{"id":3147,"date":"2010-02-10T19:17:00","date_gmt":"2010-02-11T00:17:00","guid":{"rendered":"http:\/\/kevinbryant.com\/?p=3147"},"modified":"2010-02-10T19:17:00","modified_gmt":"2010-02-11T00:17:00","slug":"point-of-sale-compromise-fails","status":"publish","type":"post","link":"https:\/\/www.kevinbryant.com\/kbarchive\/point-of-sale-compromise-fails\/","title":{"rendered":"point of sale compromise fails"},"content":{"rendered":"

I wasn’t too crazy about the compromise with local governments, but it did not get the necessary 31 votes for passage. It needed 31 votes because it involved some constitutional changes defining assessment. Here’s a summary of the bill:
\nH. 3272
\nAssessable Transfer of Interest (ATI) – Point of Sale<\/strong><\/p>\n

SECTION 1<\/span> – Exempts 100% of the value of a 6% ATI in 2010.\u00a0 Moratorium on increases in taxable value due to ATI.
\nExempts 20% of the value of a 6% ATI all year thereafter.
\nHowever, the 20% exemption does not apply if the exemption would cause the fair market value to drop below the FMV carried on the books of the assessor, and FMV on the books becomes the new FMV.
\nAlso, the 20% exemption does not apply if the FMV as determined at the time of the ATI is lower than the FMV carried on the books, and the new FMV would be the FMV as determined at the time of the ATI.
\nSECTION 2<\/span> – Further explains what is and what is not considered an ATI.
\nA. What is\u00a0NOT<\/span> an ATI
\n10 – transfers of undivided, fractional ownership of not more than 50%…this brings tenants in common into the same place as corporations and partnerships (BAT Bill)
\n11 – transfer of a single member LLC that is not taxed separately as a corporation (BAT Bill)
\n12 – granting of easements ( BAT Bill)
\n13 – transfers to quiet and confirm title\u2026encourages property settlements (BAT Bill)
\n14 – creating or terminating joint tenancy\u2026typically used for estate planning purposes (BAT)
\n15 – transfers to children on 4% property only
\n16 – transfers of 20% or less between individuals
\nB. What is an ATI\u2026but really further defines what is not an ATI
\n8 – transfers amongst tenants in common that are not subject to federal income tax including transfers to spouses..this is a further clarification on 11 above.
\nSECTION 3<\/span> – Lookback on Millage Cap – Allows local governing bodies (counties, municipalities, school districts) to impose unused allowable mills from the preceding 3 tax years.
\n-This would prevent locals from feeling forced to increase mills up to the millage cap every year\u2026even if they eventually put on all the unused mills, the taxpayers would have kept their money longer
\nSECTION 4<\/span> – Rollback Millage – Calculates the rollback millage on the amount billed as opposed to the amount collected by the adjusted total assessed value.\u00a0 Also, it includes increases due to ATIs in the adjusted total assessed value.
\n-Eliminates problems of taxes not being paid, or back taxes being paid in the year of implementation.
\nSECTION 5<\/span> – Index of Taxpaying Ability – Creates an Index Study Committee. 8 members\u20264 appointed by Pro Tem 4 appointed by Speaker.\u00a0 The Committee must make its report by Jan. 1, 2011.
\nSECTION 6<\/span> – Renovations – The issuance of a building permit is not necessarily an ATI\u2026could still be minor construction
\nSECTION 7<\/span> – Reduced Value – If property sells for less than the assessor says it is worth, the burden is on the assessor to prove the higher value.\u00a0 This only applies in an arms length transaction.
\nSECTION 8<\/span> – Realtor Notice – Realtor must notify the purchaser of the estimated taxes before the contract is signed.<\/span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

I wasn’t too crazy about the compromise with local governments, but it did not get the necessary 31 votes for passage. It needed 31 votes because it involved some constitutional changes defining assessment. Here’s a summary of the bill: H. 3272 Assessable Transfer of Interest (ATI) – Point of Sale SECTION 1 – Exempts 100% […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false},"version":2}},"categories":[1],"tags":[],"class_list":{"0":"post-3147","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-uncategorized","7":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p2gEQ0-OL","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.kevinbryant.com\/kbarchive\/wp-json\/wp\/v2\/posts\/3147","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.kevinbryant.com\/kbarchive\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.kevinbryant.com\/kbarchive\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.kevinbryant.com\/kbarchive\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.kevinbryant.com\/kbarchive\/wp-json\/wp\/v2\/comments?post=3147"}],"version-history":[{"count":0,"href":"https:\/\/www.kevinbryant.com\/kbarchive\/wp-json\/wp\/v2\/posts\/3147\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.kevinbryant.com\/kbarchive\/wp-json\/wp\/v2\/media?parent=3147"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.kevinbryant.com\/kbarchive\/wp-json\/wp\/v2\/categories?post=3147"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.kevinbryant.com\/kbarchive\/wp-json\/wp\/v2\/tags?post=3147"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}