Tax & Accounting Blog

Property Tax Changes From East to West

Blog, ONESOURCE, ONESOURCE Property Tax July 15, 2013

Connecticut — Property Tax Exemptions

Connecticut Legislation has changed the minimum cost of improvements eligible for a 50% property tax exemption from $25,000 to $10,000. This decreased amount is for up to three years for economic development projects that towns are authorized to approve.

Missouri – Solar System Exemption
L. 2013, H142, effective 08/28/2013, exempts solar systems not held for resale from property taxation.

North Carolina — Custom Software

Development of, or any modifications to software, (whether done by the taxpayer or a third party), to meet a customer’s specified needs is now included in the custom software exclusion according to new North Carolina legislation (L. 2013, S490 (c. 259)) for taxes imposed for taxable years beginning on or after July 1, 2014.

Utah — Church Property—Future Use

The Utah State Tax Commission has recently ruled that property being held for future development by a church, in and of itself, does not qualify for a religious exemption. Statutory rules and regulations provide that vacant land is exempt only after construction commences or a building permit is issued for construction of a structure or other improvements used exclusively for religious purposes. In this case, the taxpayer had neither obtained a building permit or commenced construction. (Petitioner v. Board of Equalization of Salt Lake County, Utah State Tax Commission, Appeal No. 10-2029, 12/19/2012 (released 07/2013).