Apt. Owners Suing County over Property Tax – Videos
April 19th, 2017 by iPhone
C-Tan Investments, the owners of Park Ridge Apartments on Market Street, is suing Drew County over the amount of property tax they are required to pay.
Their apartment complex, located behind Walmart, has an appraised value of $3.4 million.
When the owners recently purchased the property, the price was $1.8 million.
County attorney Cliff Gibson, told the Quorum Court, Monday night, that he is investigating the possibility that C-Tan purchased the property from a related business industry, which could explain a “lower than market value” sale price.
82% of the property tax that is collected is designated to go to the Monticello school system. If their $1.6 million assessment request is approved, it would cost the school district approximately $15,000 per year.
If this were to happen, it is expected that many other large properties would begin to file suit, against the county.
This story will be updated as more information becomes available.
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