

Notices for the time, date, and place of each meeting and tentative agenda which will advise the public of matters before it

Notices will be given 24 hours in advance

If a meeting must be held without 24 hour notice, the nature of “good cause” justifying the departure from requirements shall be stated in the meetings;

A journal or minutes of open and closed meetings shall be taken and retained.Slide21

BOE HearingsSlide22

Assessor

Data on the property

Classification

ValuationComparablesCost figuresIncome informationSlide23

Secretary / Clerk

May be a member of the BOE

Receives the appeals

Post noticesKeep RecordsIssue decisions

Adjust the booksSlide24

Property Owner

Documents – Make copies of the documents the owner brings.Slide25

Hearing

Listen to both parties

Review records appropriate to the issue

Make sure Assessor has reviewed the property and materials providedAnalyze all information presentedDetermine if additional work may be necessarySlide26

Tips:

Answer questions;

Avoid arguing with the taxpayer or assessment staff;

Avoid negotiating settlement;Do not grant exemptions that do not meet the requirements;Do not make decisions based on hardships;

Do not do anything which may give the appearance of impropriety.Slide27

Need Additional Information

Schedule a field review

Instruct the taxpayer and assessment staff regarding follow up

Document any data changesSlide28

Record of the Hearing

Parcel number

Address

OwnerLand measurementDescription of the improvementsDate and time of the hearing

Members present

Record of vote takenSlide29

Details

Assessor’s Determination of MV

Assessor’s Determination of Classification

Assessor’s Determination of Assessed VBoard’s determination of MVBoard’s determination of Classification

Board’s determination of Assessed ValueSlide30

Parcel Sheet

Owner

Parcel No.

Acres

Grade

MV

A%

AV

Ag Land

#

#

$

%

$

Ag Improvements

$

%

$

Residential Land

#

$

%

$

Residential Improvements

$

%

$

Commercial Land

#

$

%

$

Commercial Improvements

$

%

$Slide31

Parcel Number: ___________________ Address: ____________________________________

Owner: _________________________ Present at Hearing: ____________________________

Land: ________________________________________________________________________

Improvements: _________________________________________________________________

BOE Members Present:

Assessor’s Information

MV: _____________________________________ Classification: _____________________________ AV: ____________________________

Documents Presented

Property Owner’s Information:

Actions: needs new roof, outbuildings were removed last year

Vote: ____________ (date)

Present

Determination: Slide32

Findings

ID the property

Date of hearing/date of decision

Who was presentWas the appeal in writingWhat were the issuesWhat information was presented

What action was requested

What did the BOE findSlide33

Written Decision

Date of Decision

Date of Mailing

Taxpayer’s NameParcel NumberClassification

Assessed Value

EVERY APPEAL GETS A DECISION

COPIES OF DECISION ARE MAINTAINED

DOCUMENT MAILING DATESlide34

BOARD OF EQUALIZATION

COUNTY OF PROPER

Room 205, County Courthouse

Assessment, Missouri July 24, 2011

  

I. M. Taxpayer

123 Undervalued Ave.

Assessment, Missouri

 

Re: Taxpayer’s Name: I.M. Taxpayer

Parcel Number: 02-2.4-002-005.012

Residential Property

Assessor’s Appraised and Assessed Values: $125,000/$23,750

Board’s Appraised and Assessed Values: $125,000/$23,750

 

The Proper Board of Equalization after consideration of the information presented at the hearing in your appeal voted to sustain the Assessor’s value.

 

You have the right to file an appeal with the State Tax Commission (STC). If you choose to appeal, you may request appeal forms from the STC by calling 573-751-1715 or by written request addressed to State Tax Commission of Missouri, P.O. Box 146, Jefferson City, MO 65102-0146. You may also download the Complaint form from the STC web site:

http://www.stc.mo.gov

. Instructions on completing the form and on handling your appeal are also available on the website.

 

If you request an appeal form, the STC will mail the form to you, with instructions on how to fill out the Complaint form. The completed form must be postmarked no later than September 30, 2011, or 30 days after the above date, whichever is later.

 

Sincerely,

 

Shirley Efficient

County Clerk

Secretary of the BoardSlide35

Representation at BOE

Attorney

Agent

Cannot give opinion of value unless a certified appraiserSlide36

A majority of said board shall constitute

a quorum, and

a majority of the members present shall determine all matters of appeal or revision.

QuorumsSlide37

Quorum

Property outside Springfield

2 members constitute quorum

2 members needed to agree on value

Springfield

5 members constitute quorum

If only 5 members present, 3 may approve property value.

If all 8 present, 5 approve value.Slide38

State tax commissionSlide39

Appeals to the STC

September 30 or 30 days after the final decision of the BOE

Exemption cases may go directly to the Circuit CourtSlide40

Appeals at the STC

Cycle

Appeals

Pending

2003-2004

5009

0

2005-2006

7540

0

2007-2008

8684

0

2009-2010

7595

0

2011-2012

8345

0

2013-2014

8182

104

2015-2016

13,874

7208Slide41

GROUNDS FOR APPEAL

Overvaluation

Discrimination

ExemptionClassificationMisgraded AgricultureSlide42

ASSESSED VALUATION OF PROPERTY

42Slide43

TAX COLLECTIONS

43Slide44
Slide45
Slide46
Slide47

Particular propertiesSlide48

Documented vessels are still required to pay property taxes

BOATSSlide49

Recreational Vehicles

MONTANASlide50

Tax Situs

Where the owner resides

Unless houseboat, cabin cruiser, floating boat docks, manufactured home

Township – in the township where the property is foundCorporate property is taxed where property is locatedSlide51

Tax Situs of Personal Property

OWNER

LOCATION of Property

SITUS

Mo. Resident

Missouri

Owner Resides

Mo. Resident

Outside

State

Loc.

Of Property

Other Resident

Mo

Loc of Property

Corporation

MO

Location

of

Prop.

Military – Home

of Residence Not MO

MO

Not MO

Military

– Home of Records is MO

Anywhere

County of residence

in MOSlide52

Leased Property

Owner

Renter

Government

Private

Not for Profit

Government

Exempt

Taxable except vehicle

rental

Taxable – not dedicated

to activity

Not For Profit

Exempt

Possible exempt*

Possibly

exempt

All Other

Bonus

Value

Taxable

taxableSlide53

Military

POW & 100% Related disability

Service Members Civil Relief ActSlide54

OvervaluationSlide55

Overvaluation

Using the approaches (cost, sales comparison and/or income) to determine market value of a property

Most common appeal

It is not the amount of the increase in the assessmentSlide56

Appraised ValueFair market valueTrue value in money

ValueSlide57

Approaches to Value

Cost

Market Comparable

IncomeSlide58

Cost Approach

Cost of producing an exact replica or producing a building with the same utility.

Source books

DepreciationLook at how they determined the costs and the depreciation. Is the information market based. Slide59

Sales Comparison

Use property sales to estimate the value of an unsold property.

Comparable Properties: location, date of sale, condition, source information.

Selection criteriaVerification of sale information and information about the parcel

Explanation of adjustmentsSlide60

Income Approach

Converting income into a value estimate.

Market income and expenses

Capitalization rateTax levySlide61

Common Types of Evidence

Subject property sale/purchase – review the terms of the sale

Comparable sale data v. Comparable assessor’s office data

Income and Expense InformationNewspaper or internet articles

Charts and Graphs on Taxes, Property Values, etc

Adjustments to the Assessor’s Value

PhotosSlide62

AgricultureBusiness Personal PropertyAutomobiles

Subsidized housing

Valuing PropertySlide63

Grade

2015

Pre 2015

1

$1,035

$985

2

$850

$810

3

$645

$615

4

$405

$385

5

$205

$195

6

$158

$150

7

$79

$75

8

$31

$30

Ag ValuesSlide64

Business Personal Property

The original cost paid by the current owner, less freight, installation, and sales or use taxes and date of purchase is reported by the owner.

The Class Life and Recovery period is determined by using

IRS Publication 946 – Accelerated Depreciation

The assessor applies the proper depreciation schedule found in §137.122.3,

RSMo

, by applying the years since acquisition and the appropriate recovery period to determine the appraised value.

The appraised value is multiplied by the statutory assessment level for personal property, 33 1/3% to establish the assessed value.

 Cost approach with straight line depreciationSlide65

Statutorily required method.

137.115(9)

Use the trade-in value published in the October issue of the National Automobile Dealers' Association Official Used Car Guide.

The average trade-in valueFor vehicles two years old or newer from a vehicle's model year, the assessor may use a value other than average without performing a physical inspection of the motor vehicle.

AutomobilesSlide66

Improved properties transitioningVacant LandBased upon the actual use of the property

MisclassificationSlide67

Classifications of Real Property

Residential

Agricultural

CommercialSlide68

Relative Property Tax BurdenSlide69

Assessment Ratios

Residential:

$100,000 x .19= $19,000

Tax levy is 6% = $1,140

Commercial

$100,000 x .32= $32,000

Tax levy is 6% =

$1,920

Also has a

surlevy

Agricultural:

10 acres at grade 5

$2050 x .12= $246

Tax levy is 6% = $14.76Slide70

Residential

Real property used or intended to be used for residential living by human occupants

Airport-vacant land

Golf course

B&Bs in which the owner resides

Time share units except to the extent they are used as vacation rentalsSlide71

Agricultural

Devoted to raising and harvesting crops, management of livestock, horses, dairying, etc

Land devoted to conservation or other

ag

programs;

Reliever airports-land only

Forest cropland

Sawmills with SIC 2421Slide72

Commercial

Anything that doesn’t fit anywhere elseSlide73

Considerations – Vacant Land

(1) Immediate prior use, if any, of such property;

(2) Location of such property;

(3) Zoning classification of such property; except that, such zoning classification shall not be considered conclusive if, upon consideration of all factors, it is determined that such zoning classification does not reflect the immediate most suitable economic use of the property;

(4) Other legal restrictions on the use of such property;

(5) Availability of water, electricity, gas, sewers, street lighting, and other public services for such property;

(6) Size of such property;

(7) Access of such property to public thoroughfares; and

(8) Any other factors relevant to a determination of the immediate most suitable economic use of such property.Slide74

Taxpayer believes their property is assessed higher than othersExtremely hard to prove

Must show the median assessment of the sub-classification of property

DiscriminationSlide75

LegislationSlide76

HCS SCS SB 112

139.100

RSMo

In the absence of a postmark, or if the postmark is illegible or otherwise inconclusive, the collector may use the collector’s judgment regarding the timeliness of the payment contained therein and shall document such decisionSlide77

HCS SS SB 62

52.290. 1. In all counties except counties having a charter form of government before January 1, 2008, and any city not within a county, the collector shall collect on behalf of the county a fee for the collection of delinquent and back taxes of

nine

percent on all sums collected to be added to the face of the tax bill and collected from the party paying the tax. Of the nine percent of the fees collected pursuant to the provisions of section two percent shall be paid into the county general fund, two percent shall be paid into the tax maintenance fund of the county as required by section 52.312, and five percent shall be paid into the county

employees'retirement

fund created

bysections

50.1000 to 50.1200. Slide78

HCS SS SB 62

137.280 – increased penalty for late declarations

By 12/31 the Assessor shall transmit a log to CERF which needs to include the $ amount of any penalty waiver. Slide79

HCS SS SB 62

Back tax book for land

18% of each year’s delinquency (2% per month)

Clerk & collector receive 10 cents per tract for recording land listClerk receives 5 cents per tract for authenticating the list

All counties (except if charter before 1/1/2008), the collector and clerk shall receive $5 per tract for list. The $10 shall be paid into CERF.Slide80

New Legislation 2016

Bed & Breakfast –Residential Property

Mines - Valuation

Short Term Personal Property RentalSubsidized Housing - Valuation

Propane Tanks – Real Property

New Legislation 2015

New Legislation 2014 Slide81

Emerging Issues

81

Industry

Industry

IndustrySlide82

Example

82Slide83

Telecommunications

Inequities in the way communication companies are taxed have developed over time due to every-changing technology and the static nature of statutory language.

83Slide84

Hotels, Motels, AirBnBs, VRBO

84Slide85

Assessment Specific Legislation

Mines – Sec. 137.115

Subsidized Housing – Sec 137.076.2

Time Shares – Sec 137.016BnBs – Sec 137.016

Telecommunications – being considered

VRBO – being considered

85Slide86

Exemptions

Slide87

EXEMPTIONSSlide88

Exemption

Section 137.075 Every person owning or holding real property or tangible person property on the first day of January, including all such property purchased on that day, shall be liable for taxes thereon during the same calendar year.

All property in Missouri is taxable unless enumerated in the Missouri Constitution

.Slide89

Section 137.100 RSMO

Land and other property belonging to the state;

Land and other property belonging to any city, county, or other political subdivisions;

Nonprofit cemeteries;Property owned by agricultural and horticultural societies;

Used exclusively for religious worship, school and colleges, or charity;

Household goods, furniture, wearing apparel…

Motor vehicles leased for at least one year to state, county, religious, education, or charitable organization;

Interstate compact

Veteran’s organizations

Solar Energy Systems not held for resale.Slide90

(1) Lands and other property belonging to this state;

(2) Lands and other property belonging to any city, county or other political subdivision in this state;

(5) Property used for religious worship, for schools and colleges, or for purposes purely charitable;

(7) Motor vehicles leased for a period of at least one year to this state or to any city, county, or political subdivision or to any religious, educational, or charitable organization which has obtained an exemption from the payment of federal income taxes, provided the motor vehicles are used exclusively for religious, educational, or charitable purposes;

(10) Solar energy systems not held for resale;

POW + 100% disabled from military service -

Home

NO vehicle exemptions for military, POW, Vets, etc

Exempt Section 137.100 & Const.Slide91

USE

OWNERSHIPSlide92

USE OWNER

Cemetery

Religion, School, Charity

HouseholdSolar Energy Systems

State, County, City

Ag Societies

Vet Organizations

POW/VetSlide93

Take the Easiest to the HardestSlide94

.

Household goods, furniture, wearing apparel and articles of personal use and adornment owned and used by a person in his home or

dwelling place

USESlide95

Nonprofit Cemeteries

Under Chapter 214 RSMo

Nonprofit Cemetery OR Family Plot deeded to County

Used as a cemetery or “set apart”

USE or OWNERSHIPSlide96

Agricultural Societies

Does not include agribusiness associations

Associated with the Board of Agriculture

OWNERSHIPSlide97

Lands and other property belonging to this state, any city, county or other political subdivision in this state.

Bonus Value - Leases

Political Subdivisions

Timing

OWNERSHIPSlide98

Political Subdivisions

- Constitution

- Statutes

-Court CasesSlide99

CONSTITUTION

Article X, Section 15 in defining “other political subdivision” reads:

 

The term "other political subdivision," as used in this article, shall be construed to include townships, cities, towns, villages, school, road, drainage, sewer and levee districts and any other public subdivision, public corporation or public quasi-corporation having the power to tax.

Power to taxSlide100

STATUTES:

Section 251.020(6) RSMo. defines a political subdivision as:

 [C]ounties, townships, cities, towns, villages, whether or not incorporated, special districts excluding school districts, housing authorities, land clearance for redevelopment authorities, municipal, county, regional or other planning commissions and any other local public body created by the general assembly or exercising governmental functions.

Examples & Created & DutiesSlide101

COURTS

Does the entity do what the government has typically done in the past?

 Is the entity controlled by or directly answerable to one or more public officials, public entities or the public itself?

 How and by whom is the governmental or public entity formed (by the government itself or by voters)?

Could the governmental entity which formed this entity have done the same functions?

Look at the totality of the services

Look at the fundingSlide102

Government Ownership Con’t

Bonus ValueSlide103

Government Ownership Con’t

Timing

When they acquire ownership, the property is immediately exempt. Slide104

Leased Motor Vehicles

Lease is for at least one year

Political subdivision, religious, educational or charitable

If it’s a political subdivision and its leased – Exempt

If its religious, educational or charitable – You do the analysis of the entity and ensure its use is for charitable purpose and not for compensation packageSlide105

Exemptions - Vehicles

137.100

“School Bus Exemption” (8)– Applies to other situations

(7) Motor vehicles leased for a period of at least one year to this state or to any city, county, or political subdivision or to any religious, educational, or charitable organization which has obtained an exemption from the payment of federal income taxes, provided the motor vehicles are used exclusively for religious, educational, or charitable purposes; Slide106

DOR Authority – Sec. 301.025

301.025. 1…… if the applicant is an organization described pursuant to subdivision (5) of section 137.100 or subsection 1 of section 137.101, the application is accompanied by a document, in a form approved by the director, verifying that the organization is registered with the department of revenue or is determined by the Internal Revenue Service to be a tax-exempt entity. If the director of the department of revenue has been notified by the assessor pursuant to subsection 2 of section 137.101, that the applicant's personal property is not tax exempt, then the organization's application shall be accompanied by a statement certified by the county collector or collector-treasurer of the county in which the organization's property was assessed showing that the state and county tangible personal property taxes for such previous tax year and all delinquent taxes due have been paid by the organization…..Slide107

Veteran’s Organizations

The amendment to section 137.100 grants an exemption of  property “belonging to”  a veterans’ organization without regard to use (similar to the language in 137.100 exempting the property of political subdivisions), though it does require that the organization be a not-for-profit.  Interestingly, in contrast to the statute, the constitutional amendment inserts the new exemption language in such a way that it also requires that the property “not held for private or corporate profit.”

Ownership (& use)Slide108

Solar Energy systems

Not held for resale

UseSlide109

Religious, Education, Charitable

All property must be owned on a not for profit basis

Must be used exclusively for that purposeSlide110

Charitable Exemption

Owned and operated on a not-for profit basis;

Dedicated unconditionally to charitable activities;

Dominant use of the property must be for the benefit of an indefinite number of people and there must be a direct or indirect benefit to society. Slide111

Analysis

How is it owned?

How is it being used?

Brings hearts under influence of religion or educationRelieves bodies from disease, etc

Assists people to establish themselves for life

Lessens the burden of government.

Are the services provided at cost or less? Rate setting?

No profit sharingSlide112

Issues

Purchase – If purchased after 1/1, wait until the following year to exempt

Use of the Property – must be used for the charitable purpose

Future Use

OwnershipSlide113

Economic Programs

Abatements and PILOTsSlide114

TIFS, LCRA, Abatements, Assessments, EATs, etc Slide115

TIFs

REAL PROPERTY TAX INCREMENT ALLOCATION REDEVELOPMENT ACTSlide116

TIFs

Permits the use of property and sales taxes to assist funding redevelopment

Area must be:

BlightedConservationEconomic DevelopmentSlide117

Not Abatements

PILOTS and EATsSlide118

Assessor’s Duties 98.855

Calculate the most recent equalized assessed value (After BOE)

The base value is frozen

Any increases in value are the increment

PILOTs are obtained from the taxes generated from the increment

Assessor continues to value the property to determine the increment

Exempt property has a 0 base

Even year – only make change if there is new construction

If property is in an EEZ, when EEZ expires, the property goes on as an increment

Once project is complete, ordinance must be passed to dissolve it

Increments go on as new constructionSlide119

Increment

New value from the improvements

Property released from an EZ or EEZ

Exempt property moving to non-exemptSlide120

Clerk’s Duties

Reported on the Form 11 and 11A

Extends the taxes on the base

Extends the taxes on the incrementLevy setting is on the baseSlide121

Collectors Duties

Distributes monies from base to taxing entities

Distributes moneys from the increment to special allocation fund

Collected the same as other real estate taxesBPF and Surlevy are not impactedSlide122

SUPER TIF

Impact on EATs not on the property tax issuesSlide123

Chapter 100s

Economic incentive program

ExemptionSlide124

Chapter 100 Projects

Municipality owns the property

Therefore the property is exempt from property taxes

Beneficiary pays PILOTs, rentAssessor exempts the property

Assessor determines if there is a bonus value if the rent is below market valueSlide125

MODESA – 99.915

50% of new local property tax

See 99.915 and 99.1080 (sales tax)Slide126

LCRA

Abatement

99.300

Commission created to approve projectsOwner submits a planThe assessor provides the current assessed value

Owner receives “certification for abatement” and provides it to the assessor (10 year abatement)

99.700 allows abatement in constitutional charter cities. 100% abatement of increased value

Cases provided that approval after new improvements was okay Slide127

Chapter 67 – CIDs and NIDs

CID

NID

May be a political subdivision or a not for profit

Used to establish facilities and services

Formed by property owners in the designated area by ordinance

Formed by property owners

Funded by assessments

For public infrastructureSlide128

Chapter 71 - SBDs

Property tax or assessment is added to the tax bill

Ordinance upon the request of the property owners in the areaSlide129

Chpt 135s – EZ, EEZ, Renewable Energy

Abatements

Assessor updates the land values only

Improvements may be abated up to 100%

If abated less than 100%, the assessor will need to update the improvement value each year

Personal property may qualify for an assessment ratio of 25%

No new EZ or EEZ projects after 8/27/2013. Mo Works replaced these programs. Impacts withholding tax. Slide130

Chapter 238 Transportation Development District

Funding by additional property taxes, assessments, tolls, sales taxes, etc.

Designated by property owners

Public infrastructureProperty owned by the district is exemptSlide131

Chpt 353 Urban Redevelopment

Property belongs to an Urban Redevelopment Corporation

Abatement

1st period (10 years)

improvements are not assessed, 100% abatement

Land is frozen at previous year’s value

If classification changes, the AV does not

2

nd

period (years 11-25)

Assessment is not to exceed 50% to 100% of land and improvements

May continue to abate even if property is transferred or leased

PILOTS may be used

Shom More....
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