PROPERTY TAX HIKES: Wallop Boone County developers

Taxes soar on wealthy landowners as area schools scramble for cash 

COLUMBIA, 11/14/11 (Beat Byte) -- Boone County is sending out property tax bills this week, and big-time developers are in for a shock. Their property taxes have hit historic new highs since 2007.   

School officials and the county assessor -- facing re-election in 2012 -- hope higher property taxes on the area's wealthiest landowners will help pay for new schools, much-needed amenities such as air conditioning, higher teacher salaries, and stave off a levy increase tentatively scheduled for this April. 

Others worry that -- despite TIFs, TDDs, and other tax incentives -- the property tax hikes could threaten real estate development in Columbia and surrounding areas by imposing too much of a burden on developers when they buy and hold land.  

Check out these amazing examples. (Click links to read tax bills.)  

18.2 acres with cul-de-sac in Thornbrook subdivision
Owners: Robert and Marvin Sapp

2011 property tax: $51.07

2007 property tax: $50.86

Tax increase: $0.21 

12,600 square ft. lot on Bernadette Dr. and Fairview

Owner: TKG Columbia Square, LLC

2011 property tax: $15.43

2007 property tax: $14.89

Tax increase: $0.54 

16.6 acres that guard entrance to Jeff Smith Estate

Owner: Jeffrey E. Smith Trust
2011 property tax: $47.19
2007 property tax: $46.95
Tax increase: $0.24 

1.4 acres in Broadway Bluffs retail center

Sold 8/11 to Magnolia Hospitality by Forum Development

Original Sales Price: $1,228,392.00

2011 property tax: $1,344.43

2007 property tax: $1,307.35

Tax increase: $37.08 

133 acres across from Mill Creek Elementary on Nifong and Sinclair

Owner: Stanley and Ann Kroenke

2011 property tax: $283.46

2007 property tax: $275.04

Tax increase: $8.42 

0.6 acres on Nifong Blvd.

Owner: Crown Center Farms/Wal-Mart's Laurie family

2011 property tax: $2.59

2007 property tax: $2.51

Tax increase: $0.08 

77.2 acres on I-70

Owner: TKG Columbia Square, LLC
2011 property tax: $85.59

2007 property tax: $83.07

Tax increase: $2.52 

3.04 acres off Sinclair next to Kroenke estate

Owner: Stanley and Ann Kroenke

2011 property tax: $22.43

2007 property tax: $21.76

Tax increase: $0.67 

164 acres surrounding the Jeff Smith estate on Hill Creek Rd.
Owner: Jeffrey E. Smith Trust
2011 property tax: $241.94
2007 property tax: $240.68

Tax increase: $1.26 

Eight acres off Sinclair Drive next to Kroenke estate

Owner: Stanley and Ann Kroenke

2011 property tax: $269.13

2007 property tax: $261.14

Tax increase: $7.99

Total property taxes, 2011:  $2,363.26
Total property tax increases, 2007-2011: $59.01 

That's right, Columbia and Boone County. In four years, county government, public schools, libraries and other property-tax funded resources are now collecting an extra $59 and a penny on these ten parcels alone, which encompass hundreds of acres and millions of dollars in value. 

County wide, these property tax hikes must be netting a staggering amount of desperately-needed revenue, and none too soon!

5 comments:

1. 
   AnonymousNovember 14, 2011 at 8:35 AM

   Really, truly, and sadly outrageous!!!

   Reply
    
2. 
   AnonymousNovember 14, 2011 at 11:21 AM

   I seriously can't tell... is this satire? It certainly sounds like something that could come from 'the Onion'.

   Reply
    
3. 
   AnonymousNovember 14, 2011 at 11:46 AM

   Or John Stewart. It's one of those stories where you wanna laugh, but then you can't help but cry when you read the hard numbers and realize how effed we all are over corrupt sh-- like this.

   Reply
    
4. 
   Fred and Ann KoenigNovember 14, 2011 at 2:29 PM

   I think we should come together to help them out with their increased burden during these economically challenging times. Maybe we could have a bake sale, and send them the proceeds?

   Reply
    
5. 
   LLNovember 14, 2011 at 2:50 PM

   Unbelievable!

   Reply