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tax reassesment time for Tony

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  • tax reassesment time for Tony

    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.

    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.
    http://www.ibj.com/html/detail_page.asp?content=12529

    That's still a long way from the Billion dollars some have claimed the Speedway is worth. Apparently the state feels Indy owes them more than they have been paying.

  • #2
    At $170 million it is still greatly undervalued. Consider that Bruton Smith just paid $340 million for New Hampshire Speedway.

    http://www.boston.com/sports/other_s..._nh_oval_340m/

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    • #3
      Originally posted by Outlaw
      At $170 million it is still greatly undervalued. Consider that Bruton Smith just paid $340 million for New Hampshire Speedway.

      http://www.boston.com/sports/other_s..._nh_oval_340m/
      Property taxes do not include business revenues. Bruton bought both property and a business.

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      • #4
        Originally posted by BADGER
        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.

        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.
        http://www.ibj.com/html/detail_page.asp?content=12529

        That's still a long way from the Billion dollars some have claimed the Speedway is worth. Apparently the state feels Indy owes them more than they have been paying.
        Anyone who knows even a tiny little bit about real estate would know that assessed value(what the govt thinks it's worth) and the appraised value(what the market value is) are almost never the same, with the assessed value usually being less. Nice attempt at a troll...

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        • #5
          Originally posted by BADGER
          Apparently the state feels Indy owes them more than they have been paying.

          ...for all that IMS does and brings to the city of Indianapolis, and all on their own dime I don't see the city being ripped off or any trickery done on the part of IMS.
          ​a bad day at the race track beats a good day at work

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          • #6
            Anyone that knows anything about that section of Indianapolis where IMS sits knows the track is one of the few bright spots in a blighted area. There are still nice family homes blocks west of IMS and south of 16th St. and Crawfordsville Rd. in the town of Speedway, but it would be hard to make a case for increased property values. You have to consider that the person that started this thread doesn't like Tony George at all.
            It's always been about the Indy 500!
            I realize I have the right to remain silent, but don't have the ability or enough common sense to do so.:rolleyes:

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            • #7
              Originally posted by BADGER
              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.

              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.
              http://www.ibj.com/html/detail_page.asp?content=12529

              That's still a long way from the Billion dollars some have claimed the Speedway is worth. Apparently the state feels Indy owes them more than they have been paying.
              Unless you live in Marion county you would have no idea how screwed up our assement is for tax purposes.
              "Whoever has got the big balls is going to be the fast guy."

              Helio Castroneves

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              • #8
                IMS is probobly one of only a handful of large employers in Marion County that has never asked for a property tax abatement nor asked the taxpayers to build their facility for them.

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                • #9
                  Originally posted by Dennis H.
                  IMS is probobly one of only a handful of large employers in Marion County that has never asked for a property tax abatement nor asked the taxpayers to build their facility for them.

                  Why would they when they were undervalued by orders of magnitude?

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                  • #10
                    Originally posted by BADGER
                    Why would they when they were undervalued by orders of magnitude?
                    Actually, that is typical, agenda-driven exaggeration from you. If the original assessment was in the $34M range, then just ONE order of magnitude would be $340M, and the new assessment is half that. So, no, the property was NOT undervalued by "orders of magnitude."

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                    • #11
                      Originally posted by tbyars
                      Actually, that is typical, agenda-driven exaggeration from you. If the original assessment was in the $34M range, then just ONE order of magnitude would be $340M, and the new assessment is half that. So, no, the property was NOT undervalued by "orders of magnitude."
                      So if the Indiapolis Motor Speedway was for sale, you believe it would sell for less than $340 million? Even the new revised number is shockingly low.

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                      • #12
                        Originally posted by BADGER
                        So if the Indiapolis Motor Speedway was for sale, you believe it would sell for less than $340 million?
                        I can't imagine there is a track in India that would sell for more than $340M.

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                        • #13
                          Originally posted by BADGER
                          So if the Indiapolis Motor Speedway was for sale, you believe it would sell for less than $340 million? Even the new revised number is shockingly low.
                          But it's not for sale, is it?

                          Seeing you bring up its worth, care to provide how much money has been spent on improving and maintaining the Indianapolis Motor Speedway since 1990?
                          "I didn't hear a single comment about airboxes, "carbashians", or how terrible the car looked. I did see dozens and dozens of little kids in awe of the speed and how cool the cars looked. We should learn from our children."
                          --Danny Noonan

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                          • #14
                            They announced on Friday that the Marion County sales tax would increase to from 6 to 9% to help provide some relief of the property tax increase.

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                            • #15
                              Originally posted by skypigeon
                              But it's not for sale, is it?

                              Seeing you bring up its worth BADGER, care to provide how much money has been spent on improving and maintaining the Indianapolis Motor Speedway since 1990?
                              No, he wouldn't want to do that, that would mean that he would have to concede Tony George and the family are the best possible custodian the historic old track could have.
                              It's always been about the Indy 500!
                              I realize I have the right to remain silent, but don't have the ability or enough common sense to do so.:rolleyes:

                              Comment

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