Is it frequent for high rollers to misidentify their real estate property?

I often hear Dr. Wolff talk about the unfairness of property tax. In addition, colleges, universities, churches and other tax exempt institution claim exempt status for properties they own which are actually conducting otherwise for profit activities. Another abuse I understand is the mislabeling of property. A family has a huge residential estate, but instead of having the property valued as residential, it keeps a few animals, maybe domestic maybe rare, on the property and then gets the entire property reclassified as agricultural, which generally has a significant lower tax bill.

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  • Donald Palmerino
    published this page in Ask Prof. Wolff 2017-05-02 16:13:59 -0400