Start Date
9-12-2016 3:15 PM
End Date
9-12-2016 4:30 PM
Description
Many states create homestead tax exemptions/credits to promote primary home ownership. Such exemptions/credits are privileges to be granted when the taxpayer properly qualifies to receive it. Privileges can be abused and when they are, it can create certain inequities in the tax roll and spread the burden of funding government in an inappropriate manner. This presentation will address the nature of homestead exemptions/credits; their overall effect on the tax roll; exemption vs. limitation vs tax credit; jurisdictional differences; the effect of improperly obtained exemption/credits; the investigative process to locate improper exemptions/credits, or confirm existing, but suspect exemptions/credits; the correction process, both proactive and reactive; and the resulting tax consequence to the taxpayer improperly receiving the exemption/credit/limitation. There will be three, or more, case studies addressing exemplary situations. There will be a limited presentation by Tax Management Associates (TMA) on the use of Lexis Nexis to support the investigative effort. Finally, there will be a discussion on the funding mechanisms for this process and the interaction of various governmental jurisdictions affected by the process. See attached outline.
Recommended Citation
Pflugner, J. Geoffrey Esq. and Loughrey, Brian, "Homestead fraud: Prevarication of benighted bliss" (2016). IAAO Annual Legal Seminar. 14.
https://researchexchange.iaao.org/legal/legal16/sessions/14
Homestead fraud: Prevarication of benighted bliss
Many states create homestead tax exemptions/credits to promote primary home ownership. Such exemptions/credits are privileges to be granted when the taxpayer properly qualifies to receive it. Privileges can be abused and when they are, it can create certain inequities in the tax roll and spread the burden of funding government in an inappropriate manner. This presentation will address the nature of homestead exemptions/credits; their overall effect on the tax roll; exemption vs. limitation vs tax credit; jurisdictional differences; the effect of improperly obtained exemption/credits; the investigative process to locate improper exemptions/credits, or confirm existing, but suspect exemptions/credits; the correction process, both proactive and reactive; and the resulting tax consequence to the taxpayer improperly receiving the exemption/credit/limitation. There will be three, or more, case studies addressing exemplary situations. There will be a limited presentation by Tax Management Associates (TMA) on the use of Lexis Nexis to support the investigative effort. Finally, there will be a discussion on the funding mechanisms for this process and the interaction of various governmental jurisdictions affected by the process. See attached outline.