Two commercial properties in a municipal development project have zero taxable value because the land is exempt due to a public financing arrangement, the Missouri State Tax Commission announced Friday.
The commission voided the Platte County Board of Equalization’s valuations of $3.77 million for a partially built hotel and $90,000 for a vacant lot. Senior Hearing Officer Todd D. Wilson held the properties were owned by the City of Parkville as part of a Chapter 100 economic incentive bond program, making the underlying land tax-exempt.
Wilson also determined the developers’ leasehold interests in the properties had no “bonus value"—the difference ...
Learn more about Bloomberg Tax or Log In to keep reading:
See Breaking News in Context
From research to software to news, find what you need to stay ahead.
Already a subscriber?
Log in to keep reading or access research tools and resources.