Property Tax Attorneys | American Property Tax Counsel

NEW ARTICLE: 'Don�t Lose Your Tax Appeal Rights' - by John Garippa, Esq.

Recent New Jersey case law has made it easier for assessors to thwart tax appeals filed by commercial property owners. One of the most potent weapons in the tax assessor's arsenal is the use of their power to request income and expenses associated with the taxpayer's property. .... More online

NEW ARTICLE: 'Health Care Property Tax Exemption Issues Loom Large', Charitable Giving vs. Tax Breaks - by Elliott Pollack, Esq.

It is no secret that Connecticut leans more heavily on local property taxes to support the activities of municipal government than almost any other state in the union. The recent economic downturn and lack of leadership in Hartford to achieve meaningful property tax reform has only exacerbated the situation.... More online

NEW ARTICLE: 'Property Tax Reform Goes Awry' - Caps on property value cause unfair taxation - by Darlene Sullivan, Esq.

At first blush, it appears that a cap on property tax values, often called appraisal or assessment caps, provides a panacea for limiting increasing property taxes. However, a closer look reveals that artificial caps precipitate other larger, more far-reaching problems... More online

OREGON: December 31st Is Due Date for Filing Property Tax Appeals

Property tax bills have arrived in the mail and, understandably, you are upset with the fact that in the current economic climate your taxes are going up, while your property value is going down. You have a right to appeal your property tax assessment... More online

MINNESOTA: Minnesota Assessors Unable to Testify in Tax Court

A Minnesota Tax Court judges recently ruled that an assessor was not qualified as an expert, and could present appraisal evidence at trial. The court reasoned that the assessor did not have the appraisal licensure necessary to ensure compliance with the Uniform Standards on Professional Appraisal Practice (�USPAP�)... More online

GEORGIA: Review Property Tax Billings Carefully

It is an unusual year in Georgia for property tax billings. In years past by this time of year most property owners had some reasonable expectations about their property tax obligations. But this year a number of counties and cities in Georgia have not finalized or even issued their billings... More online

NORTH CAROLINA: Property Tax Commission Ruling Makes Appeal of Assessed Value of Industrial Plants More Challenging

The North Carolina Property Tax Commission recently handed down a decision in In the Matter of: the Appeal of Kimberly-Clark Corporation, 07 PTC 298, which may make challenges to the assessments of operating industrial plants more difficult... More online

MASSACHUSETTS: The Fiscal Year 2010 Tax Bills Will Be Sent Out Soon

The Massachusetts fiscal year 2010 commenced on July 1, 2009. Most but not all jurisdictions in Massachusetts will be sending out their fiscal year 2010 property tax bills at the end of this year. Those tax bills are for the assessment date of January 1, 2009. .... More online

RHODE ISLAND: Now It�s Time To File

Most jurisdictions in Rhode Island have recently sent out their 2009 property tax bills. The 2009 bills relates to an assessment date of December 31, 2008. A person aggrieved by the assessment can file an appeal with the local assessor... More online

NEW HAMPSHIRE: Tax Year 2008 Assessment Ratios Published

The New Hampshire Department of Revenue Administration recently published the tax year 2008 equalization ratios. These ratios apply to the April 1, 2008 assessing date. The abatement applications pertaining to the April 1, 2008 assessing date were due on March 1, 2009. If you have filed an Abatement Application, the newly published equalization ratio will assist you in determining the strength of your appeal...... More online

VIRGINIA: Another New Tax � This One to Fund Phase II of Dulles Metrorail

In order to fund its $330,000,000 portion of the second phase of the Dulles Metrorail project, Fairfax County is attempting to create a new taxing district by gathering petition signatures from property owners representing 51% of the assessed value of the commercial property within the district boundary..... More online

TEXAS: Property Tax Bill Payment Guidelines

Taxing units throughout Texas will soon mail 2009 property tax bills after adopting tax rates ranging generally from 2% to 3% of taxable value. Taxpayers must be vigilant to avoid missing payment of a tax bill. All taxpayers receive a school and county bill and, if located within such, a city or special district bill. Tax bills are sent to the "most recent address in possession" of the county appraisal district whether current or not.... More online

NEW JERSEY: Catch a Falling Knife

Property values have declined significantly across all types of property in New Jersey over the past 18 months. While this has resulted in record numbers of property tax appeals, actual transactions between buyers and sellers demonstrating this erosion of value are limited. This can be problematical when dealing with finite valuation dates in evidentiary proceedings... More online

ARIZONA: Arizona Court of Appeals Holds That Taxpayer May Not Establish Obsolescence Based on Factors within Its Control

Taxpayer is a telecommunications company that operates a network of fiber optic telecommunication lines throughout North America. As the economy expanded, Taxpayer rapidly expanded its network capacity in anticipation of perceived increases in future demand. As it turned out, however, taxpayer overbuilt its network and the value of its property was impaired....More online

Don't Loose Your Tax Appeal Rights - Stock price offers a reliable indicator for assessed value.

Recent New Jersey case law has made it easier for assessors to thwart tax appeals filed by commercial property owners. One of the most potent weapons in the tax assessor�s arsenal is the use of their power to request income and expenses associated with the taxpayer�s property....

New Method to Reduce REIT Property Taxes - Stock price offers a reliable indicator for assessed value.

Assessing the value of REIT assets for property tax purposes has historically been an ordeal for assessors, as well as for owners challenging their work. Published data indicates that property values have dropped over the past two years, but the lack of sales leaves relatively little to prove the declines...

APTC 15th Annual Event: A ROADMAP TO CHALLENGING INFLATED ASSESSMENTS

American Property Tax Counsel announces the focal point of its 15th Annual Property Tax Seminar: At a time when real estate values are falling and local governments see no alternatives to budget deficits but higher assessments ('Maintaining the tax base'), American Property Tax Counsel will work on developing strategies to counter escalating assessments in a depression-like market. The seminar will be held on October 9th through the 10th , in Phoenix, AZ and is entitled: A ROADMAP TO CHALLENGING INFLATED ASSESSMENTS. More information on the event at www.aptcnet.com in the Events section.

Shouldering a Costly Burden - States cut homeowners a property tax break, leaving commercial owners to fill the gap - by Linda Terrill, Esq.

Will Rogers once said: 'The only difference between death and taxes is that death doesn't get worse every time Congress meets.' Commercial property owners could say the same thing of state legislatures when it comes to property taxation. More online...

MICHIGAN: Bank Sales May Help Michigan Taxpayers

The current economic downturn has caused bank sales to become a common if not predominant method of real estate conveyance in many markets. In Michigan there are certain markets where the only recent sales are the result of mortgage or tax foreclosures. More online...

FLORIDA: Presumption of Correctness in Property Tax Appeals

A recent bill changes the presumption of correctness in Florida property tax appeals. Under the new law the appraiser must prove by a preponderance of the evidence that its assessment was arrived at by complying with statutory requirements and professionally accepted appraisal practices. If the appraiser fails to prove this, then its assessment does not have a presumption of correctness. More online...

PENNSYLVANIA: Long Held Ruling on Leased Fee Assessments is at Risk

The Commonwealth Court of Pennsylvania has recently decided Tech One Associates v. Bd of Property Assmnt and Rev. of Allegheny Cnty..No. 103 C.D. 2008 (June 1, 2009). In Tech One, the court stated that �fee simple, a fee simple determinable, a leasehold interest, or month to month lease are irrelevant.� More online...

ALABAMA: Jefferson County Real Property Valuation Notices Are �In The Mail�

The Board of Equalization for Jefferson County sent out the 2009 valuation notices on Tuesday, June 9, 2009. Jefferson County is home to metropolitan Birmingham and many of the surrounding suburbs. The valuation date for purposes of the notice is October 1, 2008 and will be the basis for calculation of the ad valorem tax bill due on each parcel for October 1st, 2009 (delinquent December 31, 2009). More online...

ARIZONA: Improvements and Personal Property located on Indian Reservation Are Subject to Taxation

At issue in Calpine Construction Finance Co. v. Ariz. Dept. of Rev., 554 Ariz. Adv. Rep. 3 (Ariz. App. 2009), was whether the taxpayer or the Fort Mohave Indian Tribe (�Tribe�) owned the improvements and personal property located on the Indian reservation. Calpine sought a refund of property taxes assessed on the electric power generating plant and personal property it operated on the lease of trust land from the Fort Mohave Indian Tribe. More online...

TENNESSEE: Equalization Relief

Tennessee taxpayers are entitled to equalization relief even though Tennessee is a market value state. The equalization is based on a sales ratio determined for each county by the Tennessee State Board of Equalization. The purpose of the sales ratio study is to establish the median level of valuation. More online...

UTAH: Privilege Taxes Assessment: Leasehold Interest vs. Fee Simple Interest

On June 12, 2009 the Utah Supreme Court issued its decision in the ABCO Enterprises case upholding the assessment of "a privilege tax on a leasehold interest at the same amount that a fee simple interest would be assessed. More online...

IDAHO: Valuation of Low-Income Housing Projects

In response to the growing controversy over the valuation of low-income housing, Idaho recently enacted legislation providing guidance to county assessors for the valuation of low income housing projects governed by section 42 of the Internal Revenue Code. More online...

VIRGINIA: Property Owners Face Property Tax Increases

WASHINGTON: 2009 Legislative Highlights

Washington's recent legislative session was characterized both by what the legislature enacted and what it failed to pass. First, in an effort to gain greater consistency between counties in their property tax valuations and to have valuations more accurately reflect market conditions, counties must value property annually for property tax purposes by January 1, 2014. More online...

MINNESOTA: Cost Approach for Corporate HQ Buildings Rejected

Minnesota's Tax Court recently rejected use of the cost approach for a 1.1 million square foot corporate headquarters in suburban Minneapolis. Over $120 million was spent to expand the campus by nearly 500,000 s.f. the year prior to the assessment. More online...

MASSACHUSETTS: Filing Fees Can Be Expensive

Many of the taxpayers that filed fiscal year 2009 applications for abatement have had their applications denied by the local assessors. If a taxpayer wants to continue with his appeal he must file a petition with the Massachusetts Appellate Tax Board. More online...

MAINE: Tax Bills Are Being Committed

In Maine many jurisdictions are in the process of committing their 2009 tax bills. These tax bills have an assessing date of April 1, 2009. The tax bills are usually sent out to the taxpayers within a few weeks of the commitment date. The taxpayer must file an abatement application with the local assessor within 185 days from the commitment date. More online...

INDIANA: Appeal Deadlines From June Tax Bills

Unlike in the past, Notices of New Assessments will not be mailed in most Counties throughout Indiana this year. Although some taxpayers may receive Notices alerting them to changes in the assessed value for their property, it is more likely that... More online...

GEORGIA: New Tax Legislation

The governor has signed three new bills affecting property tax issues in Georgia. S.B. 55, amending O.C.G.A. � 48-5-2, mandates that tax assessors consider foreclosure, bank and other financial institution owned sales... More online...

MISSOURI: BOE Filing Deadline Confusion

In Missouri, new Section 137.275 RSMo. provides that any aggrieved property owner may file an appeal with the county board of equalization on or before the second Monday in July. That would seem clear except that Section 137.385 provides appeals to the county board of equalization... More online...

TEXAS: Recent Legislative Changes to Property Taxes

The Texas Legislature adjourned on June 1 after considering 355 bills related to property taxes and passing 58 of them. It was an extremely active property tax session. The following are some of the more significant changes... More online..

RHODE ISLAND: You Must File an Account

In Rhode Island the deadline for filing an account with the assessors is approaching. The proper and timely filing of an account is a jurisdictional prerequisite to a valid appeal in many property tax appeal cases. More online...

NEW HAMPSHIRE: Tax Year 2008 Assessment Ratios Published

The New Hampshire Department of Revenue Administration recently published the tax year 2008 equalization ratios. These ratios apply to the April 1, 2008 assessing date. More..

CONNECTICUT: Unusual Event: Three Appraisers Agree

The taking of a former Volkswagen auto dealership and repair facility consisting of approximately 2.5 acres with a gross building area of slightly more than 19,000 square feet generated a confluence of appraisal opinion perhaps not seen since the last solar eclipse. More online...

NEW JERSEY: Tax Court Filings Increase Significantly

The tax filing season has recently concluded in New Jersey with startling results. According to the New Jersey Tax Court, the number of appeals filed in 2009 increased by over 40% from the number filed in 2008. This is the largest one year increase in the history of the Tax Court. More online...

COLORADO: Assessors Report Less Cases Filed than Originally Anticipated

Colorado just completed the filing process for tax protests of the 2009-2010 reassessment for real property tax valuations. More online...

Retail Landlords Face Quandary

Current market conditions have led to tenant bankruptcies, store closings, vacancies, deals placed on hold and declining sales in many retail centers in the U.S. Given these pressures, it should be easy to argue that property values have declined. More online...

Arizona - Case Study

Eurofresh v. Graham County - case regarding: Proof required for Economic Obsolescence. Southwest Airlines v. Arizona Department of Revenue - case regarding: Taxation of avionics application software used in aircraft More online...

NEVADA: Car Rental Companies' Leasehold Interest Not Subject to Nevada's Possessory Interest Tax

In recent years several airports, such as in Anchorage, Baltimore-Washington, Kansas City, Fort Lauderdale-Hollywood, Houston, and Phoenix, have constructed consolidated car rental facilities to enhance the ground transportation services available to passengers. More...

LOUISIANA: Law Change Could Hurt Owners of Tax Exempt Properties

Owners of exempt property may be hurt by a recent Louisiana law change. Historically, the owners of tax exempt property did not have to confirm that the exemption was being respected by the Assessor by checking the tax rolls during the public inspection period. The owner of exempt property could challenge a tax bill by paying the bill under protest and filing a lawsuit in district court. More...

Connecticut: Personal Property Appeal Successful

Enrico Vaccaro carries on a solo legal practice in Bridgeport in a building where he shares office space with two other attorneys. His arrangement with these attorneys includes access to and use of the office furniture and office equipment located there. He owns but a fax machine, printer and a telephone. More...

Alabama: Ad Valorem Taxation Rules

Alabama law requires the assessment of both real and personal property and the levy of ad valorem taxes on both. Each purchaser of real property who owns such property on October 1 st is required to assess that property with the tax assessor (or, in some counties the revenue commissioner) between October 1 st and January 1 st. Once assessed, the taxpayer is not required to reassess each year unless there have been improvements made or some change in the status of the taxpayer or property occurs. More...

Virginia: Property Owners Face Property Tax Increases

Refinancing is all but impossible. Assets are not trading. What is the fair market value of a property? According to assessment offices throughout Virginia, not much has changed - most assessments are even or only slightly down. Adding to the challenges owners face are increased real estate tax rates. Most jurisdictions are in the final stages of preparing the 2010 budget on which the calendar year 2009 tax rate will be based. Look for tax rates to increase more than assessments have fallen. The result for many properties is higher taxes per square foot and assessments in excess of fair market value. More...

Florida: Good Faith Payment of Taxes

In Florida, partial payments of real property taxes are generally not permitted. One exception is when an assessment is being contested, a taxpayer may make a good faith payment of "not less than the amount of the tax which the taxpayer in good faith admits to be owing." In a recent case, the court addressed good faith payments and wrote that the legislative intent was to ensure that revenue continues to flow to counties during the potentially lengthy legal appeal process. More...

Washington: Tax Assessors for King County and Pierce County in the News

The tax assessors in Washington's two largest counties have been in the news recently. Longtime King County Assessor Scott Noble was charged with two counts of vehicular assault in connection with a head-on collision while traveling the wrong way on Interstate 5. Initial reports indicated that Mr. Noble was intoxicated, and the Seattle Times published a prominent follow up story on Mr. Noble's long struggle with alcohol. More...

Illinois: Revaluation of the City of Chicago and Changes in the Assessment Ordinance

As part of Cook County's revolving three year cycle of property revaluations, all properties in the City of Chicago will be revalued in 2009. We expect that Assessment Notices for Rogers Park and Lake View will be mailed some time after April 15th. From there the revaluation process will continue throughout the rest of 2009. Effective for 2009, the Cook County Board has revised the Ordinance which governs assessment ratios in all of Cook County. All commercial and industrial properties will now be assessed at 25% of market value. More...

Tennessee: 2009 Reappraisal � Taxpayers Are in Shock!

Countywide reappraisal often results in increased assessments because Tennessee counties are only reappraised every four- to six-years. The four largest Tennessee counties where last reappraised in 2005, and are among the counties undergoing reappraisal in 2009. In light of recent years' economic and market conditions, most taxpayers expected values to decrease in 2009. To the shock of many taxpayers, values have increased as much as 18% in certain areas. More...

Idaho: Tax Appeal Season on the Horizon

Idaho's property tax appeal season will be upon us soon. This is a year to look closely at your tax values. In order to get ready for the very fast moving appeal process in Idaho, start by considering whether last year's value makes sense for January 1, 2009. If not, you can initiate informal discussions with your assessor now. More...

Ohio: Critical Filing Deadline

With the economy in its current state taxpayers must be diligent in minimizing expenses. Contesting over assessed property taxes should be foremost on the list of ways to reduce costs. In order to contest the 2008 taxes payable in 2009 taxpayers must file with the county board of revision no later than March 31, 2009. Complaints must be received by the county by the deadline as such it is wise to have the complaint time stamped to prove that the complaint was timely filed. More...

Michigan: March Madness - Boards of Review and Classification Appeals?

For decades Michigan has had its own special March Madness; a non-contact sport that sometimes involves nail-biting races against the clock as taxpayers try to file Board of Review protests notwithstanding assessment notices arriving with no time to spare and filing requirements and deadlines that vary among Michigan's thousands of taxing units (including a handful of jurisdictions that put time on their side by establishing February appeal deadlines). More...

California: Court Holds Assessor's Technique for Removing Hotel Intangibles Illegal

The Superior Court recently held that the Los Angeles County Assessor's technique for removing non-taxable intangible property from the value of an operating hotel business, in order to determine the assessed value of the hotel's real property, violated California law. The Assessor had urged the county Assessment Appeals Board to accept the "Rushmore appraisal technique" for removing a Hilton franchise, hotel management and workforce, and other intangible assets and rights from the business enterprise value of a full-service hotel. More...

North Carolina: New Rules for Assessment of Personalty

Business personal property is subject to assessment at 100% of fair market value as of January 1 of each year in North Carolina. Business personal property includes machinery and equipment, furniture and fixtures, and computers and some forms of software. Listings, which must be filed by January 31 or the extended filing date if an extension is filed, must also include construction in progress, supplies and other forms of assessable property. More...

Minnesota: 2009 Tax Deadline Approaches

Many owners saw red when Minnesota's truth in taxation statements arrived late last fall. Owners wanted to know: why hadn't values been reduced to mirror the market decline evident by the end of 2008? The reason in most cases is that the assessor values the property as of January 2, 2008 for the pay 2009 taxes. Assessors argue that in early 2008, the market freefall was not apparent. More...

New Hampshire: Tax Year 2008 Equalization Ratio to be Published

The New Hampshire Department of Revenue Administration will be publishing the tax year 2008 equalization ratios this spring. The tax year 2008 has an assessing date of April 1, 2008. The filing deadline for tax year 2008 was March 1, 2009. In New Hampshire the equalization ratio is essential in determining whether or not your property is assessed properly. More...

Wisconsin: WI Court Holds A New Statute Limiting Assessment Challenges To Be Unconstitutional

On January 20, 2009, the circuit court for Milwaukee County struck down as unconstitutional a statute the Wisconsin Legislature enacted in 2008 which limited the rights of certain property owners to challenge their assessments. Under a longstanding Wisconsin statute permitting challenges to excessive assessments, property owners dissatisfied following review of their assessments by the local board of review can file a claim against the municipality and then file a suit in circuit court, which proceeds as an independent civil action. In 2001, the Wisconsin Supreme Court struck down on Equal Protection grounds a provision in the statute which made it inapplicable in the state's most populous county, Milwaukee County. More...

Kentucky: Assessment Notices to Be Mailed Soon

Most Kentucky counties will be mailing out their 2009 assessment notices in April. Kentucky law requires that a taxpayer be notified in writing of any increase in its real property tax assessment. Taxpayers wishing to challenge their tax assessments must do so during the statutory appeal period, generally the first two weeks of May. More...

Indiana: SPRING 2009 APPEAL DEADLINES

Indiana's property tax system continues to change due to the legislated tax reform last year. Unlike in the past, Notices of New Assessments will not be mailed in most Counties throughout Indiana this year. Although some taxpayers may receive Notices alerting them to changes in the assessed value for their property, it is more likely that any assessment changes will appear on the taxpayer's Spring 2009 tax bill. More...

New York City: Luxury Decontrol of Apartments Ruled Illegal When Building Owner Received Tax Abatement Benefits

In a stunning reversal, the Appellate Division of the State Supreme Court ruled that notwithstanding a State Agency's regulations and opinion to the contrary, rent stabilization provisions which permitted vacancy, high rent or luxury decontrol of apartments were illegal when a property was receiving J-51 tax abatement benefits. More...

Massachusetts: Do Not Ignore the Assessor�s Request for Information

In the late winter and spring of each year many assessors in Massachusetts send to various property owners request for information. These requests are sent out pursuant to MGL Ch. 59 section 38D which requires that they be answered within 60 days. Those requests for information are now being sent out. More...

Canada: Assessment in Ontario

The notices are out for the reassessment for 2009 taxation based on a January 1, 2008 value. In previous articles, we have raised issues as to where that may lead given the present economic circumstances facing North America. What we must now be alerted to is not only the value as determined but also the implementation of the 'phase-in' and tax capping regimes now within the discretion of the local municipalities....

Texas: Legislative Update on Property Taxes

The Texas Legislature is currently meeting for its biennial five month legislative session. Last session approximately 300 property tax bills were introduced and 59 were passed by the Legislature. It appears that 300 property tax bills will be introduced again this year. The primary areas of focus are as follows:....

Kansas: 2009 Valuations Are Out - Time to File an Appeal?

The 2009 appeal season is upon us. Most, if not all, of the new 2009 real property values are mailed in the month of March to property owners across Kansas. If you did not receive a 2009 valuation notice, you can contact the county appraiser's office (http://www.kansas.gov/kcaa/appraisers/main.htm). Some counties have valuation information on-line. To see if the county has on-line information, check here. http://www.kansas.gov/kcaa/links.htm ....

APTC NYC Member on CBS News

American Property Tax Counsel's Member for the New York City jurisdiction, Mr. Joel Marcus, partner at Marcus and Pollack LLP, has been recently interviewed by the CBS TV station. APTC's professional representative is sharing his expert advice on how to file a property tax appeal...

Layoffs Could Impact Tax Exemptions

Pursuant to 68 O.S. ' 2902, a taxpayer may qualify for a five (5) year manufacturing exemption if certain statutory conditions are met. One condition requires that the initial application reflect a net increase in annualized payroll which must be maintained or increased for each subsequent year. The amount of net payroll increase varies from two hundred fifty thousand dollars ($250,000) to one million dollars ($1,000,000) depending upon the population of the county in which the facility is located. Because layoffs almost certainly decrease the annualized payroll, a taxpayer risks not qualifying for the manufacturing exemption...

Reassessing Market Value

During periods of economic weakness, U.S. commercial and industrial real estate owners become vulnerable to unrealistic and excessive property tax assessments. Assessors' reliance on mass appraisal methodology and their use of data compiled during strong economic periods are the two main reasons for this problem. Due to the large number of property tax parcels in a jurisdiction and limited resources to assess them, assessors typically employ mass appraisal methodology. In a mass appraisal, assessors gather and study certain economic data for a one- to three-year period preceding the assessment's effective date, including sales transactions, market rents, vacancy levels and/or levels of operating expenses.

APTC Annouces New Member

An Alabama-based law firm of DonovanFingar LLC has joined American Property Tax Counsel, the national affiliation of property tax attorneys, and will be serving as association's professional representative in the region. This is the first member from Alabama. The firm brings onboard over a hundred years of experience in the area of Real Estate. About the Firm: DonovanFingar, LLC traces its roots back to 1904, when the firm was originally founded as Pettus and Graham. The mission of DonovanFingar is to provide comprehensive legal representation for the business community, representing both individual entrepreneurs and corporate businesses. Along with associated members of American Property Tax Counsel, DonovanFingar is committed to supplying best legal services in the area of real estate taxation...

Battling Excessive Taxation in Economic Downturns

Two problems now plague Ohio commercial property owners. First, the economic troubles faced by the entire nation also exist in Ohio. Second, the state is one of the very few that permits school districts to intervene in the assessment process. In almost every commercial assessment hearing, school boards are present, making it virtually impossible for the Board of Revision to continue working toward its original goal, to find efficient ways to correct assessments. Instead, due to the school boards� involvement, tax cases may, and often do, take several years to come to resolution. This presents a real problem for over assessed property owners suffering from vacancies....

Gain Control of Property Taxes

Local tax assessment rules and practices have a lasting effect on returns to developers and owners of affordable housing. Investors face many difficulties�uncertainty about property taxes should not be one of them. A developer who builds a property is subject to a different set of risks than a buyer who purchases a property as an ongoing project or for rehabilitation. When a builder constructs affordable housing, in many cases, taxing authorities have reasonably good records regarding land sales and construction costs. Therefore the assessor�s knee-jerk reaction is typically to value the property at the total cost of land and construction. For the assessor, it�s fast, easy, and makes some sense; for the developer, it often means paying significantly more property tax than comparable properties. Affordable housing requires additional support to make the project viable, and an unfair tax burden can be the difference between a stable, viable property and one that fails...