Zappatista has pointed out an eye-opening article in the Indianapolis Business Journal that explains how the property taxes in Marion County, Indiana are getting more than a little wacky.
In 2005, assessors valued the 559-acre Indianapolis Motor Speedway at $34.4 million for property tax purposes. According to the latest figures from the Marion County reassessment, it now has a market value of $170 million.Five million bucks would just about pay for another race team. Just sayin'. Anyhow, if you notice things being a little more expensive for your annual trip to IMS, now you have a better idea why.
If the new assessment stands, the track’s annual gross property tax bills would increase fivefold, to more than $5 million, assuming tax rates remain constant.
Track spokesman Fred Nation expressed surprise that Marion County had assigned a $170 million property tax value to “a piece of land with a bunch of grandstands around it.”
(MORE from IBJ.com)