Halbert House owner threatens demolition over tax dispute

Posted in the Corsicana Forum

City Insider

United States

#1 Dec 9, 2011
Wow! Reading some articles I found this one. These people complain about the value assigned.$56 per foot is so low for that property and that location. I’m been charged $50 per foot in a property out of town in the country area. The “Halbert House” should be charged at least $100 per foot in the location and type of construction. If you don’t want to pay the “tax bill” just sell it that will solve your complain…

http://corsicanadailysun.com/local/x409997185...
FWGirl

Dallas, TX

#2 Dec 9, 2011
In FW, he would have his valuation frozen for 10 yrs for saving a historic bldg. He also, since it is used commercially (perhaps not, since he seems to live in it too???) could have qualified for a really generous NPS tax credit that would amount to 20% of his rehab expenditures. I did a commercial bldg in FW and didn't have to pay federal income tax for a year or two b/c of the NPS credit. And yes, the price/sq. foot seems modest in comparison to what I am used to paying.
Mr Wisdom

United States

#3 Dec 10, 2011
FWGirl wrote:
In FW, he would have his valuation frozen for 10 yrs for saving a historic bldg. He also, since it is used commercially (perhaps not, since he seems to live in it too???) could have qualified for a really generous NPS tax credit that would amount to 20% of his rehab expenditures. I did a commercial bldg in FW and didn't have to pay federal income tax for a year or two b/c of the NPS credit. And yes, the price/sq. foot seems modest in comparison to what I am used to paying.
Whatever!
FWGirl

Dallas, TX

#4 Dec 10, 2011
It's true.

National Parks Service has this program:

http://www.nps.gov/tps/tax-incentives.htm

City of Fort Worth Program:

http://fortworthtexas.gov/planninganddevelopm...

My building's city freeze will expire in 2014 so I need to figure out whether to sell it or spend a bunch more money improving it again to requalify if that's even possible.
FWGirl

Dallas, TX

#5 Dec 10, 2011
Oh, and look, even Corsicana has some sort of program:

http://www.ci.corsicana.tx.us/departments/eco...

So, if you buy a historic building, be sure to take advantage of the programs offered.:)

This concludes FWGirl's Public Service Announcement regarding historic properties...
annm

Dallas, TX

#6 Dec 29, 2011
I believe some of the tax problem is related to inventory. All furniture, kitchen tools, serving dishes, etc are considered inventory and tax at the same as the property tax. That is the reason other bed and breakfasts have closed in the past due to the inventory tax.

JGK

Since: Dec 08

corsicana

#7 Dec 30, 2011
annm wrote:
I believe some of the tax problem is related to inventory. All furniture, kitchen tools, serving dishes, etc are considered inventory and tax at the same as the property tax. That is the reason other bed and breakfasts have closed in the past due to the inventory tax.
I am not finding any inventory listed, it is actually showing as homestead exempt.

http://www.taxnetusa.com/texas/navarro/detail...
Susan

Fort Worth, TX

#8 Dec 30, 2011
It is jut being used as a home

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