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
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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 27Slide12Slide13
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
43Slide44Slide45Slide46Slide47
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