AustinF1 Posted March 1, 2016 Report Share Posted March 1, 2016 Article by Shonda Novak from the Austin American-Statesman: Settlement lowers Austin F1 Circuit's Property Tax Valuation by 2/3: http://www.mystatesman.com/news/business/settlement-lowers-tax-bill-for-f1-racetrack/nqbBw/ Circuit of the Americas has reached a settlement with the Travis Central Appraisal District that lowers the appraised value of the Formula One racetrack by more than $180 million for 2015 alone — and in doing so saves the track’s owners millions in property tax payments. COTA and the Travis appraisal district agreed to lower the appraised value of the racetrack in southeastern Travis County to $91.2 million for the 2015 tax year, according to a settlement order signed by state District Judge Amy Clark Meacham on Monday. The appraisal district must revise the appraisal rolls to reflect the new values, per the judgment. The district had previously valued the track at $275.4 million for 2015. The deal also retroactively lowered the track’s appraised value for tax years 2013 and 2014, setting the value at $102.3 million for 2013 and $84.9 million for 2014. The previous appraisals had valued the track at $273.1 million for 2013 and $271.5 million for 2014. ... the combined savings for the three tax years could have been about $13 million, according to an American-Statesman analysis. COTA officials had sued the appraisal district in 2014, saying the district overvalued the track and was assessing a tax bill that was larger than the property merited. “Based on the performance of the property, the settled values more accurately reflect its value.” Under a protective order, Circuit of the Americas provided audited financials, contracts and other proprietary information during the litigation, Griffin said. Circuit of the Americas agreed to waive any attorney fees or court costs to which they otherwise would have been entitled, Griffin said. Based on the settlement, the taxing entities will not have to refund any money to COTA. The 3.4-mile racetrack was built to host the annual United States Grand Prix, which held its inaugural Austin race in 2012. Other events, including the X Games and Moto GP races, also are held on the grounds. The settlement also wrapped in other COTA-owned parcels near the track, Hutcheson said. The settlement set the appraised value of all the COTA-owned parcels, including the track, at $116.2 million for 2015, according to Griffin’s statement. Those parcels’ combined value was set at $110 million for 2014 and $127.3 million for 2013. Link to comment Share on other sites More sharing options...
AustinF1 Posted March 1, 2016 Author Report Share Posted March 1, 2016 Other COTA news from the San Antonio Express-News. I can't help but think this item is related to the above story: Epstein's Prophet Capital Set to Acquire Property Tax Lending Firm co-Founded by McCombs http://www.expressnews.com/business/local/article/Austin-firm-buy-to-Propel-Financial-Services-6861849.php?t=d20f1bb6d2&cmpid=twitter-premium Link to comment Share on other sites More sharing options...
JamesHigdon Posted March 1, 2016 Report Share Posted March 1, 2016 Other COTA news...I can't help but think this item is related to the above story: Epstein's Prophet Capital Set to Acquire Property Tax Lending Firm co-Founded by McCombs http://www.expressnews.com/business/local/article/Austin-firm-buy-to-Propel-Financial-Services-6861849.php?t=d20f1bb6d2&cmpid=twitter-premium Hopefully they go the way of Scott Tucker. Link to comment Share on other sites More sharing options...
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