The enrollment of HB 533 has modified the penalty procedures for the late filing of personal property renditions. Prior to the enrollment of the HB 533 the 10% penalty for late filing was final and imposed when a taxpayer received their tax bill. Now, the chief appraiser must notify the taxpayer prior to the issuance…
Read MoreIndiana has made a long (and I mean long) list of changes to the to property tax valuation and assessment procedures and requirements.
Read MoreKansas offers property tax exemptions relating to “commercial/industrial machinery and equipment” that could be very beneficial to taxpayers owning or leasing personal property. They are as follows: Commercial/Industrial Machinery and Equipment Exemption: Any qualified purchase or lease of machinery and equipment made after June 30, 2006 is exempt from property taxation in Kansas. Of course,…
Read MoreAccording to section 39-10-114(1)(a)(I)(A) of the Colorado Revised Statutes a taxpayer may file for an abatement of all or part of property taxes that have been levied “erroneously or illegally” within two years after January 1 of the year following the year in which the taxes were levied. The abatement provides for a refund of…
Read MoreIn January the California State Board of Equalization (SBE) issued Letter To Assessors No. 2009/003, indicating a change in policy regarding mandatory audits. In a nutshell the policy change reads: “Effective January 1, 2009, county assessors are no longer required to audit all taxpayers with trade fixture and business tangible personal property holdings of $400,000…
Read MoreThe Virginia Attorney General has issued Opinion Number: 09-109 regarding the term ”original cost” as it relates to the assessment of tangible personal property. The opinion states that, “it is my opinion that the term ‘original cost’ means the acquisition cost of property from the manufacturer or dealer, i.e., the original cost paid by the original purchaser of such…
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