Medina, OH. (November 8, 2008) – Bunker Hill Golf Course in Medina, OH, employed Golf Tax, LLC (GT) to determine whether their property’s valuation and subsequent real estate taxes were accurate and fair. (GT) was able to gain a substantial reduction in value and refund for the club based on the tax year 2007. The property tax savings for the owner will potentially be $40,000 plus, over the next 5 years.
(GT) collected all of the necessary data to substantiate a reduction on the club’s 2007 real property values and filed a “complaint against value”, on the club’s behalf, with the Board of Revision (BOR). The data presented to the (BOR) substantiated inadequacies inherent in their reliance on the Cost Approach for appraisal and introduced the data necessary to consider using an Income Approach, a much more accurate method to determine golf course real property value.
(GT), an Ohio company, has partnered with the nationally recognized leader in golf course valuation, Tax Profile Services, Inc, based in Denver, Co. (TPS). GT and TPS are providing golf courses nationwide a dynamic and cost effective service designed to ensure golf course owners are paying their “fair” share of property taxes, and not a penny more.
GT and TPS accomplish this by using comprehensive, time tested, and appeal tested methodologies, resulting in a much more accurate assessment of golf course realty than has ever been possible. GT and TPS offer a “proactive” approach, providing local taxing authorities an alternative to the “replacement cost” method for valuing golf property. They introduce a valuation method that identifies and segregates all the various components that make up the realty and non-realty of a golf course. This more often than not represents a significant tax savings for the client. The average reduction GT obtains for their clients is 35-40%.
IT’S SIMPLY A FACT. OVER 90% OF ALL U.S. GOLF COURSES ARE VALUED INCORRECTLY AND THEIR OWNERS ARE PAYING TOO MUCH PROPERTY TAX……….MOST OFTEN A LOT TOO MUCH!
Why? … Assessment authorities almost universally rely upon the “replacement cost approach” for valuation purposes. Within this approach little or no consideration is given to such issues as value transfer, business value, intangibles, local market conditions, or personal property contribution to overall value.
Some owners try to get relief on their own or hire unqualified “experts”. Usually, this results in a failure to gain relief, or they are granted short lived, “token” relief to get them to go away. It’s not enough to plead “not fair” in front of the board, or rely on failing opinions like “Fun Time Inc.”……… You MUST meet the burden of proof and build a prima facie case PROVING that YOUR property valuation is incorrect. (That’s the tricky part).
The bottom line is that course owners aren’t asking for a tax “break”, but they are asking that they be taxed fairly and accurately.
What sets GT apart is that they are represented by one of only a very small handful of nationally recognized experts in the field of special use property appraisal, specializing in golf course tax issues. Most attorneys, accountants, and appraisers, are very good at what they do………….. But special use property appraisal for ad valorem property tax considerations is just NOT “what” they do on a regular basis.
Visit www.ohiogolftax.com for more info.
Contact:
Golf Tax, LLC Main Office 937-768-4653
info@ohiogolftax.com
