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Crossville's tax structure
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| Miriling 2004-10-22, 6:45 am |
| In light of the recent vote of the USCF's executive board to move the USCF
headquarters to Crossville, Tennessee, here are some facts and figures
regarding the current tax structure in Crossville:
PROPERTY TAX CITY COUNTY
Rate per $100 value 70 cents $ 1.64 total = $ 2.34 per $100 value
SALES TAX CITY COUNTY STATE
0% 2.75% 7%
[Tennessee has one of the highest sales taxes in the country.]
State sales tax on food consumed = 6%
STATE INCOME TAX
Personal = 6% on interest and dividends
Excise = 6.5% of net earnings
No state income tax on wages and salaries
Unemployment tax for new employers = 2.7% of first $ 7,000
George Mirijanian
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| Miriling 2004-10-25, 12:45 am |
| >Subject: Crossville's tax structure
quote:
>On 22 October 2004 miriling@aol.com (Miriling) wrote in
>Message-id: <20041022023842.17374.00002201@mb-m27.aol.com>
>
>In light of the recent vote of the USCF's executive board to move the USCF
>headquarters to Crossville, Tennessee, here are some facts and figures
>regarding the current tax structure in Crossville:
>
>PROPERTY TAX CITY COUNTY
>Rate per $100 value 70 cents $ 1.64 total = $ 2.34 per $100 value
>
quote:
>
If indeed the property that was deeded by the city of Crossville last year to
the USCF was appraised at $ 264,000 then I assume that the 2004 property taxes
owed by the USCF will be as follows:
To the city of Crossville: 70 cents per $100 value = $ 1,848.00
To Cumberland County: $1.64 per $100 value = $ 4,329.60
Thus, the total property tax owed to the city and the county = $ 6,177.60
Do the USCF financial wizards agree with what the federation is going to owe in
property taxes in Tennessee for 2004?
George Mirijanian
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| Kenneth Sloan 2004-10-25, 12:45 am |
| miriling@aol.com (Miriling) writes:
quote:
>
>
> If indeed the property that was deeded by the city of Crossville last year to
> the USCF was appraised at $ 264,000 then I assume that the 2004 property taxes
> owed by the USCF will be as follows:
>
Why do you assume that appraised value is identical to assessed value?
--
Kenneth Sloan sloan@uab.edu
Computer and Information Sciences (205) 934-2213
University of Alabama at Birmingham FAX (205) 934-5473
Birmingham, AL 35294-1170 http://www.cis.uab.edu/sloan/
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| Sam Sloan 2004-10-25, 6:46 am |
| On 25 Oct 2004 03:54:57 GMT, miriling@aol.com (Miriling) wrote:
quote:
>
>
>If indeed the property that was deeded by the city of Crossville last year to
>the USCF was appraised at $ 264,000 then I assume that the 2004 property taxes
>owed by the USCF will be as follows:
>
>To the city of Crossville: 70 cents per $100 value = $ 1,848.00
>
>To Cumberland County: $1.64 per $100 value = $ 4,329.60
>
>Thus, the total property tax owed to the city and the county = $ 6,177.60
>
>Do the USCF financial wizards agree with what the federation is going to owe in
>property taxes in Tennessee for 2004?
>
>George Mirijanian
Very good question, which none of us have thought of I think.
How much taxes are we paying on the property in Crossville which was
"given" to us?
Sam Sloan
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| GrantPerks 2004-10-25, 6:46 am |
| >
quote:
>in
>
In Tennessee real property owned by businesses are assessed at 40% of appraised
value while residences are assessed at 25%.
On an appraised value of $265,000, without adjustment by the state, the tax
bill will be approximately $2,500.00 ($265,000 x .4 x .0235 = $2,500.00).
Grant Perks
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"Miriling" <miriling@aol.com> wrote in message
news:20041024235457.11378.00002437@mb-m15.aol.com...
quote:
> Do the USCF financial wizards agree with what the federation is going to
> owe in
> property taxes in Tennessee for 2004?
Most property taxes are based on a discounted value of the appraised value.
For example my offices are assessed at $11,250. This is exactly 5% of my
purchase price of $225,000. Your calculations are based on the land only.
$6,178 is an unlikely amount of tax for a few acres of undeveloped land. If
memory serves, we were billed about $400 for land. Billy G. has the actual
number.
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"Kenneth Sloan" <sloan@cis.uab.edu> wrote in message
news:t7fz43o2ho.fsf@cis.uab.edu...
quote:
> miriling@aol.com (Miriling) writes:
>
>
> Why do you assume that appraised value is identical to assessed value?
Because he doesn't know any better.
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"Sam Sloan" <sloan@ishipress.com> wrote in message
news:417cb1e8.15412921@ca.news.verio.net...
quote:
> How much taxes are we paying on the property in Crossville which was
> "given" to us?
The same as if we had "paid" for it.
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"GrantPerks" <gperks2@aol.comnojunk> wrote in message
news:20041025064123.22988.00002580@mb-m10.aol.com...
quote:
> In Tennessee real property owned by businesses are assessed at 40% of
> appraised
> value while residences are assessed at 25%.
Any adjustments for unimproved property or property owned by a non-profit?
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| GrantPerks 2004-10-25, 9:45 am |
| >
quote:
>Any adjustments for unimproved property or property owned by a non-profit?
>
Not that I see. While farm land is assessed at 25%, I would imagine there is a
provision in the law that 2 acres cannot be classified as farm land.
As I recall, the $400 bill you cite was for a partial year of ownership.
-Grant
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| Kenneth Sloan 2004-10-25, 5:46 pm |
| "StanB" <stanbooz@comXXXcast.net> writes:
quote:
> "Kenneth Sloan" <sloan@cis.uab.edu> wrote in message
> news:t7fz43o2ho.fsf@cis.uab.edu...
>
> Because he doesn't know any better.
>
>
I think you are being too generous.
--
Kenneth Sloan sloan@uab.edu
Computer and Information Sciences (205) 934-2213
University of Alabama at Birmingham FAX (205) 934-5473
Birmingham, AL 35294-1170 http://www.cis.uab.edu/sloan/
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| StanB 2004-10-26, 12:45 am |
|
"GrantPerks" <gperks2@aol.comnojunk> wrote in message
news:20041025085020.22449.00001465@mb-m06.aol.com...
quote:
>
> Not that I see. While farm land is assessed at 25%, I would imagine there
> is a
> provision in the law that 2 acres cannot be classified as farm land.
>
> As I recall, the $400 bill you cite was for a partial year of ownership.
Land is taxed irregardless of who owns it. That's why the taxes paid are
adjusted on the HUD-1 when you buy or sell your house. If the land is
improved during the tax year you'll get an interim bill for the part year
that recognizes the increase in the assessed value increase.
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| GrantPerks 2004-10-26, 12:45 am |
| >
quote:
>Land is taxed irregardless of who owns it. That's why the taxes paid are
>adjusted on the HUD-1 when you buy or sell your house. If the land is
>improved during the tax year you'll get an interim bill for the part year
>that recognizes the increase in the assessed value increase.
somewhat true here in Ohio, depends on the county. In Ohio we pay every six
months. The rules in one county are that, on closing, the seller covers 1/2 of
the previous year plus year to date, while the buyer takes the other half of
the previous year.
Since the Xvill land was previously owned by the city I doubt there were taxes
to pay up until the USCF took possession.
Also, we are assuming that the assessor has made the same appraisal as the
$265,000 value given by the Chamber of Commerce.
Grant P
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| StanB 2004-10-26, 12:45 am |
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"GrantPerks" <gperks2@aol.comnojunk> wrote in message
news:20041025183724.22420.00001277@mb-m06.aol.com...
quote:
> Since the Xvill land was previously owned by the city I doubt there were
> taxes
> to pay up until the USCF took possession.
Which was over a year ago.
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| GrantPerks 2004-10-29, 5:46 pm |
| >
quote:
>Any adjustments for unimproved property or property owned by a non-profit?
>
Not that I see. While farm land is assessed at 25%, I would imagine there is a
provision in the law that 2 acres cannot be classified as farm land.
As I recall, the $400 bill you cite was for a partial year of ownership.
-Grant
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"GrantPerks" <gperks2@aol.comnojunk> wrote in message
news:20041025085020.22449.00001465@mb-m06.aol.com...
quote:
>
> Not that I see. While farm land is assessed at 25%, I would imagine there
> is a
> provision in the law that 2 acres cannot be classified as farm land.
>
> As I recall, the $400 bill you cite was for a partial year of ownership.
Land is taxed irregardless of who owns it. That's why the taxes paid are
adjusted on the HUD-1 when you buy or sell your house. If the land is
improved during the tax year you'll get an interim bill for the part year
that recognizes the increase in the assessed value increase.
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