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Ken Ham is ripping of Kentucky again:

David1967

Well-Known Member
Premium Member
How do you know that Ham's valuation is too low?
In my experience, government will often try to
over-assess properties. Why? Tax collection.

Very true. A neighbor of mine had downsized his farm equipment considerably a few years ago. Thinking this would bring his property tax down some, he requested that the county assessor come out and reassess his property since he had downsized. The County assessor not only didn't reduce his property tax but found new and creative ways to raise it even more. It was her way of reminding the property owner that he, in fact, didn't own a damn thing, he just rented it from the county.
 

Subduction Zone

Veteran Member
Perhaps a new system should be formed. A person could choose to either have the state evaluate his property or do so himself.. If he chose for the state to evaluate it and the state had a price he thought to be too high he could force the state to buy at that price. If he chose to evaluate himself and he under valued it the state could buy it at that price. That would help to guarantee a fair price.
 

Revoltingest

Pragmatic Libertarian
Premium Member
From figures provided by the Ark Park itself. It could over 100 million to build. How did it lose over half of that cost?
Cost to build is only one of several methods of real estate valuation.
Some other methods....
1) Comparable properties, adjusted for different features.
2) Sale price
3) Sale price adjusted for financing incentives/disincentives
4) Economic value
How would you decide which to use?

Let's examine the methods....
#1 wouldn't apply unless there are comparable theme parks.
#2 is inapplicable because there's no sale.
#3 has the same problem as #2.
#4 would examine the value of the property based upon net income of the business there, if it is the highest & best use of the property as configured.

This theme park would be best valued by method #4.
If it were to be sold, it would be the best measure of
value to a potential buyer. And the price paid would
then be the best basis for valuation.

I've had many commercial real estate appraisals done.
I've also fought government valuations, & always won.
My side of these battles involves attorneys, appraisers,
consultants, & research. It's spendy. Government doesn't
put much if any work into valuation. Usually, they just
do automatic increases, or take only a superficial look
at what might get them the most tax revenue.
I don't know what the Ark theme park is worth.
But I do know that such things are always up for dispute.
 

Revoltingest

Pragmatic Libertarian
Premium Member
Very true. A neighbor of mine had downsized his farm equipment considerably a few years ago. Thinking this would bring his property tax down some, he requested that the county assessor come out and reassess his property since he had downsized. The County assessor not only didn't reduce his property tax but found new and creative ways to raise it even more. It was her way of reminding the property owner that he, in fact, didn't own a damn thing, he just rented it from the county.
A friend in Canajoharie NY bought a derelict supermarket to use for storage.
His assessment was so much higher than his purchase price that his yearly
property tax bill was more than the purchase price.
Tis one of many examples of government rapacious thievery.
 

David1967

Well-Known Member
Premium Member
A friend in Canajoharie NY bought a derelict supermarket to use for storage.
His assessment was so much higher than his purchase price that his yearly
property tax bill was more than the purchase price.
Tis one of many examples of government rapacious thievery.

Why do they do it?......,. Because they can.
 
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