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| Jeff Smith |
A hugely-wealthy developer stays that way with your tax dollars and your government's help
Into our ongoing series on huge property tax breaks for some of our wealthiest citizens with "squeaky tight" budgets for everyone else wanders the Incredible Duplex of Jeffrey E. Smith, one of the nation's largest taxpayer-subsidized developers.
Situated on a 4.5 acre lot on Columbia's Glenover Court in a Smith development called Hanover Gardens -- built with some $800,000 in taxpayer-funded subsidies -- the four-bedroom, four-bath investment property features 2,373 square feet.
Built in 1999, the duplex is appraised for $739.00 -- that's right, seven hundred and thirty nine dollars -- by Boone County assessor Tom Schauwecker (d), who has its 4.5 acre lot appraised for $45,299.00.
Last I looked, even the smallest, the most run-down duplex in town was selling for just under $100,000, with newer, larger duplexes soaring toward $200K.
Surely Smith -- who has a Mizzou real estate institute named for him -- will be an avid supporter of Columbia Public Schools next property tax levy.
At $0.45 per $100 of assessed valuation, say, he will pay about three extra dollars for his $739.00 duplex!
RELATED:
OUTLANDISH UPDATE: 12/24/08
ASSESSOR ERROR? Schauwecker Boosts "$739 Duplex"
Without much sunshine or fanfare, Boone County Assessor Tom Schauwecker has quietly increased the ridiculously low appraised value of a 1999, 4 bedroom, 4 bath, 2,373 sq. ft. duplex at 1605-07 Glenover Court owned by real estate baron Jeffrey Smith -- from $739.00 to $33,479.
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| Schauwecker |
(We reported Schauwecker's original $739 appraisal on October 2. Google "17-209-00-06-002.00 01" for a comparison).
So as not to increase Mr. Smith's property taxes, Schauwecker lowered the value of the 4.5 acre parcel the duplex sits on -- from $44,560.00 to $11,820.
All seven duplexes in Smith's Glenover/Hanover subdivision are appraised at the same price: $45,299.00, despite that 1605-07 Glenover Court sits on a lot many times larger than its neighbors. Four more duplexes, on nearby Cocoa Ct., come in at between $38,710 to $45,299.00, values lower than most 90-year-old central city 2-bedroom, 1-bath homes command.
And the school district needs a property tax increase? Guess it's easier to get from us than the real estate barons. (And many thanks to the readers who alerted us).
RELATED:
http://columbiaheartbeat.blogspot.com/2008/10/739-duplex-bail-out-or-bailing-out-on.html
http://board.columbiatribune.com/index.php?showtopic=6456&st=40&p=75155&#entry75155
http://board.columbiatribune.com/index.php?showtopic=6456&st=40&p=75155&#entry75155
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