Newspapers receive phone calls from people who can’t afford to pay their property taxes (one couple had their tax bill increase by nearly 87%) as the “Missourian News” reported last week. The phenomena is occurring nationwide as property taxes continue to soar.

From Miami to Washington State, California to New Jersey property taxes are out of control. When property values rise the assessments rise. When property values fall, assessments still get divided among the property owners to foot ever increasing government spending. In other words, when home values drop, homesteaders could be paying the same - or even slightly higher property taxes. One in five people work for Big Brother and guess who pays the freight?

Property taxes and big government budget over-runs will not disappear from the landscape any time soon. As a property tax consultant you can find inequities and help those who neither have the time or resources to challenge their property tax bill. In this age of turbulent real estate price fluctuations, finding comparables that make your subject property’s case should be relatively easy. Property tax consultation for peace of mind in scrutinizing homesteaders tax bills is in high demand

http://propertytaxconsult.com/blog/tax-reduction-services/marketing-tax-reduction-services/

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Pagano: Our scope of services is very broad and deep. We provide approximately twenty-one distinct services to our clients ranging from full-service accounting such as audit, accounting and tax (both corporate and individual tax advisory services) to internal audit, risk management, and royalty compliance audit services. We also have a business services group which provides accounting, tax and audit services to smaller, closely held businesses. We have a department that is devoted exclusively to personal wealth advisory services that includes investment advisory and financial resource services. Our tax practice groups include employee benefits, retirement solutions, tax advisory and tax controversy. Our litigation consulting and forensic accounting department provides litigation support, business valuation, forensic accounting, and expert witness testimony. Associated with litigation support, although they are separate departments, are bankruptcy and insolvency; and corporate finance which includes valuation and merger and acquisition services.

We also have specific industry focus practice areas. They are financial services, technology and health sciences; real estate, sports media and entertainment, and law firms. We also have a specific industry niche in the not-for-profit area. Lastly, we provide consulting services in practice areas such as resource staffing, human resources and information solutions.

Editor: How does the firm provide global accounting services in competing with larger firms?

Pagano: With respect to our international presence we provide a wide range of international tax, audit, accounting and advisory services to individuals and corporations. Eisner is an independent member of Baker Tilly International, the eighth largest accounting network in the world and the largest accounting network in the U.S. after the Big Four. As a part of that network we are able to service clients throughout the world not only because of our own international practice but also because of our affiliation with Baker Tilly International.

Editor: Please describe your practice area - Litigation Consulting Services and Forensic Accounting.

Pagano: The word “forensic” actually means belonging to the courts. When we provide forensic accounting services, generally speaking, we are referring to litigation consulting and forensic accounting services in a legal environment. As forensic accountants we apply financial facts to various legal problems that lawyers want to resolve to benefit their clients. Litigation consulting services connote that as professional accountants we provide assistance to attorneys engaged in litigation.

Editor: Do investigations fall under Litigation Consulting and Forensic Accounting services?

Pagano: Yes they do. We perform forensic accounting investigations and in the broader context of litigation consulting we review financial documents as part of an investigation.

Editor: When does your work step out from under the protection of the umbrella of attorney-client and work product privilege?

Pagano: When we are retained by counsel, we are agents of the law firm and come within the umbrella of the attorney-client and work product privileges so that communications that we have with counsel, with counsel’s clients and among ourselves are privileged and our work product is privileged. The privilege ceases when the forensic accountant or the litigation consulting expert is named as an expert witness. Generally, the work product and conversations of an expert witness are discoverable.

Editor: What is the scope of your services?

Pagano: Our services in litigation consulting and forensic accounting cover a broad spectrum of activities from interviewing clients or witnesses to creating databases. We prepare reports, examine, review, and analyze financial documents and transactions; we also assist counsel in very complex negotiations in developing financial data, reconstructing corporate and individual financial records, reviewing and rebutting an opposing expert’s report. In addition, we evaluate internal controls and we are retained in matters involving tax controversy such as representing clients with counsel who are being examined or under investigation by the IRS or a state agency. Lastly, we also help draft complaints, interrogatories, and information document requests when counsel asks us to provide our expertise to those particular areas which require accounting or financial information.

We serve trial lawyers, corporate counsel and audit committees. Often we are appointed by federal and state courts or asked to perform services by federal and state agencies, independent examiners, receivers, and monitors who are court appointed. Our services are in a legal context and our clientele is the legal community.

Editor: Where would you find forensic accountants in pursuit of their various practices?

Pagano: We are in the court room and arbitration hearings as consultants or expert witnesses, we appear before government agencies, and in our consulting capacity we work behind the scenes assisting counsel unless we are named as an expert witness.

Editor: Please give some classic examples of some of the frauds you have uncovered and the financial investigations you have conducted.

Pagano: Fraud and financial investigations that we have been involved in include management and financial fraud. An example would be a very high or mid-level executive who has authority to withdraw company funds, who misappropriates assets, thereby diverting the assets to some other entity for personal benefit. In the area of employee fraud, an employee may divert assets or take advantage of opportunities to defraud by padding expense reports or making claims that he or she spent company money when it was not on company business. Another example is financial statement fraud which might include an overstatement or incorrect timing of revenue, specifically where generally accepted accounting principles are misapplied. Another example is vendor fraud. We have investigated kickback schemes where a vendor rendering service to a company may make a disguised payment to company personnel in order to win a larger contract or an insider may collude with a supplier. Overriding controls is probably a very significant area where fraud is committed. There are also common frauds committed by personnel in government as well as in not-for-profit organizations such as fraudulent charging of expenses to grants, overriding purchasing, sales and cash reconciliation controls. We have also investigated situations where pledges and contributions that are on the books of a particular charitable organization are fictitious and should not have been booked as revenue.

Editor: What practice areas within the firm are called upon by these services?

Pagano: We have been called upon to assist counsel in internal and SEC investigations. We are very much involved in white collar crime investigations, whether a bookkeeper is thought to be embezzling money from an employer, someone in the corporate hierarchy is accused of committing securities fraud or an individual is indicted for money laundering or tax fraud. We also are well positioned in damage calculations and business valuations. We assist law firms in matrimonial matters, investigating hidden assets and lifestyle changes in the case of one spouse or the other. We assist counsel in shareholder disputes using our forensic accounting skills to uncover financial wrong-doing or to investigate the financial condition of a company or entity as a result of allegations made in a complaint. Consistent with our core values, we provide independent, objective analysis and critical thinking to counsel.

Editor: What extra benefits does Eisner bring to its clients in the litigation consulting and forensic accounting areas?

Pagano: Clients in the legal community turn to us for our competence in providing forensic accounting and litigation consulting services and for our understanding of the legal community’s language - including our familiarity with the Rules of Civil Procedure and the Rules of Evidence. We strive earnestly to explain complex financial and accounting issues in very plain language, breaking down the components in a complex matter to their simplest form or explaining by way of analogy. Often we will also use demonstratives to explain a very difficult subject. We also assess both the strengths and weaknesses of not only our clients’ cases but also that of the opposing side. If the opposing side in a litigation has various strengths we point them out to counsel. Coming from the financial perspective, the accounting perspective, the tax perspective, the audit perspective, and, of course, the litigation consulting perspective, we suggest to counsel how to lay out the case and to discuss the issues from all points of view. We provide advice and assist counsel with the facts, objective analysis, and independent critical thinking.

Editor: What trends do you see developing in your field of expertise?

Pagano: There will be more reliance on technology in terms of electronic discovery. With the 2006 amendments to the FRCP, electronic discovery must be addressed early on by both sides. There will be greater demand with respect to computer forensics and computer technology for information technology experts. Technology will play a greater role by virtue of the changes that have occurred not only because of the FRCP but also by virtue of technology’s evolution. Also, there is a trend for greater specialty designations within the forensic accounting community. The AICPA presently is working on a proposal to certify forensic accountants. We already have the association of certified fraud examiners, CFE. Also within the AICPA there is the designation of the accredited business valuator, ABV. The National Association of Certified Valuation Analysts is offering courses and certificates in damage evaluation and forensic accounting. These designations will supplement the designation, CPA, whether through the AICPA or through other organizations. There is also going to be greater demand for expert witnesses in all fields, certainly in the financial area. Our skill set as forensic accountants is broadening by virtue of the demands placed upon the lawyers in terms of the type of cases that they are litigating. What has happened recently in the sub prime mortgage and hedge fund markets will result in forensic accountants being engaged to provide expertise in these areas too. International Financial Reporting Standards will have greater emphasis in the global marketplace because of interrelationships, interdependencies and complexities in the global economy.

http://www.metrocorpcounsel.com/current.php?artType=view&artMonth=December&artYear=2007&EntryNo=7581

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When it comes to doing business in Canada, there
are a few cities you may want to think twice about before locating or
relocating your business.
    For the first time, the Real Property Association of Canada's annual
survey of property taxes across the country gives Vancouver the dubious
distinction of having the worst commercial to residential property tax ratio
in Canada at 5 to 1. Vancouver now replaces Toronto as the most over-taxed
business jurisdiction in Canada.
    After Toronto and Vancouver, the commercial to residential tax ratio
drops significantly to approximately three and a half to one in Richmond.
St. John's has the lowest commercial to residential tax ratios at roughly one
and a half to one, while Edmonton weighs in at roughly two to one.
    The survey also highlights problems in Regina and Montreal for commercial
properties. Regina has the worst effective annual commercial property tax rate
in Canada, of over 5% of the commercial value of the business on the basis of
$1,000 of commercial assessment. Montreal is the second worst on a per $1,000
basis for commercial properties, at 4.47%.
    The "2007 Property Tax Assessment and Tax Analysis of 2006 Data",
released today by REALpac and prepared by Altus Derbyshire, Realty Tax
Consulting, shows both the range of commercial and residential property tax
assessments coast to coast and the trends amongst urban centres, allowing
REALpac to determine in which cities taxes are going up, going down, and how
quickly. "This survey highlights inequities in the property tax system.
REALpac calls on all municipalities to ensure that commercial and residential
property tax levels are balanced and fair," said Michael Brooks, Executive
Director of the Real Property Association of Canada.
    Employees won't be standing in line to move to Regina, since the city
also has the highest residential tax rate in Canada, with 2.25% of the value
of the property going to municipal tax coffers, followed closely by Winnipeg
at 2.20%. On a $200,000 home in Regina, that's an annual property tax bill of
$4,500. "It's not clear why Regina's commercial and residential rates are so
high as to be leading in both categories, when comparable cities such as
Edmonton, are consistently much lower," said Brooks.
    Head east to St. John's, Newfoundland, to find the least expensive place
to do business in Canada. At less than 2% per $1,000 of commercial assessment,
St. John's is the most business friendly community in the country from a
property tax perspective, followed closely by Calgary and Edmonton. Toronto
weighs in well above average, at slightly over 4% per $1,000 of commercial
assessment, but still less than Regina, Montreal, and Winnipeg.
    REALpac Members believe in tax fairness. REALpac has consistently
advocated that continued reduction of the excessive property tax burden on
commercial and industrial tenants and landlords will make Toronto, Vancouver
and Richmond, more competitive and promote jobs and investment. "The resulting
greater investment will increase the property assessment base, thereby
generating more stable and sustainable revenue for the cities," added Brooks.

La Porte County Assessor Carol McDaniel could have her assessor certification revoked by a state agency if she doesn’t provide the agency with delinquent property data.

“The end goal is to ensure that no Hoosier is paying more than their fair share of property taxes,” Musgrave said in the statement. “That can only be accomplished when policymakers can make informed decisions based on complete, accurate data.

http://thenewsdispatch.com/main.asp?SectionID=1&SubSectionID=1&ArticleID=7030&TM=77190.23

Fayette County commissioners will adopt a preliminary 2008 budget on Thursday, but all three were mum Tuesday on whether tax rates will be affected.

Two commissioners who attended yesterday’s agenda meeting, Angela Zimmerlink and Vince Vicites, said it’s too early in the planning process to determine whether tax rates will remain the same.

Commissioner Joe Hardy was absent from the meeting. His assistant, Jessica Hajek, declined comment because the board is still waiting on some additional budgetary figures.

Zimmerlink said she needs firmer estimates on revenue, including whether the current year will end with a surplus.

“We’ve been given a projected savings of $600,000, but it’s not in writing,” Zimmerlink said after yesterday’s meeting. “We need a more accurate figure.”

Zimmerlink said her goal since having been elected is to reduce millage. Vicites said he prefers not to raise taxes.

“I do all I can to avoid a tax increase, but in the final analysis, we have to work at this to get it balanced,” Vicites said. “A tax increase is a last resort.”

The current property tax rate is 3.5 mills, with 1 mill generating $4.2 million per year. The 2007 budget was set at $22 million.

In another matter, Zimmerlink and Vicites disagreed over whether the county should seek proposals for a transportation consultant or contract the responsibility to a former employee who now works for a private company.

The board will decide on Thursday whether to approve a contract with McMillen Engineering for consultation services for the Transportation Improvement Program/Southwestern Pennsylvania Commission planning process. McMillen would be paid $48 hourly for up to 65 hours of work.

Vicites said Tammy Stenson, former county director of planning, zoning and community development, would do the work for McMillen. Stenson left her county position this month to take a job with McMillen.

Vicites said Stenson’s experience with the transportation improvement program makes her the best candidate, especially considering “we are in a critical stage of the TIP for the 12-year transportation improvement program.”

Through the Transportation Improvement Program, the Southwestern Planning Commission prioritizes spending of state and federal funds on transportation projects in a 10-county region.

The transportation improvement plan includes funding for projects through October, according to the commission’s Web site. Planning is under way for projects that communities want to be included in the program’s next phase, which includes fiscal years 2009 through 2012.

Over the next two years, Vicites said Fayette is in line for between $55 million and $60 million in transportation projects. The county will lobby the commission for projects it wants to have funded.

http://www.pittsburghlive.com/x/tribunereview/news/fayette/s_540054.html

he Niagara County Legislature is preparing to approve the 2008 budget that has been presented to them by County Manager Greg Lewis. Lewis initially stated that his budget would include a tax increase not to exceed three percent. He noted that the budget calls for a reduction in the property tax levy, or the total amount to be raised by taxes, of 6.8 percent, and that county spending will be reduced by more than $9 million from current year operations.

Under the plan, the 2008 average tax rate will increase by five cents per $1,000 of assessed valuation. This means that the average projected County tax on a property assessed at $100,000 will increase by $5.00. This will vary based on equalization rate established for each town and city.

Approximately 200 employees from Mt. View will no longer be on the county payroll and the Social Services Department have more than 60 fewer jobs than it had in 2000.

This is all good news. As I have said before, the county appears to be addressing the label of the highest taxed county in the country, but few of the other taxing jurisdictions are doing the same. Unfortunately, when the label was placed on the county, some placed the label on the County. There is a distinct difference.

The study labeled all taxing jurisdictions combined as the highest taxed. School districts, town, city & village governments, special districts, and the County. I’m not sure why this is such a difficult concept to grasp, but as recently as November 18th, Lockport Union Sun Journal Editor Tim Marren, in his column, stated, “The last time a billboard made the news in Niagara County was when Lee Bordeleau decided to boast — or lament — the fact that Niagara County was No. 2 in taxes. All that did was lead Niagara County’s electorate to vote the same people into office again.”

Tim, are you stupid or just plain ignorant? Are you unable to comprehend the truth or do you simply choose to ignore it? Either way, when you make comments like that, you’re doing a disservice to the community, and letting the other taxing jurisdictions off the hook for their portion of the tax burden.

Why not call out the school districts? Why not call out the special districts and the Town Supervisors that use the water and sewer districts as a haven for political patronage? Why not call out Frank Nerone, who retired from the Sewer District in 2001with a pension of $5,500 a month, only to be brought back as a consultant at $5,000 a month. He’s getting 10,500 per month to work at the Sewer District. He, by the way, wants a raise.

What about attorney Bob Roberson, who submitted legal bills to the district with no records that the work was done. When the county auditor refused to pay the bills, Roberson sued the county.

These are but two of the abuses of tax dollars that you choose to ignore. You focus on “County” taxes because it’s easy. It doesn’t take any actual reporting to say that “Niagara County was No. 2 in taxes. All that did was lead Niagara County’s electorate to vote the same people into office again.” It’s downright pathetic.

I don’t know where you got your journalism degree, apparently, Cracker Jack still has some decent prizes, but wherever you got the degree from, you should demand a refund because they didn’t teach you squat about being a reporter.

As for Niagara County, keep up the cost cutting measures, and keep doing your part to address taxes. People of reasonable intellect are well aware of the misguided views of our local periodical.

http://niagaratimes.blogspot.com/2007/11/2008-county-budget.html

First will come a trip to the Cowlitz County Administrative Building in Kelso, where, beginning at 9:30 a.m., each of three finalists will be grilled by six county commissioners, three each from Clark and Cowlitz counties.

Then, the wait, while the commissioners deliberate behind closed doors.

Then, the vote, followed by a formal swearing-in of the winner by the Cowlitz County auditor.

Then, a fast drive to Olympia, where the new legislator will be introduced on the House floor and, barring a challenge, be seated among 97 fellow representatives and allowed to vote on two momentous measures in the first special session of the Legislature since 2001.

“It’s our assumption that that is exactly what will happen,” said Allen Hayward, senior legislative counsel for the House Republican Caucus. It’s doable, he insisted: “We do not anticipate taking votes in the House of Representatives before 1 p.m.”

GOP precinct officers from the two counties met Nov. 18 and narrowed the field of 11 candidates to three. In order of preference, they are Jaime Herrera of Ridgefield, a congressional aide to U.S. Rep. Cathy McMorris Rodgers, R-Colville; Scott Higgins of Camas, a member of the Camas City Council; and Ann Rivers, a La Center political consultant.

All three have spent the past week promoting their candidacies to an electorate of six.

Cowlitz County commissioners decided not to hold meetings with individual candidates in advance of the Nov. 29 session.

“We have been getting calls from all over the state,” said Cowlitz County Commission Chairwoman Kathleen A. Johnson. “There are obviously political pundits who would like to see one candidate selected over another. We have asked them to give us the opportunity to interview the candidates. We would like to have our opinions unsullied.”

Clark County commissioners have taken a different approach.

“I’ve heard from all of them,” said Commission Chairman Steve Stuart. “We have received written materials from each one of the candidates and phone calls from their supporters. For them, this is a series of campaigns.”

Stuart said that when he was nominated to fill a vacancy on the county commission, he found it valuable to meet with the two incumbents to learn more about the job.

“So I have had those conversations with Jaime Herrera and Scott Higgins already,” he said.

Johnson, a first-term commissioner, is a veteran of two legislative appointment processes in the 19th District already. The 18th District is “a little difficult for Cowlitz County,” she said, because it’s dominated by Clark County candidates who don’t necessarily understand the problems facing the county to the north, including inadequate rail capacity and methamphetamine trafficking through the county’s ports.

“We don’t know these people,” Johnson said. “They’ve never checked in with us as a government.”

Stuart estimated that each candidate would be questioned for about an hour. Johnson said sessions of 15 to 20 minutes are more likely. Candidates who have not yet been questioned will be sequestered during interviews.

“Then we will most likely go into executive session to make initial deliberations,” Stuart said. “We will come out and each commissioner will have an opportunity to give his or her reason for support.”

Though five of the six commissioners who will pick the new Republican House member are Democrats, Stuart and Clark County Commissioner Marc Boldt, the lone Republican, agreed that picking the best legislator will be everyone’s goal.

“We’ve been given three great candidates by the Republican precinct committee officers,” Stuart said. “Not only will we start by respecting their process, but we will choose one from these three good candidates based on who would best represent the district.”

Following the vote and the swearing-in, the new legislator will proceed to Olympia with a transmittal letter from the county commissioners and upon arrival be seated in the House chamber.

On the one-day session’s agenda are restoring the 1 percent limit on property tax increases recently overturned by the Washington Supreme Court and expanding a property tax deferral program to make it available to middle-income households.

“I’m hoping it works out fine,” Hayward said.? Governor defends Thursday’s special session on 1 percent property tax cap.

http://www.columbian.com/printArticle.cfm?story=238866

1. Zonal Values
Section 16(e) of the Tax Code, as amended by Presidential Decree No. 1994, authorizes the Commissioner of Internal Revenue to divide the Philippines into different zones or areas and determine for internal revenue tax purposes, the fair market value of the real properties located in each zone or area upon consultation with competent appraisers both from private and public sectors.

In case the gross selling price or the market value as shown in the schedule of values of the provincial or city assessor is higher than the zonal value established herein, such values shall be used as basis for computing the internal revenue tax.

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Tax Update for Minnetonka

Every month the city of Minnetonka puts out a newsletter about the city, it’s services,  new information and programs it offers.  I know it is very common for all of us in our busy lives to look at the front and quickly skim the inside.  Our lives are so busy that unless it jumps out at us it is hard to give everything the attention we want.  In reading November’s newsletter I was amazed and happy to see their plan for 2008 and how it will affect homeowners and property values in the Minnetonka area.

The city council recently started budgeting for the 2008 fiscal year and it’s goal is to keep taxes at 3% for basic services and additional 1.7% for new services.  What this translates into is; the average Minnetonka homeowner (roughly 7 out of 10) will see a property tax decrease in 2008.  This is great news in a time when property taxes are continually going up due to the lack of state funding for cities.  I was happy to see what is making this possible is not a cut in services but an increase in the commercial tax base and the decertification of some TIF districts in the city.  As with everyone it is always great to save money and still get the same services! This plan also has some benefits for the real estate market as well.

In real estate, generally speaking, the higher the property taxes the less affordable a neighborhood and the smaller the potential market of buyers.  With the cities committment to fiscal responsibility but also understanding the need for strong city services.  Potential buyers will see and feel an increase in affordability, and at this point in the market this is a great direction to move.  If you have questions of would like to be involved in the city’s budget planning they are holding a public hearing on Monday December 3rd at 6:30pm.  It will be held at the City Council Chambers, 14600 Minnetonka Boulevard.

http://watersrealty.typepad.com/your_realty_source_with_c/2007/11/tax-update-for.html

Commissioners have agreed to hire an independent consultant to study the county’s finances and offer improvement advice.
If a proposal is submitted by April 1 to the state Department of Community and Economic Development, that agency would pay half the cost of the study.

“We are looking forward to this,” Commissioner Donna Gority said. “We felt there was a need to do this for a long time, but we didn’t have the resources.”

However, property tax reassessment isn’t likely to happen any time soon, unless someone sues the county to do it. This year marks the 50th anniversary of the last county reassessment.

‘‘There are not enough votes on the board to approve it,’’ said Gority, the only member of the new board in favor of reassessment. ‘‘I still believe it is something that needs to be done. I am hoping someone will sue us.’’

Gority said she believes commissioners have a constitutional duty to move forward with tax reassessment because the present system is not fair.

‘‘We are burdened by what the state chooses to give us.” Gority said. “We need an opportunity to levy other taxes and reduce the burden on property taxes.’’

Although opposed to reassessment, Tomassetti said counties are not treated fairly. He cited the aftermath of the recent $101 million sale of Logan Town Centre as an example of how counties get shortchanged. While the state Department of Revenue received $1.23 million and the Altoona Area School District and Logan Township each received more than $495,000, Blair County received $30,433 from the sale.

In the meantime, commissioners will take steps to try to avoid last-minute budget problems this year.

‘‘We need to re-examine how we operate,” Tomassetti said. ‘‘We need monthly budget variance reports from the various departments. We have to have regular monthly reviews and meet with the department heads to make sure they are on budget.’’

http://www.altoonamirror.com/
page/content.detail/id/503561.html