Supreme court rules tax break unconstitutional
Lawyer News
The state Supreme Court has found a tax break given to land developers and builders is unconstitutional.
The tax break has allowed developers and builders to save money on property taxes because it froze the taxable market value of the land at the time the land is bought. The tax on the land would remain the same until the land is developed and sold.
Since land values generally rise over time and especially if adjoining or nearby lots are sold for houses or businesses the developers and homebuilders will have to pay more property taxes.
The state Supreme Court says county assessors must redetermine the market value of land set for development every year - just like they do for land owned by other property owners.
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