Monday, November 14, 2011

PROPERTY TAX HIKES: Wallop Boone County developers

Taxes soar on wealthy landowners as area schools scramble for cash 

COLUMBIA, 11/14/11 (Beat Byte) -- Boone County is sending out property tax bills this week, and big-time developers are in for a shock. Their property taxes have hit historic new highs since 2007.   

School officials and the county assessor -- facing re-election in 2012 -- hope higher property taxes on the area's wealthiest landowners will help pay for new schools, much-needed amenities such as air conditioning, higher teacher salaries, and stave off a levy increase tentatively scheduled for this April. 

Others worry that -- despite TIFs, TDDs, and other tax incentives -- the property tax hikes could threaten real estate development in Columbia and surrounding areas by imposing too much of a burden on developers when they buy and hold land.  

Check out these amazing examples. (Click links to read tax bills.)  

18.2 acres with cul-de-sac in Thornbrook subdivision
Owners: Robert and Marvin Sapp
2011 property tax: $51.07
2007 property tax: $50.86
Owner: TKG Columbia Square, LLC
2011 property tax: $15.43
2007 property tax: $14.89
Owner: Jeffrey E. Smith Trust
2011 property tax: $47.19
2007 property tax: $46.95
Tax increase: $0.24 


1.4 acres in Broadway Bluffs retail center
Sold 8/11 to Magnolia Hospitality by Forum Development
Original Sales Price: $1,228,392.00
2011 property tax: $1,344.43
2007 property tax: $1,307.35
Owner: Stanley and Ann Kroenke
2011 property tax: $283.46
2007 property tax: $275.04
Tax increase: $8.42 

0.6 acres on Nifong Blvd.
Owner: Crown Center Farms/Wal-Mart's Laurie family
2011 property tax: $2.59
2007 property tax: $2.51
Tax increase: $0.08 

77.2 acres on I-70
Owner: TKG Columbia Square, LLC
2011 property tax: $85.59
2007 property tax: $83.07
Owner: Stanley and Ann Kroenke
2011 property tax: $22.43
2007 property tax: $21.76
Tax increase: $0.67 

164 acres surrounding the Jeff Smith estate on Hill Creek Rd.
Owner: Jeffrey E. Smith Trust
2011 property tax: $241.94
2007 property tax: $240.68
Owner: Stanley and Ann Kroenke
2011 property tax: $269.13
2007 property tax: $261.14
Tax increase: $7.99

Total property taxes, 2011:  $2,363.26
Total property tax increases, 2007-2011: $59.01 

That's right, Columbia and Boone County. In four years, county government, public schools, libraries and other property-tax funded resources are now collecting an extra $59 and a penny on these ten parcels alone, which encompass hundreds of acres and millions of dollars in value. 

County wide, these property tax hikes must be netting a staggering amount of desperately-needed revenue, and none too soon!

5 comments:

  1. Really, truly, and sadly outrageous!!!

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  2. I seriously can't tell... is this satire? It certainly sounds like something that could come from 'the Onion'.

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  3. Or John Stewart. It's one of those stories where you wanna laugh, but then you can't help but cry when you read the hard numbers and realize how effed we all are over corrupt sh-- like this.

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  4. I think we should come together to help them out with their increased burden during these economically challenging times. Maybe we could have a bake sale, and send them the proceeds?

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