Wednesday, October 15, 2008

BROADWAY BLUFF: More Property Tax Poker

Some people get all the winning hands!

Forum Development Group has a 1.4 acre Broadway Bluffs parcel for sale. Asking

price: $1.2 million.

Seems the players in this poker game -- Forum Development Group, the City of Columbia, the Boone County Assessor, and Columbia Public Schools -- all have different opinions on the value -- and use -- of that land.

Dealt a great set of cards called "subsidies" developers like Forum can shuffle Transportation Development Districts (TDD's); State and Federal Tax Credits; TIFs; and now a nefarious property tax break for certain high-falutin folk only the county assessor controls.

Gentlemen -- light your cigars.

Here's what Forum Development Group says about their land:

For Sale: 1.4 acre Broadway Bluffs parcel.

This is the last available pad site in the Broadway Bluffs development. Neighboring businesses will include Starbucks, Culver's, Houlihan's, Kobe Japanese Steakhouse, Verizon, and more. This lot is ideal for a restaurant or office use!

The east Broadway corridor has been rapidly growing. The area is surrounded by 2 of Columbia's main hospitals, and thousands of medical workers.

Area retail includes Wal-Mart Supercenter, Sam's, and Lowe's. A new 1,000 acre golf course and residential development is under construction less than 2 miles to the east on Broadway, which will continue to add more trips by this area each day.

Price: $1,228,392.00 ($871,200.00/Acre)

Here's what the City of Columbia says:

Sounds accurate enough. This Broadway Bluffs Parcel is zoned CP (planned commercial). We rezoned it way back in 2005.

Here's what the County Assessor says:

Now just a dern minute! This Broadway Bluffs parcel is Vacant Farmland (FV) and I say its worth a mere $182,950.00.

Last I saw, those ol' boys were plantin' rows of, corn up there!

Here's what the Columbia Public School Board OUGHT to be saying:

This isn't right! Here's the impact on our tax base IN JUST ONE YEAR:

Difference between what Forum is selling the property for and what the assessor says it's worth: $1,045,442.00.

2007 Property Tax Paid: $1,307.35
Property tax that would be paid if valued at fair market: $23,074.00
Property tax we lost: $21,766.76

Knowing all this, Forum Development Group is seein' green all the way to the bank:

Green Acres is the place to be. Farm livin' is the life for me.

Listen here:

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