Blog Archives - Swartz + Associates

The Swartz Report: Reflections, Family and Work

June 18, 2019/in Blog/by Swartz + Associates

If you are a frequent reader of my blogs, you know I tend to go back and forth between family and work, with a few reflections thrown in for good measure. What could be better than having a little mix of all of the above?

Reflections –

Swartz + Associates, Inc. opened for business five years ago on June 1^st. Over the past five years, we have been able to maintain our client base, secure new business and re-engage old clients from several years ago.

I have acquired a second, complimentary property tax practice (Indurante & Associates, Inc.) and added employees to handle our growing practice while seeing two of our employees retire from the active working world. We have successfully won appeals at the District Court level in multiple states as well representing our clients at the State Supreme Court.

Through it all, I want us to be vested partners with our clients. Over the next five years, I want to continue to be a trusted advisor and work to continue make ourselves better; make our product better and make our overall deliverable better.

Family –

This past weekend, we celebrated Father’s Day with my brother and sister-in-law, my niece, nephew (and his fiancé), parents as well as my family (except Miriam who, unfortunately, could not make the trip). As I read back through previous postings, I have shared quite about my family and their stories over the years. This was a great opportunity to get together to create new stories and see how others are thriving in their respective worlds. What a great Father’s Day gift as both a father and a son to be able to be with everyone for the weekend.

Work –

In Missouri, several counties had their appeal deadline pass on June 17^th. However, there are still opportunities if you are a taxpayer in Jackson County as well as second class counties where the appeal deadline is July 8^th. We have experienced significant increases in value in Jackson County and I anticipate hundreds, if not thousands of appeals to be filed with the county over the next two weeks.

For owners of property in Nebraska, the appeal deadline is June 30^th and if you have property in Illinois, the deadline will be coming up over the next 60 days, as it varies on the jurisdiction. All in all, it will be another busy summer!

If you have properties in any of the areas just mentioned and would be interested in a no obligation, no cost opinion, please contact me. I welcome the opportunity to discuss the situation with you! Please call me at (913) 766-8761 or you may reach me by email at . Thank you!

The Swartz Report: Happy New Year! An acquisition, good outcomes and looking forward.

January 7, 2019/in Blog/by Swartz + Associates

Happy New Year to everyone! I know I say this every year, but I can’t believe how fast this past year has gone. My wife and I have just completed our first semester as empty nesters, and all things considered, I believe we handled it quite well. (In fact, our kids may think we are handling this too well!)

2018 was a good year on many fronts, and I’m extremely pleased to discuss my latest acquisition.

Effective September 17, 2018, Swartz + Associates, Inc. (SAI) acquired Indurante & Associates, Inc. (Indurante).

I met Pete Indurante a couple of years ago while attending the Mine Expo and over the course of time, we’ve developed a great relationship. Pete’s company focuses on the business personal property tax liabilities associated with private rail car fleets. For over 40 years, Pete has dedicated his professional life to building this rail car property tax powerhouse. After many discussions, we determined we have a very similar approach to taking care of our clients. Pete, and his wife Kathy, have entrusted me to continue the service and professionalism our clients expect.

Based in Las Vegas, Indurante handles the property tax compliance, assessment review and tax bill verification for a very large percentage of all private rail cars across the country. The office will remain in Las Vegas as well as all employees, who are integral to the continued success of the business. With the expertise in centrally assessed properties associated with rail cars, and our expertise in locally assessed properties, we’re extremely well positioned to represent our clients on many levels. I will write more about the Indurante employees in future postings. Having met, and spent significant time with them over the past several months, I’m so pleased to have these individuals continue to be a part of Indurante. We will continue the seamless transition as we look for ways to improve an already great product.

SAI has finished another very successful year representing clients with their property tax valuation needs.

I’m particularly proud of a few results that required “out-of-the-box” thinking. These results included a large settlement and refund to a taxpayer that was negotiated in part because the taxpayer agreed to make a donation to the school district where they’re currently located. Another significant success was establishing a Construction in Progress valuation on a new corporate headquarters, as well as helping establish a valuation on the completed property going forward. These are just two examples of cases where close work and continual dialogue with both the client and the taxing jurisdiction created best case scenarios for governmental entity as well as the client. I am really proud of our diligence and creative thinking that work in everyone’s best interests.

And now on to 2019

Has the real estate market peaked? I think it depends on what you read of late, and with several states scheduled for reassessment (Iowa, Missouri, Colorado), we’re anticipating significant increases in property tax values which may or may not be warranted. Please pay attention to the notices you receive in the spring, as in some situations, this will be your only opportunity to appeal the value. As always, please let me know if we can be of service to you.

Thank you again for being a patron of my blogging. I appreciate all your comments and especially your loyalty you have shown over the years. Here’s to a happy and healthy 2019!

The Swartz Report: 10 Reasons to Talk About Property Taxes During the Holidays

November 14, 2018/in Blog/by Don

Don Swartz

Post written by Donald Swartz, President and Principal at Swartz + Associates, Inc. | Lover of Chiefs, Royals and golf | Avid “Cruiser” | Poker Enthusiast

The other night my wife and I were watching television and a commercial for Reddi-Wip came across the screen.

I just about fell out of my chair after seeing this advertisement, as I thought this was hilarious. Here is a link to the commercial.

How can Reddi-Wip take aim at me?

What did I do to deserve this, especially if you look into our refrigerator and see three cans of Reddi-Wip ready to cover any and all desserts?

ENOUGH IS ENOUGH!

With sincere apologies to David Letterman and to Reddi-Wip, here are my top 10 reasons to discuss property taxes during the holidays:

10. Minimizing your property tax liability affords the taxpayer more money to spend on holiday gifts.

9. Nothing says holidays like family members comparing how much their property taxes increased.

8. Tax bills come out in November for the tax year.

7. Planning, planning, planning. It’s always good to be prepared for the upcoming tax season.

6. How many times can you talk about Macy’s Day Parade floats and balloons?

5. Detroit Lions football, really? I would rather talk about property taxes!

4. It’s a great opportunity to work on your elevator speech with friends and family.

3. Income, Cost and Market Approaches to Value vs how long to keep the turkey or ham in the oven? I know what I would rather discuss.

2. Discussion about property taxes enhances the “napping” process following the meal.

And the number one reason? (drum roll please)…

1. I’ve spent my entire professional career in the property tax industry…who wouldn’t want to talk about property taxes when given the opportunity??

As always, please reach out to me directly as I would appreciate the opportunity to represent your interests.

Happy Holidays to all. Enjoy your families and your traditions, but especially your conversations about property taxes!

The Swartz Report: A Lesson Learned from Business “Speed Dating”

October 16, 2018/in Blog/by Swartz + Associates

Don Swartz

Post written by Donald Swartz, President and Principal at Swartz + Associates, Inc. | Lover of Chiefs, Royals and golf | Avid “Cruiser” | Poker Enthusiast

Recently Eric Owens and I attended the Kansas City IREM (Institute of Real Estate Management) Reverse Expo. This was a unique opportunity for associate members (vendors) to “speed date” with property management member companies.

Because of the large turnout and excitement about the event, we were limited to five-minute sessions with eight different companies. There were several takeaways from what I considered to be a very successful afternoon, including:

An elevator speech is really important when you have 5 minutes to talk about your company and to be able to ask questions in return.
Know about your clients/prospects before you begin “speed dating”. If you’ve researched beforehand, you can immediately get to the issues you would like to discuss.
Make sure you have a follow-up action plan. There should be no open-ended questions. Additionally, both sides should finish knowing that if there’s an opportunity to pursue a project further, there’s no miscommunication as to what the next steps will be.
Don’t be afraid to toot your own horn. In our case, the property managers agreed to meet with us, so we should be able to tell them why it was such a good idea to meet.

A question was asked during one of the meetings, “What differentiates you from the competition?”

I’ve been asked this question many times over the years, but the question can leave you a little tongue-tied when you only have a few seconds to respond. I didn’t want to answer with the usual, “It’s our level of service” or “I’ve been in the business for 32 years”.

I thought I needed to come up with something special, some A-HA moment that would leave a lasting effect. I wanted the person to leave the meeting thinking “Who was that masked man?” (or something like that)

So I focused on our engagement letter and the fact we share in legal and professional expenses when we represent our clients in an appeal. I thought that may be an attention getter, but really it’s just a little blurb in a contract.

Ummm, not very exciting.

After we were done, I asked Eric how he would have answered the same question. While he didn’t necessarily disagree with my response, there was probably a better answer to the question.

“Why not bring up the fact we have certified appraisers on staff for both real estate and business personal property? I don’t think other companies can say that.”

Hmmmm. Good answer, Eric.

It was quick, efficient and effective. That simple answer shows we have experience in the valuation methodologies, understand valuations in both real estate and personal property, and shows the client/prospect our high level of expertise in obtaining our certifications.

I guess I take this for granted when working with my employees on a daily basis. I know we have a good work product. I just need to make sure others know more about our expertise.

An opportunity missed? Yes.

An opportunity to correct? Absolutely.

If you ever are debating between “selling yourself” with an engagement letter or highlighting the human capital on your team, take it from me…go with the team.

REMINDER: You should be receiving your property tax bills in the upcoming weeks. Although it may be too late to appeal values in most states, now is a good time to start preparing for 2019!

The Swartz Report: Thanks for Reading

September 20, 2018/in Blog/by Swartz + Associates

Don Swartz

Post written by Donald Swartz, President and Principal at Swartz + Associates, Inc. | Lover of Chiefs, Royals and golf | Avid “Cruiser” | Poker Enthusiast

Road Trip Memories

For the past three years, my September blog has focused on the great “Daddy – daughter” road trips back to college. Alas, that stage of our relationship has completed. My daughter Miriam crossed the stage to earn her degree in May and now is firmly planted in the workplace. (or as everyone so affectionately calls it; “The Real World”)

No stops to out of the way places. No dining in small-town America. No listening to the music from Hamilton as we go from Columbus, OH to Pennsylvania. Good times indeed, but now find ourselves moving on to the next great challenge.

While our son is now in his freshman year at Syracuse, our “road trip” was hardly a road trip compared to the previous high standards. This trip consisted of a plane ride to Rochester, followed by a short 90-minute drive to Syracuse.

Certainly, efficiency took precedence over sightseeing this year but maybe Aaron and I will start our own road trip adventures next year and beyond. For now, the tales will have to wait, but the memories of prior trips will be not be forgotten.

Blogging Works

THANK YOU to everyone who reached out to me or posted about my previous blog on the Advisory Board. Never underestimate the influence of blogging and the power of LinkedIn. In fact, as a result of my posting, I received a call from a fraternity brother I hadn’t connected with in 30 years.

He read my blog and had several questions concerning the structure, time commitment, expectations and other ideas as he considered the prospects of creating an Advisory Board for his entity.

It was great to reconnect with him and offer my thoughts and the advantages of having a Board. Hopefully, he found the time useful and, if nothing else, I’ve learned about another small business. Perhaps sometime in the future there may be an opportunity to work together.

Annual Staff Meeting Coming Soon

In other news, this month I will be having our annual staff meeting to plan for the 2019 year. This is a good time for everyone to review the year and compare our results to the goals we established last year.

I find this particularly helpful as we can truly quantify our successes and more importantly, identify our shortcomings. We’ve made great strides in analyzing our data. It allows us to see if a particular industry or region is more positively impacted as a result of our services.

Is there an underserved market that we’ve been ignoring?

Are we effectively marketing ourselves?

Is our message clear and concise?

As an owner, I want to believe our message is perfect and that our services are easily understandable. This is my opportunity to gauge if it’s true and to collaborate on ideas, technology and strategy to improve for the year(s) ahead.

I look forward to sharing the results with you as we continue to successfully represent our clients in property tax valuations.

As always, if you have any questions about property taxes, I would welcome the opportunity to chat. Give me a call today at 913-766-8777.

The Swartz Report: My Advisory Board Has Helped Shape the Company

August 15, 2018/in Blog/by Swartz + Associates

Don Swartz

Post written by Donald Swartz, President and Principal at Swartz + Associates, Inc. | Lover of Chiefs, Royals and golf | Avid “Cruiser” | Poker Enthusiast

Last month, my blog post focused on my employees and how each of their talents makes our company successful.

This month, I would like to go behind the scenes and talk about my Advisory Board. While I won’t go into details about each of them, collectively they’ve played a significant role in shaping my company.

I’ve relied on them and their expertise in many ways to ensure I’m doing the necessary things to run a successful practice.

All are successful in their own right. Whether it’s achieving senior management roles in large companies or running their own companies, they have experienced all the issues I face as a business owner.

I consider each of them friends first but chose them because I believe they’re not afraid to tell me what they think and not necessarily what I want to hear.

Their backgrounds are diverse, covering all aspects including, legal, marketing, financial, risk assessment and business ownership.

I’ve worked with some in previous jobs, have represented others in property tax appeal matters, and have engaged a few to assist in our appeals. The constant is that I know they’re there for me and are willing to help me be successful.

Since 2014, they’ve been a part of my business story and I’m pleased they’ve continued to be a part of my Board today.

I try to be cognizant of their time and our meetings are generally to the point and with purpose.

We go over financials and compare them to previous year’s performances, but the greatest benefit to me are the questions relating to, “What’s next?”

As a small business owner, it’s easy to get wrapped up in today and not worry about the future.

I rely on them to push me to focus on the future and ensure I’m taking care of my clients while also looking to continue to grow the practice.

It’s a fine balance and having an outside perspective is very positive and meaningful.

With that, I’ve listed my Advisory Board members below. I thank each of them for their contributions and friendship and look forward to future meetings where I can continue to tap into their expertise.

To learn more about this great team, I’ve linked their names below to their respective LinkedIn profiles. Take a look…they just might be able to help you like they’ve helped me and my business!

Alana Muller – Network Speaker, Coach & Consultant, Author, Blogger, Facilitator at Coffee Lunch Coffee

Alana Mulller

Rita Cortes – Executive Director, Menorah Heritage Foundation

Rita Cortes

Derek Bridges – Enterprise Security Officer, DST Systems

Derek Bridges

Joyce Hrinya – Private Equity Operating Partner, Corporate Board Member, Omni-Channel Marketing Consultant

Joyce Hrinya

Mark Hrinya – Finance & Operations Executive for Technology & Aerospace Companies

Laird Goldsborough – Senior Managing Director at Valbridge Property Advisors

Laird Goldsborough

Nicole Barth – Business and Accounting Consultant

Nicole Barth

The Swartz Report: My Team is Awesome

July 16, 2018/in Blog/by Swartz + Associates

Don Swartz

Post written by Donald Swartz, President and Principal at Swartz + Associates, Inc. | Lover of Chiefs, Royals and golf | Avid “Cruiser” | Poker Enthusiast

As we enter our 5^th year of Swartz + Associates, Inc. it’s sometimes easy to overlook the people who have helped make the company successful.

While I try to recognize the efforts of my team internally, it’s not often that I let others know of the work they do for our clients and the success they wield.

The look and feel of the company has changed over the past two years and I’m excited about the possibilities and opportunities as we move forward.

Currently, there are five employees (excluding me) in the Kansas City office. All of them are working to make our company stronger in the review and analysis of property tax valuations. In addition, they’re assisting in machinery and equipment valuations for banks, other appraisers, CPAs and equity groups.

So please indulge me as I take a few minutes to recognize each team member for the efforts:

Charles Young

Charles Young has been working with me for almost 20 years. During that time he’s been involved in hundreds, if not thousands, of reviews and appeals of commercial and industrial real estate values.

Charles strength lies in his abilities to communicate effectively with county representatives and turning potentially complex properties into “easy to understand” scenarios where the county officials and taxpayers can come together to determine the best way to value a property.

This is particularly true when looking at owner-occupied manufacturing facilities, regardless of location. The ability to separate “value in use” vs “value in exchange” can be very tricky and Charles’ experience affords him the ability to discuss these differences in a manner that’ss effective and not controversial.

Gary Stone

Gary Stone has worked with me since 2004. He has worked hard to achieve his ASA designation as an accredited senior appraiser in the area of machinery and technical specialties.

This designation is difficult to achieve and Gary is one a handful to earn this distinction in the greater Kansas City area. As a result, Gary has built a great relationship with bankers, CPAs and others who need assistance in the valuation of equipment.

Whether the purpose is for collateral purposes, part of a merger/acquisition or for financial reporting, Gary has become one of the few experts in the area.

Additionally, Gary oversees our business personal property area, assisting taxpayers in the review and analysis of the tangible personal property filings and valuation.

Whether it’s consulting on valuation or compliance filings through the use of PTMS software, Gary has effectively handled the business personal property needs of our clients.

Katy True

Katy True joined the Swartz + Associates team almost three years ago, bringing processes and an operations overview to the company. Coming from a large corporate environment, Katy has the experience to know what components are necessary to effectively keep an organization running smoothly.

Additionally, Katy has been instrumental in the creation of a new database as well as being involved in our IT updates and conversions. While always looking at the big picture needs, Katy also loves the details and plays the important role of making sure our day-to-day needs are being attended to.

Filing deadlines, hearing dates, valuation and tax bill verifications – you name it – Katy is involved!

David Sukenik

David Sukenik will be celebrating his 2^nd anniversary next month with the company. David is the first hire I’ve made coming directly out of college with no previous experience in the industry.

Since his hiring, David has developed a keen understanding of the property tax world and has immersed himself in the research of valuations, classwork in the techniques in the valuation of real estate and business personal property, and developing relationships with existing clients.

Lately, David has been involved in the valuation, review and appeals of several complex real estate properties, developing his expertise in C-Store operations. I’m confident David will continue his educational needs to further his abilities to value all types of properties.

David’s skill set also allows him to easily navigate the online world, quickly researching and organizing valuations and information on properties anywhere in the country.

Eric Owens

Eric Owens is coming up on his one year anniversary this fall. A Kansas certified general appraiser, Eric has significant experience in the valuation of commercial and industrial properties.

His prior experience working as a fee appraiser has allowed him to step into the role of consultant with ease. Eric has familiarity with all types of real estate and has been involved in the valuation of hundreds of real estate parcels over the years.

With the retirement of other employees in the company the past two years, Eric has been able to step in and fill the void seamlessly.

He’s very comfortable talking with clients about their properties, working with county officials in the valuation of properties, and looking for new opportunities.

I’m very pleased with the team we’ve assembled and I know our clients would agree with this assessment. We’re only going to get stronger and better as we move forward. I can’t wait to see what the future holds.

As always, if you have questions about property tax valuations or assessments, please contact me at (913) 766-8761 or . We’re here to help!

The Swartz Report: My Daughter Begins Her Lifelong Road Trip

June 29, 2018/in Blog/by Swartz + Associates

Post written by Donald Swartz, President and Principal at Swartz + Associates, Inc. | Lover of Chiefs, Royals and golf | Avid “Cruiser” | Poker Enthusiast

My wife and I recently traveled with our daughter to Washington, D.C. where she began her “real world”, post-college life.

Upon finding a nice apartment, the race was on to get the lease signed, buy furniture, get the electricity set up, establish high-speed internet and cable, buy food, move a countless amount of clothes, and get her ready to start her job on Monday.

It was quite the whirlwind of activity for a couple of days but well worth the effort.

It reminded me of my own experience 30+ years ago, when I moved to Kansas City after graduating from college.

Moving to a new city, knowing very few people my age and trying to get acclimated to the surroundings was quite daunting.

However, it was also very exciting to be on my own and living independently.

Of course, I always knew I would have family support whenever I needed it, and I hope my daughter knows we will always be there for her.

One week is almost in the books for the next stage of her life and so far, so good.

As parents, we can only talk about so many situations. Ultimately, you have to live and experience these things in order to gain knowledge. This is especially true in the working world. Make sure you embrace the challenge of work and learn from mistakes.

If you’re a follower of my blogs over the years, there will be no “Daddy-daughter” road trip back to college this fall. Instead, I can’t wait to hear how her lifelong “road trip” takes shape.

Best of luck to Miriam… but really, no luck is necessary. I just know she’s going to be great!

Miriam’s new apartment!

The Swartz Report: April Showers Bring May….Graduates!

April 17, 2018/in Blog/by Swartz + Associates

Post written by Donald Swartz, President and Principal at Swartz + Associates, Inc. | Lover of Chiefs, Royals and golf | Avid “Cruiser” | Poker Enthusiast

This May my family will be celebrating two graduations in our household. On consecutive weekends, my daughter will be graduating from college and my son will be graduating from high school.

As many parents will attest, the time certainly flies by. If you’re a regular reader of this blog, you’re likely aware of my annual road trips with my daughter to start her Fall semesters and our various stops along the way.

It’s amazing to me that those four years…and our version of “college road trips”…are coming to an end.

Likewise, with my son’s high school graduation, we’ll be winding down the number of times we play ping pong while the Royals games are on in the background. This has been our almost-nightly ritual for the past several years.

Of course, it was much more enjoyable during the 2014 and 2015 seasons than our current start to 2018. But traditions die hard and I fully expect more ping pong battles until mid-August.

The Empty Nest Stage Begins

Yes, we’ll be joining the ranks of the empty nesters in the Fall and frankly, we’re very excited about the opportunities in front of us. Both kids will be on the East Coast (ish) and we look forward to traveling to visit.

We also look forward to traveling other places and to getting back to the pre-kid days of spontaneity. We’ll cherish a home free of clutter, or at least the thought of becoming clutter-free. And, we await the days of not worrying about whether our son will be home for dinner or what his weekend plans may entail.

A Message to Our Kids

There are a few things we do know…things we’ve learned when as we’ve matured, lived on our own, and things we’ve learned as a result of parenthood.

To our daughter Miriam…

It’s a big world out there and it’s full of opportunity. The key is to make the most of what is afforded you.

This is the time to take chances, to explore offers you may have never thought about or even considered, and a time to take your independence to another level.

College provides the foundation to show you can survive and thrive in the world. The “real world” allows you the chance to apply these educational and social skills you’ve developed and put them to use.

To our son Aaron…

While you’ve developed friendships dating back to preschool, the concept of living 24/7 with a roommate(s) (known or unknown) can be a little scary.

Your chosen university allows you the chance to interact with people from a very different geographical perspective.

Take advantage of the setting and embrace the idea of meeting and befriending people who may have had a very different life from you. College is one of the great experiences in life.

Experience everything campus life has to offer and force yourself to routinely get out of your comfort zone.

Your high school friends are always a text, Snapchat, Facebook, Group Me (fill in the social medium of choice) away, but your college friends will live the same experiences morning, noon and night.

This is very powerful and will allow you to spread your wings in ways you’ve never imagined.

To both kids…

You’re ready to tackle whatever lies in front of you. You have a great support system of friends and family. We’re thrilled (and proud) to see you take your next steps in life!

Exciting times indeed. Congratulations to proud parents and graduates everywhere!

The Swartz Report: Should Kansas Wake Up and Smell the Property Tax Coffee?

March 19, 2018/in Blog/by Swartz + Associates

Post written by Donald Swartz, President and Principal at Swartz + Associates, Inc. | Lover of Chiefs, Royals and golf | Avid “Cruiser” | Poker Enthusiast

In my January post, I mentioned the valuation of retail stores and the different arguments surrounding the “best” way to accurately value single-tenant, big box retail with a long-term lease in place.

It appears the State of Kansas is willing to find out what the appeals court (and quite possibly the State Supreme Court) says about values for property tax purposes.

The Kansas Board of Tax Appeals (BOTA) recently ruled in favor of Target Corporation in their appeal of four property tax valuations appraised by the Sedgwick County Assessor’s Office in Wichita, KS.

Target Corporation hired an independent appraiser to value the properties on a fee simple basis which, in the appraiser’s opinion, is the best way to value real estate at its fair market value.

According to KSA 79-501, “Each parcel of real property shall be appraised at its fair market value in money, the value thereof to be determined by the appraiser from actual view and inspection of the property”. The following link is a complete reading of the decision by the Board of Tax Appeals. http://caselaw.findlaw.com/ks-court-of-appeals/1884700.html

Across the State of Kansas, several appraisers, assessors and columnists have opined as to how these properties should be valued. I believe there’s ultimately a bigger question Kansas should consider.

How should properties be treated in a strong economy such that longtime owners of real estate, BOTH residential and commercial, can afford to own their properties by limiting their property tax exposure?

Our company represents owners of equipment and real estate in several states where limits to the increase in the annual appraised and assessed valued are put in place to protect homeowners as well as commercial owners and investors.

California was one of the early adopters of this methodology, passing Proposition 13 in the 1970s, which limits the current owner of a property to a maximum of 2% increase in value on an annual basis.

The idea was to protect longtime homeowners from significant property tax increases when surrounding properties were selling for 5X to 10X more than homeowners who purchased their properties in the 1950s or 1960s.

The value would convert to the new market value in the event of an arm’s length sale between a willing buyer and a willing seller where the property had been exposed to the marketplace.

Several other states have implemented a similar strategy in the last 20 years, including Michigan, Oklahoma and Florida.

When a new owner purchases the property, the cap is removed and the sale price represents the new “base” from which the annual increase is calculated.

There are arguments for and against this strategy, particularly when considering the aspect of equality and uniformity, as this method doesn’t provide for equitability. However, it does appear to be quite fair for individuals who have invested in their personal residences and built up a nest egg based on decades of ownership. The same should hold true for longtime business owners who have invested in their business properties.

Kansas should look at these other states and see if this methodology is reasonable. I believe taxpayers would support a plan that limits annual valuation increases as opposed to limits on mill levies (tax rates). We will continue to follow the Target Corporation case with great interest and will report the results once concluded.

As always, I appreciate your comments and the opportunity to represent your interests in any property tax matter.