Ouch.

[Spicoli]

look what happened to Tony George yesterday.


http://www.ibj.com/html/detail_page.asp?content=12529


In 2005, assessors valued the 559-acre Indianapolis Motor Speedway at $34.4 million for property tax purposes. According to the latest figures from the Marion County reassessment, it now has a market value of $170 million.

If the new assessment stands, the track’s annual gross property tax bills would increase fivefold, to more than $5 million, assuming tax rates remain constant.



Karma's a bitch, as they say. :D

[Don Quixote]

They really should jack it up to about $1 billion to reflect the "actual" value. I'm sure people are willing to pay higher ticket prices to watch all them dadburn furriners. :D

[EDwardo]

Oh the irony. It will no doubt be amusing if Anton disputes the assessment as being too high.
:D

[Andrew Longman]

With that much more value, the tax rate will surely drop. State budgets are not going up 5 fold in 3 years.

But given that the Governor initiated the assessment only three years after the last because he felt the values were low, clearly he is on a revenue fishing expedition.

I have to say that I find it hard to believe that IMS property would be worth only $34million. That's only a little more than $60K an acre, not counting improvements. I could see $170MM.

[Accipiter]

When asked about the track's value in terms of tax revenue the assessor reportedly said, "You just don't know what Indy means!" ;)

[extramundane]

look what happened to Tony George yesterday.


http://www.ibj.com/html/detail_page.asp?content=12529



Karma's a bitch, as they say. :D

That's proof that the IRL is working! :tony:

[Chief]

Holy cow! Ziggy must be happy because he'll ca$h when the town's bulldozers create that "vision" around the speedway...

[Spicoli]

With that much more value, the tax rate will surely drop. State budgets are not going up 5 fold in 3 years.

But given that the Governor initiated the assessment only three years after the last because he felt the values were low, clearly he is on a revenue fishing expedition.

I have to say that I find it hard to believe that IMS property would be worth only $34million. That's only a little more than $60K an acre, not counting improvements. I could see $170MM.

Huh?


The state's tax situation is a mess. They just passed the big reassement bill - go fish around indystar.com to see what happened.

Funny thing is - Tony is a big R, Mitch Daniels supporter.

[nrc]

Any updates on Indyland or whatever they heck they were calling their plan to run all the neighbors off?

[Rosco]

look what happened to Tony George yesterday.


http://www.ibj.com/html/detail_page.asp?content=12529



Karma's a bitch, as they say. :D

The City will declare the property a historical site, Bingo, property tax will revert to 2000

[Spicoli]

Any updates on Indyland or whatever they heck they were calling their plan to run all the neighbors off?


http://www.redevelopspeedway.com/


Not much news lately.

[Andrew Longman]

Huh?

States are broke all over. None more than Jersey.

But when municipalities re-assess they usually do it to level the difference between new construction and old property that may not have been assessed in many years. Usually, it results in rates going down even if tax bills go up.

[Spicoli]

The City will declare the property a historical site, Bingo, property tax will revert to 2000

I know you are wrong because you are always wrong on everything you post.

no chance in that happening :gomer: