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Old October 22nd 04, 07:38 AM
Miriling
 
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Default Crossville's tax structure

In light of the recent vote of the USCF's executive board to move the USCF
headquarters to Crossville, Tennessee, here are some facts and figures
regarding the current tax structure in Crossville:

PROPERTY TAX CITY COUNTY
Rate per $100 value 70 cents $ 1.64 total = $ 2.34 per $100 value

SALES TAX CITY COUNTY STATE
0% 2.75% 7%
[Tennessee has one of the highest sales taxes in the country.]

State sales tax on food consumed = 6%

STATE INCOME TAX
Personal = 6% on interest and dividends
Excise = 6.5% of net earnings

No state income tax on wages and salaries

Unemployment tax for new employers = 2.7% of first $ 7,000


George Mirijanian

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Old October 25th 04, 11:41 AM
GrantPerks
 
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To the city of Crossville: 70 cents per $100 value = $ 1,848.00

To Cumberland County: $1.64 per $100 value = $ 4,329.60

Thus, the total property tax owed to the city and the county = $ 6,177.60

Do the USCF financial wizards agree with what the federation is going to owe

in
property taxes in Tennessee for 2004?

George Mirijanian



In Tennessee real property owned by businesses are assessed at 40% of appraised
value while residences are assessed at 25%.

On an appraised value of $265,000, without adjustment by the state, the tax
bill will be approximately $2,500.00 ($265,000 x .4 x .0235 = $2,500.00).

Grant Perks



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Old October 25th 04, 12:53 PM
StanB
 
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"Miriling" wrote in message
...


Do the USCF financial wizards agree with what the federation is going to
owe in
property taxes in Tennessee for 2004?


Most property taxes are based on a discounted value of the appraised value.
For example my offices are assessed at $11,250. This is exactly 5% of my
purchase price of $225,000. Your calculations are based on the land only.
$6,178 is an unlikely amount of tax for a few acres of undeveloped land. If
memory serves, we were billed about $400 for land. Billy G. has the actual
number.


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Old October 25th 04, 01:06 PM
StanB
 
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"Sam Sloan" wrote in message
...

How much taxes are we paying on the property in Crossville which was
"given" to us?


The same as if we had "paid" for it.


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Old October 25th 04, 01:08 PM
StanB
 
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"GrantPerks" wrote in message
...

In Tennessee real property owned by businesses are assessed at 40% of
appraised
value while residences are assessed at 25%.


Any adjustments for unimproved property or property owned by a non-profit?


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Old October 25th 04, 01:50 PM
GrantPerks
 
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Any adjustments for unimproved property or property owned by a non-profit?


Not that I see. While farm land is assessed at 25%, I would imagine there is a
provision in the law that 2 acres cannot be classified as farm land.

As I recall, the $400 bill you cite was for a partial year of ownership.

-Grant
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