Land the Airport Hilton sits on is exempt from property taxes, but a state judge has ruled the building out of which the business operates is not exempt, and that translates into about $30,000 a year the hotel now will be required to pay in property taxes.
Blount County Property Assessor Mike Morton announced the recent ruling affecting the Alcoa Highway hotel on Wednesday.
Administrative Law Judge Brook Thompson handed down the ruling resulting in Blount County receiving at least $30,000 in property taxes annually from the Hilton. Morton said he made the ruling public Wednesday because of the upcoming budget decisions for fiscal 2012-2013.
Full article located at: http://www.knoxnews.com/news/2012/feb/08/hilton-loses-property-tax-exemption-ordered-to/
Showing posts with label Taxes. Show all posts
Showing posts with label Taxes. Show all posts
Wednesday, February 15, 2012
Wednesday, October 26, 2011
Making Like-Kind Exchanges (1031) in Real Estate Used for Business or Investment
If you have real estate used for business or investment, you may exchange that property for another of “like kind” without recognizing a gain or loss under the tax codes. IRS Code Section 1031 provides for the exchange. There must be a “qualified intermediary” between the exchangers, a role that we are happy to perform at the Adams Law Firm. Please give us a call, if you are interested in learning more about this transaction.
Find more information at the IRS website: http://www.irs.gov/businesses/small/industries/article/0,,id=98491,00.html
Find more information at the IRS website: http://www.irs.gov/businesses/small/industries/article/0,,id=98491,00.html
Wednesday, May 4, 2011
Court Reviews Whether Plaintiff was Barred from Bringing Suit because Defendant was Presumptive Owner of Property at Issue
ELMER ELLIOTT, JR. v. PEARL ELLIOTT, ET AL. (Tenn. Ct. App. May 4, 2011)
The trial court granted summary judgment to defendants, finding that plaintiff was ousted from the property at issue, that defendant Pearl Elliott was the presumptive owner of the property due to recordation and payment of property taxes, and that plaintiff's suit was statutorily barred. We affirm.
Opinion available at:
http://www.tba2.org/tba_files/TCA/2011/elliote_050411.pdf
The trial court granted summary judgment to defendants, finding that plaintiff was ousted from the property at issue, that defendant Pearl Elliott was the presumptive owner of the property due to recordation and payment of property taxes, and that plaintiff's suit was statutorily barred. We affirm.
Opinion available at:
http://www.tba2.org/tba_files/TCA/2011/elliote_050411.pdf
Subscribe to:
Posts (Atom)