Columbia, SC. (May 29, 2009) – Richland County, South Carolina Assessor has agreed to substantially reduce Woodlands Country Club’s assessed real estate values for property tax purposes.
Late last year, Woodlands Country Club, in Columbia, SC, employed TPS Golf Tax (TPSGT) to determine whether their property’s valuation and subsequent real estate taxes were accurate and fair.
After meeting with the Richland County Assessor and providing indisputable evidence that the club’s real estate was overvalued, the Assessor has agreed to substantially reduce the appraised value of the real estate for property tax purposes. The Assessor agreed with the methodology used by TPSGT, which pointed to a pure real estate value almost 55% less than what the county had the club assessed at.
TPSGT, with offices in Denver, CO and Dayton, OH is providing golf courses and private clubs nationwide a dynamic and cost effective service designed to ensure golf course or club owners are paying their “fair” share of property taxes, and not a penny more.
TPSGT accomplishes 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. TPSGT offers 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 TPSGT obtains for their clients is 35-40%.
IT’S SIMPLY A FACT. OVER 90% OF ALL U.S. GOLF COURSES AND PRIVATE CLUBS 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.
What sets TPSGT 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 real estate appraisal for property tax considerations is just NOT “what” they do on a regular basis.
The bottom line is that course and club owners aren’t asking for a tax “break”, but they are asking that they be taxed fairly and accurately………something that hasn’t happened in the golf industry for decades.
Visit www.golftax.com for more info.
Contact:
TPS Golf Tax Main Office 888-468-4877 or 937-768-4653
monroe@golftax.com
