Monday, May 31, 2010

“Clock ticking on L.A. County property tax-related refunds” plus 3 more

“Clock ticking on L.A. County property tax-related refunds” plus 3 more

Clock ticking on L.A. County property tax-related refunds

Posted: 30 May 2010 11:38 PM PDT

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Less than three months remain to claim money from a $45-million class action settlement for Los Angeles County property owners who failed to receive the correct interest payment when they were refunded overpaid property taxes.

Those eligible must mail a claim form and have it postmarked no later than Aug. 17, according to terms of the settlement. The claim form can be accessed on the website http://www.LosAngelesCountypropertytaxrefundsettlement.com


The settlement resolves a nearly 12-year-old lawsuit that alleged that the county systematically shortchanged property tax payers when refunding overpayments.

Anyone who received a property tax refund from Los Angeles County after March 1, 1993, might be eligible.

Los Angeles County has mailed out notices to affected property owners, but about 60% came back because the address was no longer valid.

Rob Pool, a lawyer representing the taxpayers, said that on average, "Homeowners move every seven years. The claim administrator is relying on the county's mailing records. There is a large percentage of properties that have changed hands."

A list of parcel numbers eligible for the refund can be viewed on the claim administrator's website.

Property owners can also call (877) 740-6999 to inquire. In addition, property owners can look up parcel numbers with the county assessor's office.

Typically, property owners would only get a refund if the amount was mistakenly overpaid or if the property's assessed value was reduced after payment.

The refunds vary widely. The largest single refund claim is $915,000, which is to be refunded to an oil company, and the smallest is 1 cent, Pool said. More than 63,000 notices were mailed out, and the average award amount is about $641.

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Shanghai Submits Property Tax Plan for Review (Update1)

Posted: 30 May 2010 11:37 PM PDT

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By Bloomberg News

May 31 (Bloomberg) -- Shanghai's plan to begin a property tax on residential real estate has been submitted to the Chinese central government for review, the China Securities Journal reported today.

The city may impose the tax on people without residence permits and those who do not file income tax declarations for three years or more, the report said, citing unidentified people.

China's housing prices jumped by a record in April even after the government intensified a crackdown on speculation to limit the risk of asset bubbles and keep housing affordable. Beijing restricted residents to buying only one new home starting this month, making itself the first city to implement a policy authorized by the central government.

An index tracking 34 real estate firms traded in Shanghai fell 0.2 percent by the 11:30 a.m. trading break, extending this year's loss to 27 percent. China Vanke Co., the nation's biggest listed developer, dropped 0.1 percent.

Shanghai is working on rules "more strict" than the central government's to cool down the local property market, Xinhua News Agency reported on May 28, citing Chen Qiwei, a spokesman for the city's government. China has raised down payment and interest rates for second mortgages and curbed bank lending for third homes.

Gradual Reform

The National Development and Reform Commission plans to "gradually" promote a reform to the nation's real estate tax this year, according to a statement on the central government's website today that didn't elaborate.

Shanghai developers have delayed sales of new residences because the municipal government has not yet announced its property policy, the Oriental Morning Post reported today, citing unidentified developers. Only 46 of a scheduled 96 developments were put on sale for the month as of May 28, reported the newspaper citing Soufun.com, a real estate data research website.

China needs a property crash for stocks to return to a bull market because that would jolt investors into switching money to equities, former Morgan Stanley economist Andy Xie said at a forum in Beijing on May 27. Property prices in 70 Chinese cities jumped 12.8 percent in April, the biggest gain since data began in 2005.

To contact the reporter on this story: Jian Guo Jiang in Shanghai at jjiang@bloomberg.net

Last Updated: May 31, 2010 01:22 EDT

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Richmond County school board will consider property tax increase Tuesday

Posted: 30 May 2010 07:36 PM PDT

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A property tax increase for Richmond County homeowners might be unavoidable, according to school board President Marion Barnes.

"Personally, I don't see where we're going to be able to balance that budget without a slight tax increase," he said.

Barnes said a decision could come as soon as Tuesday's budget hearing, where board members will again take up a couple of options that staff have posed: having workers take eight furlough days and reducing 35 positions through attrition; or having six furlough days, the 35 job cuts through attrition and an increase in the tax rate.

"Hopefully we can settle that Tuesday so people will know what's going on," Barnes said.

The options are in response to continued state funding cuts. The school system faces a revenue downfall of $16.7 million in the fiscal year that starts July 1, and the board has until mid-June to approve its budget.

Board member Jack Padgett has said that to provide some flexibility he would favor having eight furlough days and going to the cap in property tax. He has said that should conditions later improve, some furlough days could then be given back to workers.

The board has already decided that whichever number of furloughs is chosen, half would come by reducing teachers' contracted work days, meaning they wouldn't have to pay their retirement contributions on those days.

Under the tax increase being proposed, the owner of a $100,000 house would pay an extra $29.89 a year, or $2.49 more a month.

Board member Barbara Pulliam said she has mentioned the possibility of the tax increase in some recent community meetings, and "it seemed like the majority of them are saying it might be needed."

She said many seem to understand that the increase wouldn't be large. On the other hand, she said, "You've got some folks, of course, that wouldn't want to pay a penny more."

Pulliam said she hasn't decided how she'll vote on the tax issue.

Board member Frank Dolan, though, stated in an e-mail that "I am totally opposed to an ad valorem tax increase."

Dolan said that as a board member and small-business owner, he sees both sides of the issue. He noted that there are about 300 employees in the Board of Education central office, 40 workers in the Title 1 department "and another 150 more or less who never see a student."

"No one today knows the proper amount of money necessary to run the R.C.S.B. at an optimum level," he stated. "However, one may correctly assume the automatic answer is not to just raise ad valorem taxes ... The days of a never-ending tax source at the expense of our constituents for a bloated bureaucracy is over.

"We do not need a tax increase in Augusta," Dolan continued. "The school system needs to work with our state government to become more competitive in attracting large businesses to our area."

Messages left for other board members were not immediately returned.

Going to the tax cap, which would be a millage increase of 0.854, would bring the school system an extra $2.1 million.

The school system's funding is 57 percent state, 30 percent local and 13 percent federal. The state share has diminished 3 percent since 2007, and the local percentage has grown 3 percent in that time.

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Property tax appeals hit a record in Michigan

Posted: 31 May 2010 03:04 AM PDT

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DETROIT - Michigan property owners in record numbers are appealing their property tax assessments as small-claim homeowners and high-stakes businesses seek relief in a difficult economy.

The appeals to the Michigan Tax Tribunal could decimate the budgets of local governments.

The deadline for larger appeals above $20,000 is tomorrow, the Detroit Free Press reported.

"Since Proposal A was adopted, this is the highest we've ever been," said Patti Halm, chairman of the Tax Tribunal. Proposal A, passed by voters in 1994, limited the annual increase of taxable values.

New case filings more than doubled between 2006 and 2009, and the current case load is 32,000 for claims of less than $20,000 and 11,100 for larger cases.

The appeals could reduce funding for schools, parks, and libraries.

More than 11,000 commercial and industrial property owners are waiting to have their cases heard.

Appeals can take several years to be heard, but property owners who succeed are entitled to refunds of any excess taxes paid, plus interest.

Some legislators want to speed the appeals process so property owners get swifter word on decisions.

"These waits are unacceptable," said state Rep. Kevin Daley (R., Attica), sponsor of a bill to require a hearing within one year of an appeal.

Others, however, say arbitrary deadlines could trample due-process rights.

For many commercial and industrial property owners, appealing tax assessments is almost required to control costs, said David Nykanen, a Birmingham real estate lawyer who specializes in tax appeals.

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