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Your point is made but as I am sure you know, Harbor Land Strategic Realty LLC it is a foreign corporation incorporated in Delaware, likely for its reputedly corporate-friendly legal structure. Because this "corporation" does "business" in Rhode Island (leasing the place to Taylor Swift?), Rhode Island requires them to have a registered agent in the state, hence the East Providence address which is possibly set up just to act as an agent for Delaware corps. And probably her CPA, or agent, is in Nashville.
Wouldn't this, by its very definition, define it as a non-owner occupied house? I really don't know the answer to this question, but would like to know.
Actually, the trail leads back to a family member.
Mansion property owned by Rhode Island LLC. Tax bills to property address in Newport. There are also an additional 3 separate living quarters on the property for a total of 4 separate living quarters.
What's the definition of the property? Tax assessor calls it an estate. Is it really?
What about some of these Jamestown "farms"? Owned by non-residents, occupied during the summer only............but they fall under the definition of "farm".
And what about these conservation and historic easements placed on these $1M+ plus properties.. thus lowering their taxable assessments?
Then there are contiguous lots. Subdivide the acreage while keeping within local zoning....thus bringing separate assessments under the $1M+ threshold.
I still say the easiest way to raise $$ is via a new state transfer tax..........on all properties. And no additional government employees needed!
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^ well I know her parents are listed as managers for the LLC. The Nashville address does appear to be the manager's address.
You present a lot of great examples of how smart attorneys could get around the proposed tax. I have said all along that I don't know if the proposal makes any sense.
You may or may not be right about the transfer tax. However I am sure that is even hotter politically. It is a broad based tax, which Raimondo is saying she is avoiding. But more importantly, it will really anger the realtors because it will likely slow down the real estate market. Slowing down the real estate market in Rhode Island is one thing when you're talking +$1M houses, but entirely different when you're talking every property. There's slow, and then there's sssssllllllooooooooooooowww. They're not liable to do that.
I still say the easiest way to raise $$ is via a new state transfer tax..........on all properties. And no additional government employees needed!
For Lord's sake, don't give them any ideas! And why you would you even suggest further taxing RI residents?
The point of the TS thing is to tax what are essentially tourists- we have a tourist economy here.
For Lord's sake, don't give them any ideas! And why you would you even suggest further taxing RI residents?
The point of the TS thing is to tax what are essentially tourists- we have a tourist economy here.
Tourists???
Property owners are not tourists.
Only small portions of the state are tourist destinations. They already remit additional tourist taxes charged to the State.........and receive nothing in return from those taxes.
a .25% transfer tax on an average RI house of $194,500 is $486.25. Payable by the seller.
"Stamps" have always been paid in this state on real estate sales. Our closing costs compared to other states are pretty low. This transfer tax would also be charged on commercial and investment properties.
I don't want anything which gives the State additional power than what they already have. First it's seccond non-residential homes, next thing you know we're paying a State Car Tax on top of the car tax we already pay to our respective cities/towns.
I don't want the State Government to grow. It needs to be smaller, not bigger.
Tourists in the sense that it is not their intended primary home- a summer home- or just a second or third or fourth, etc.
Hate the idea of a larger transfer tax for obvious reasons. How the heck does that make for smaller govt? RI has far too much local govt inside of 39 cities & towns.Taxes are taxes. State, town, fire district, it's all money.
Tourists in the sense that it is not their intended primary home- a summer home- or just a second or third or fourth, etc.
Hate the idea of a larger transfer tax for obvious reasons. How the heck does that make for smaller govt? RI has far too much local govt inside of 39 cities & towns.Taxes are taxes. State, town, fire district, it's all money.
Our governor stated that the assumed $12 million in additional tax receipts would create jobs............those would be state jobs, not private industry.
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Quote:
Originally Posted by ocngypz
Our governor stated that the assumed $12 million in additional tax receipts would create jobs............those would be state jobs, not private industry.
Did the governor say that state jobs would be created from the tax receipts, and not private industry jobs, or is that your opinion?
Did the governor say that state jobs would be created from the tax receipts, and not private industry jobs, or is that your opinion?
Let's see. Gov needs the $12million to help plug the budget gap. Then when criticized, she says it creates jobs. What jobs in the private sector?
In further reading, it is not a real estate tax.
It is a priviledge tax. Paying for the priviledge of owning a summer home.
Might I remind the Gov it was out of staters that built the summer colonies. It was out of state $$ (Doris Duke's) who saved the Colonial structures in Newport. It is out of state $$ from PA, TX and NY that are furthering rehabilitation of historic homes and saving open space by buying up land, keeping it out of the hands of developers and creating land trusts so that RI residents and visitors may enjoy the open space.
Privilege tax sounds good to me- don't forget the residences have to be $1 million or more. I'm also in favor of high sin taxes- like on booze and cigarettes.
As I recall, there used to be a major tax on boats but it was gotten rid of because it was believed to hurt the RI boat building industry.
If you look at the RI Land Trust website, the development sounds fairly local and they cite a major state bond issue, although I'm sure some out of state money has created land trusts in some cases.
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Quote:
Originally Posted by ocngypz
Tourists???
Property owners are not tourists.
Only small portions of the state are tourist destinations. They already remit additional tourist taxes charged to the State.........and receive nothing in return from those taxes.
I don't think that is quite right. non-resident property owners do in fact benefit from state services. There are state roads, there are state police, there's the airport, there are dollars spent drawing tourists in (for those non-resident owners who are trying to make some rental money, for instance). There's even the governmental structure itself which is of some value even to a non-resident property owner. You can complain about the inefficiencies of course, but every person who steps foot in the state or owns property in the state does get something in return for whatever dollars the state collects. How much value they get for their dollar is a different story.
Further, when you buy a property in a community, it does not exist in a vacuum. Services such as education bolster communities. Imagine that the state stopped investing entirely in any of those state services. The value and desirability of those +$1M properties would drop.
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