“ING Property Says Its Deferred Tax Liability Will Rise by NZ$96.8 Million” plus 3 more |
- ING Property Says Its Deferred Tax Liability Will Rise by NZ$96.8 Million
- City property tax hike on Tuesday’s agenda
- Property tax news unlikely to be happy for South Floridians
- Chongqing to Introduce Property Tax on Trial Basis, China Times Reports
| ING Property Says Its Deferred Tax Liability Will Rise by NZ$96.8 Million Posted: 15 Aug 2010 04:01 PM PDT ING Property Trust, a New Zealand investor in commercial buildings, said its deferred tax liability will rise by NZ$96.8 million as a result of tax and depreciation rule changes announced in the May budget. The one-time adjustment will reduce profit in the current year ending March 31, the Auckland-based company said in a statement. The adjustment is non-cash and won't affect distributions, the company said. This entry passed through the Full-Text RSS service — if this is your content and you're reading it on someone else's site, please read our FAQ page at fivefilters.org/content-only/faq.php | ||||
| City property tax hike on Tuesday’s agenda Posted: 16 Aug 2010 10:10 AM PDT By ANDREW THOMASON, The Daily News, athomason@bgdailynews.com/783-3242 Citizens of Bowling Green could be facing the first city property tax increase in five years as staff members for the city are recommending property taxes be raised by 4 percent for the upcoming year. Bowling Green Chief Financial Officer Jeff Meisel will present the tax rate of 21.3 cents per $100 of assessed value at the Bowling Green City Commission meeting Tuesday night. Four percent is the most property tax can be raised and not be subject to a recall vote by residents. "If you don't raise your rate in years when your assessment rate (is under 4 percent), all you're doing every year is basically staying the same or backtracking," Meisel said. The assessment rate is set by the state and reflects how much the city would need to charge to maintain its current level of funding if nothing changed from the previous year. "When we don't have the growth, and we are allowed to grow at 4 percent, I believe we just need to maximize our growth," Meisel said. If approved, the new tax rate would bring in $7.8 million in property tax revenue, up from $7.4 million last year. The city commission was presented with a similar proposal last year but voted it down. Instead, city commission voted to keep the tax rate the same, taking advantage of a small increase in income because of an increase in existing property values. Should the city follow a similar path this year, it would bring in about $118,797 in new revenue because of a 1.6 percent increase in real property value in Bowling Green. After Meisel's presentation, the commission must vote on the property tax at two separate meetings. City taxes will be due by Dec. 31. TIF Several items relating to the downtown redevelopment district, also know as a Tax Increment Financing district, will be presented to the city commission Tuesday night. During its work session, the city commission will discuss a subdeveloper agreement with a Missouri hotelier to build a Marriott Springhill Suites on the north side of Western Kentucky University. Ferguson Hotel Development LLC has applied to build an approximately 100-room hotel in the TIF. The $10.7 million hotel would bring about 20 full-time and seven part-time jobs to the area, according to Ferguson's application. Construction would have to start no later than 90 days after construction of a WKU alumni center begins. Alliance Corp., the master developer for the TIF, would have to complete preparation of the site no later than Jan. 31, unless unforeseen circumstances arose. Preparation includes installing sewer, storm drainage, curbs, utilities and sidewalks. After the 1.9-acre property at the corner of 13th Avenue and Center Street is readied, it would be sold to Ferguson for $1 by the Warren County Downtown Economic Development Authority, which is in charge of the TIF. City leaders will have a first reading of the agreement at its regular meeting following discussion at the work session. A second reading is necessary before the agreement becomes official. Ferguson will have a 120-day inspection period after that, during which it can back out of the agreement. The agreement also states that no other hotel could be built within a one-mile radius of the property by anyone other than Ferguson for 10 years. You must register with a valid email to post comments. Only your Member ID will be posted with the comments.
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| Property tax news unlikely to be happy for South Floridians Posted: 15 Aug 2010 08:18 PM PDT Home values are still looking for a bottom, and county appraisers are still trying to get to the bottom of last year's giant pile of property assessment appeals, so it's expected to be a long property tax season in South Florida. More than 1.75 million local homeowners should receive their 2010 property tax notices in the mail by the end of the month and, if the last two years are any indication, at least one in 10 will disagree with the number they see on the line next to the words ``assessed value.'' Broward County started sending tax notices on Friday and Miami-Dade letters will be sent out on Aug. 24. Falling for the third straight year, property values in Miami-Dade County have decreased an additional 13.4 percent, or $29 billion, since last year, according to the property appraiser. ``This is the biggest drop we have seen in value in Dade County in I'm not sure how long -- definitely more than 35 years,'' said Miami-Dade Property Appraiser Pedro Garcia. With foreclosures and short sales dragging down the market, some homeowners will see the silver lining of a battered market in a lower tax assessment, but many will be surprised that their tax bills haven't fallen as quickly as their home values. Part of the reason is that governments have hiked the amounts of tax charged per each $1,000 in property value to make up for huge budget holes that have plagued cities, counties and special taxing districts during the economic downturn. In Miami-Dade County, where commissioners are staring at a revenue hole of more than $400 million, the preliminary tax rate was upped 12 percent in July. That rate set a ceiling for how high the actual number -- to be determined by Oct. 1 -- can be. In Broward, were home values dropped 11.7 percent last year, the county commission is also weighing increases. School boards and many municipalities have indicated they would push up their rates as well. For some homeowners, an unfortunate side effect of the 1992 Save Our Homes law could cause their tax assessments to increase even as their property values fall. Buyers who purchased before the boom benefited from an SOH clause that capped assessment increases at 3 percent a year, even as property values soared all around them. But that same law says yearly assessments must continue to increase until they are equal to market value, meaning many pre-bubble buyers will face increases until their assessed values catch up to the market. Add increased rates with the Save Our Homes provision and many long-homesteaded property owners can expect a larger tax bill this year, despite the economic downturn that has sent wages and home values in a downward direction. Marcos Sendon, who has owned his home in Kendall for more than 10 years, said he feels like he's being penalized for being a responsible homeowner, not involved in the subprime mortgage debacle or foreclosure crisis of the last five years. ``If you've played it straight and played by the rules, now you're going to be punished for that,'' he said, criticizing the county government for increasing the tax rate. ``We think that's outrageous.'' Sendon, editor of a conservative blog, is organizing a tea party rally to protest the local government's property tax rate increases. Public hearings in September will likely feature some level of public backlash, as city and county officials in Miami-Dade and Broward settle on tax rates and hash out budgets. This entry passed through the Full-Text RSS service — if this is your content and you're reading it on someone else's site, please read our FAQ page at fivefilters.org/content-only/faq.php | ||||
| Chongqing to Introduce Property Tax on Trial Basis, China Times Reports Posted: 15 Aug 2010 04:43 PM PDT
Aug. 16 (Bloomberg) -- Donald Straszheim, senior managing director for China research at International Strategy & Investment Group, talks about the outlook for China's economy. Straszheim also discusses China's real estate market and foreign reserves. He talks with Bloomberg's Susan Li in Hong Kong. (Source: Bloomberg) Chongqing's plans to introduce a citywide property tax on a trial basis has been approved by China's central government, the China Times newspaper reported, citing an unidentified official with the Chongqing municipal government's fiscal system. The property tax will be started in the short term, the newspaper reported Aug. 13 on its website, without giving a date. To contact the reporter on this story: Bloomberg News in Shanghai at jjiang@bloomberg.net This entry passed through the Full-Text RSS service — if this is your content and you're reading it on someone else's site, please read our FAQ page at fivefilters.org/content-only/faq.php |
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