IN THIS ISSUE:
Long Awaited Tech One Associates Decision; Philadelphia Common Level Ratio Drama Continues; Court Upholds IFTA Liability; PA Budget Watch; Goodwill Included in Subsidiary Valuation for Holding Company Apportionment Test; PA Supreme Court Denies Reconsideration of Decision Addressing Construction Contracts with Non-Exempt Entities; and Supreme Court Affirms Constitutional Test Must be Met by Those Seeking Charitable Exemptions.
Excerpt from Long Awaited Tech One Associates Decision
In a much anticipated decision, the Pennsylvania Supreme Court in Tech One Associates v. Board of Property Assessment, Appeals and Review of Allegheny County, 32 WAP 2010 (April 25, 2012), held there is statutory authority to tax leasehold interests as part of the totality of the assessment. Thus an assessment can properly include the value of land, buildings, and other improvements, regardless of whether the buildings and land were put there by the landlord or the tenant. This will alter what had been confusing present practice, and will require parties to leases to carefully consider tax responsibility.
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