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Inside This Issue:

1. Expect Higher Property Tax Rates

2. Florida Studies TPP Tax Breaks

3. Las Vegas Sends Out New Assessments

4. Tax Windfall Anticipated from Fracking

5. Texas Gross Margins Tax Upheld
 


Expect Higher Property Tax Rates

A new study from the National League of Cities warns that property tax revenues have fallen five years in a row. Cities have responded by raising their property tax rates. Even more rate increases are expected this year.

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Florida Studies TPP Tax Breaks

A group called the Florida Tangible Personal Property Task Force is pushing for an immediate reduction and the eventual elimination of business personal property taxes. If this happens, Florida will be the only state in the Southeast to exempt such items as machinery, equipment, furniture and computers from property taxes.

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Las Vegas Sends Out New Assessments

Las Vegas’ 2012-2013 property tax roll shows real estate values continue to decline. Despite this trend, certain properties may still be over assessed. Taxpayers have until January 17th to appeal their assessment to the county board of equalization.

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Tax Windfall Anticipated from Fracking

Oil and gas drilling in the Eagle Ford Shale is creating an economic boom for more than 22 counties in South Texas. Personal property involved in the fracking industry is being aggressively assessed so companies have increased due diligence to keep their tax burden fair.

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Texas Gross Margins Tax Upheld

Income taxes are unconstitutional in Texas and only voters can change that. The Texas Supreme Court has ruled the Gross Margins Tax on businesses is not the same as an income tax. Nevertheless, state lawmakers plan to revamp the tax when they go back in session in 2013.

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January 2012

Assessment Dates Differ

The annual date that tax jurisdictions use to assess real and personal property varies from state-to-state and sometimes even within a state.

In most states, the assessment date is January 1st. But the date can be January 2nd, January 5th, Feb. 1st, March 1st, April 1st, May 1st, July 1st, October 1st, November 1st or December 31st.

To ensure that your property assessment is correct, it’s important to know the date on which the value is based.

You can check your property’s assessment date by clicking on our Tax Calendar.
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The POER Report is intended for POER Company clients and other interested parties and its contents are for information only. No specific action is being suggested by this publication for any particular tax case. For additional information you may write to the editor at the below mentioned address or email or call 972.770.1100.

Daryl Haines, Editor

Copyright © 2011 Marvin F. Poer and Company