--- In AsburyPark@yahoogroups.com, "apoojo" <[EMAIL PROTECTED]> wrote:
>
> > > 2 questions? anyone can answer, i think dan and oakdorf are the
most
> versed on these, 1. isn't it common that most citys overvalue their
own
> peoperites because they are tax exempt?
Many tax exempt or abated properties are overassessed (in my
experience) because 1) no one cares and 2) in abated situations, owners
think they never have to pay. The smart owner keeps an eye on this
because some day the abatement wears off.
2. there is no question the
> partners knocked down many properties, mostly boarded up hotels, no
> doubt to save money not saying that was right, but did'nt adding con
> hall the pavilions the casino make up for this, loss of ratables,
> truthfully i would of guessed they would be more valued then the
junks
> they knocked down. thank you
Adding the public property to the rolls may have made up for the
decrease through demolitions and that MIGHT be a valid offset but I
still don't have an answer. I wasn't focusing on that but merely the
decrease through demolitions. I say MIGHT be a valid offset because we
did not give them away (but maybe we did) but sold them. Thus, any
offset from putting them back on the rolls has to be offset itself
against any money we received for those assets.
In sum, we know Partner has not performed. To excerbate that it not
only does not improve the properties to increase ratables but
demolishes the improvements to reduce its tax liability and then on
what they do not demolish, they seek to reduce the assessment through
litigation. Compounding all of this is the fact that there are
ridicuously low assessments on their properties in comparison to what
they are worth. And rememeber the the tax abatements for the condos -
they do not go on the rolls UNTIL THEY ARE SOLD. Mismanagement from the
start. A very poor plan with even poorer execution. A sad state of
affairs indeed. We are in a mess. They do not know what they are doing.
Yahoo! Groups Links
<*> To visit your group on the web, go to:
http://groups.yahoo.com/group/AsburyPark/
<*> Your email settings:
Individual Email | Traditional
<*> To change settings online go to:
http://groups.yahoo.com/group/AsburyPark/join
(Yahoo! ID required)
<*> To change settings via email:
mailto:[EMAIL PROTECTED]
mailto:[EMAIL PROTECTED]
<*> To unsubscribe from this group, send an email to:
[EMAIL PROTECTED]
<*> Your use of Yahoo! Groups is subject to:
http://docs.yahoo.com/info/terms/
