Here are 4 articles highlighted in the most recent issue of the Paradigm tax Group newsletter.
Ohio Supreme Court Rules: Grain Storage Bins Are Not Taxable As Real Property
- An Ohio Supreme Court decision made earlier this month ruled that grain storage bins are personal property pursuant to state law and may not be taxed as real property. Read the full article.
Pennsylvania School Districts Target Apartment Complexes for ‘Spot’ Tax Assessment Appeals
- Under current law, Pennsylvania school districts have the authority to pursue a tax assessment appeal on a property that they believe is under-assessed, called a ‘spot’ appeal. Because school districts don’t have the education funding they need, especially with rising pension costs, they are increasingly relying on the method in order to generate more money. Read the full article.
Legislators Push to Eliminate Prop 13 “Loophole”
- Once again, California legislators are fighting a “loophole” in Proposition 13 that some believe allow commercial property buyers to avoid paying higher property taxes. Read the full article.
Study Shows Economic Benefit of 1031 Exchanges
- In an effort to dissuade Congress from eliminating 1031 Like-Kind Exchanges, a stipulation under the U.S. tax code that allows an investor to exchange a business or investment asset for another that is similar and to defer all capital gains taxes, The Real Estate Roundtable has just come out in support of a new study detailing the benefits of retaining the provision and the negative consequences of eliminating it. Read the full article.