PROPERTY TAX REDUCTION, LLC FOR LEOA
A priority of the current board as well as previous ones has been to strive for financial stability at Lake Emerald. In line with this goal, the board entered into an agreement with PROPERTY TAX REDUCTION (ReDux) to pursue property tax re-assessment. A brief report of the results appeared in the June 2009 Reflections as well as a more detailed report by Yoav Magen at the last board meeting. Some of the details reported by ReDux are as follow:
The filing for a tax reduction resulted in a $120,195.00 tax savings to our community.
This figure amounts to a 12% reduction to all Lake Emerald owners who were included in the appeal.
The dollar amount of the range in refunds amounts to approximately $50.00 - $300.00 per unit based on the original assessed tax value.
Owners will receive a notice from LEOA and ReDux providing proof from the county that the refunds will be sent. The fee due to ReDux and LEOA are due payable when owners receive the notice. The notice may precede the actual issuing of the county check by 7-10 weeks. Preparation of the notices should begin the week of July 5th.
The fee for PROPERTY TAX REDUCTION (ReDux) is 35% of the amount of the tax refund - their fee for services. The fee for LEOA is $50.00 to reimburse the upfront money advanced by the association as well as the administrative costs. These two invoices are due upon receipt. Any late payments will result in the usual late fees with subsequent referral to collections.
On a very positive note, the newly adjusted tax base remains in place and carried forward resulting in savings for future years. Obviously, if the state of county raises the tax base, the tax amount could change.
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