Ken Ham is ripping of Kentucky again:

[Twilight Hue]

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

All the sudden I hear pompus laughing each time they say stuff like that.

 

[Twilight Hue]

Even Jesus didn't tell the Disciples everything.

That explains some of the gaps in the Bible.

 

[David1967]

And they suffer no consequences.
No one is sanctioned for illegal increases or over-valuations.
The property owner must do all the work.

My neighbor was punished for daring to downsize for the purpose of lowering his property taxes. The message was loud and clear that this would not be tolerated. And you are right, no one challenges them lest they be singled out for audit.

 

[Revoltingest]

My neighbor was punished for daring to downsize for the purpose of lowering his property taxes. The message was loud and clear that this would not be tolerated. And you are right, no one challenges them lest they be singled out for audit.

Depending upon state law, making a change which one might think would
reduce property taxes could actually cause an increase because statutory
increase limitations might be removed by the change.

 

[David1967]

Depending upon state law, making a change which one might think would
reduce property taxes could actually cause an increase because statutory
increase limitations might be removed by the change.

So the taxpayer remains screwed.

 

[Subduction Zone]

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.

I am sorry, but you just cannot throw away the cost to build A person would have to demonstrate a loss of value somehow. Cost to build is a reasonable assumption for minimum valuation.

#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.

So designing a crappy theme park is an excuses for a low value? I don't think so.

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.

If it were to be sold and value was lost then that could be taken off of income taxes. As a property owner one takes on certain duties. Maintaining one's property is part of it. A lazy homeowner does not get a break on his property tax because he did not properly maintain his home.

I think that since you are a property owner you are too ready to give the benefit of the doubt to Ham. I too am a property owner, but just of my house. I know what duties I have and that I will not get a break for not keeping my house in decent shape. If I screw up the benefit of that goes to the next buyer. Not to me. If Ken screws up an economic opportunity the benefit does not go to him.

 

[Subduction Zone]

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.

Or it is a reflection of what the property should be worth. Again, property ownership brings on certain duties. I don't like paying taxes either, but I can see that they are a necessary "evil".

 

[Revoltingest]

I am sorry, but you just cannot throw away the cost to build A person would have to demonstrate a loss of value somehow.

Of course. That's how property tax appeals work, ie, the burden is on the owner.
Value could be calculated as the net present value of the yearly profit projections.
This is more involved than I want to address here....but quite doable.

Just because someone spent $X to build a property doesn't mean it's worth $X.
Usually cost & value are initially closely related. But a Noah's Ark theme park?
That's a risky venture. Who knows how many paying customers would come
to be awed or entertained by it? Sometimes a property is even worth less than
the raw land because of demolition costs for obsolete structures.

Cost to build is a reasonable assumption for minimum valuation.

It's generally reasonable.
But it might not be the most reasonable for unusual properties.
The court will decide this if the parties don't agree on a figure.

 

[Revoltingest]

Or it is a reflection of what the property should be worth.

"Should be worth"?
That's not how real estate appraisals work.
It's about analyzing what they "are worth".

How would you like to pay income tax based
upon what the IRS thinks you should be earning?
See the problem?

Again, property ownership brings on certain duties. I don't like paying taxes either, but I can see that they are a necessary "evil".

But no one has a duty to pay tax based upon an illegally high assessment.
In this case, there's disagreement about value.
Looks like it'll be settled in court.
(Here, tax tribunals precede court.)

 

[Stevicus]

But a Noah's Ark theme park?
That's a risky venture. Who knows how many paying customers would come
to be awed or entertained by it?

That's what I was wondering, but after looking at another article which had quite a few snapshots, it kind of looked interesting. Ark Encounter sued by a Kentucky board of education for undervalued property

I wonder what the ticket prices are. Let's have a look: Ark Encounter Tickets

Ark Encounter Tickets
One-day ticket to the Ark
+ free Explore More ticket

Adult (ages 18–59) $48
Senior (ages 60+) $38
Youth (ages 11–17) $25
Children (ages 5–10) $15
Children (ages 4 and under) FREE
...

Seems a bit steep.

 

[Revoltingest]

That's what I was wondering, but after looking at another article which had quite a few snapshots, it kind of looked interesting. Ark Encounter sued by a Kentucky board of education for undervalued property

I wonder what the ticket prices are. Let's have a look: Ark Encounter Tickets

Ark Encounter Tickets
One-day ticket to the Ark
+ free Explore More ticket

Adult (ages 18–59) $48
Senior (ages 60+) $38
Youth (ages 11–17) $25
Children (ages 5–10) $15
Children (ages 4 and under) FREE
...

Seems a bit steep.

What matters is net income at year's end.
Without knowing how many tickets they sell,
& their expenses, this isn't knowable.

 

[Stevicus]

What matters is net income at year's end.
Without knowing how many tickets they sell,
& their expenses, this isn't knowable.

I don't know how many tickets they sell either. Considering it apparently cost over $100 million to build the thing (and now I'm wondering who financed Noah in the original Ark endeavor), that might also figure into the cost of the ticket.

Looking further at their website, I see they also have a Creation Museum, so you can get a package deal on tickets to both attractions.

I agree that it seems kind of risky. I recall reading the fate of another Christian theme park of the past: Holy Land USA (Before & After): The Abandoned Christian Theme Park

This picture sums it all up:

On the other hand, there are other theme parks along the same lines: 6 Christian Amusement Parks and Crazy Attractions That Have Actually Existed | RELEVANT Magazine

Orlando’s Holy Land Experience amusement park may be the only place on earth where you can watch a violent, mock-crucifixion of Jesus, climb a rock wall, play Bible-themed mini golf and eat a “Goliath Burger” all in the same day.

Owned by Trinity Broadcasting Network, the park is a weird mix of Florida-amusement park-style fun and Bible lessons: It’s not only home to mini-golf and turkey legs, but also a “Scriptorium” Bible museum, televangelism studio and theaters that show Bible-themed productions.

 

[Revoltingest]

I don't know how many tickets they sell either. Considering it apparently cost over $100 million to build the thing (and now I'm wondering who financed Noah in the original Ark endeavor), that might also figure into the cost of the ticket.

The wise approach would be to price the tickets such that the resulting
volume maximizes profit. Whatever they paid to build it is irrelevant.
If their max profit doesn't provide the return they need, that's just tough.

Looking further at their website, I see they also have a Creation Museum, so you can get a package deal on tickets to both attractions.

Almost makes me want to go.....not!

I agree that it seems kind of risky. I recall reading the fate of another Christian theme park of the past: Holy Land USA (Before & After): The Abandoned Christian Theme Park

This picture sums it all up:

On the other hand, there are other theme parks along the same lines: 6 Christian Amusement Parks and Crazy Attractions That Have Actually Existed | RELEVANT Magazine

I wonder if another theme might work....
Six Flags Lake Of Fire
Satan's Berry Farm
Old Scratchland

 

[Dan From Smithville]

Noah’s Ark Encounter: Kentucky park should pay higher taxes, suit says

Ken Ham has undervalued his Ark Park by a factor of almost three. Isn't it amazing how some creationists do not follow the teachings of Jesus.

Since he is ripping off everyone that walks through the gates of his park, should we be surprised that he did not stop there?

I believe that the unwritten creationist commandment is that when money is involved, all actions are OK.

 

[Dan From Smithville]

I don't know how many tickets they sell either. Considering it apparently cost over $100 million to build the thing (and now I'm wondering who financed Noah in the original Ark endeavor), that might also figure into the cost of the ticket.

Noah used his populist position to get the sinners that would be killed by the flood to pay for the ark that would save him and his family from the flood.

Looking further at their website, I see they also have a Creation Museum, so you can get a package deal on tickets to both attractions.

Is there a buffet?

I agree that it seems kind of risky. I recall reading the fate of another Christian theme park of the past: Holy Land USA (Before & After): The Abandoned Christian Theme Park

This picture sums it all up:

On the other hand, there are other theme parks along the same lines: 6 Christian Amusement Parks and Crazy Attractions That Have Actually Existed | RELEVANT Magazine

Huh. Never knew they existed.

 

[Twilight Hue]

So the taxpayer remains screwed.

Election time will be just around the corner...

 

[Dan From Smithville]

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.

I have read a few stories where a couple built or bought a home when they were younger and spent their entire lives there only to be forced to sell it, due to the neighborhood improving and driving property tax through the roof.

While I support the things that property taxes are used for, to this day, I do not understand how they are not multiple taxation.

 

[blü 2]

Noah’s Ark Encounter: Kentucky park should pay higher taxes, suit says

Ken Ham has undervalued his Ark Park by a factor of almost three. Isn't it amazing how some creationists do not follow the teachings of Jesus.

Very strange!

I'd have thought it was virtually impossible to undervalue anything with the Ken Ham brand on it.

 

[Revoltingest]

I have read a few stories where a couple built or bought a home when they were younger and spent their entire lives there only to be forced to sell it, due to the neighborhood improving and driving property tax through the roof.

While I support the things that property taxes are used for, to this day, I do not understand how they are not multiple taxation.

Multiple taxation is normal.
What really should be watched is what incentives taxation poses.

We used to have something here called the Single Business Tax.
It was based upon fed tax, but payroll costs were added back
to income. This incentivized getting rid of employees because
the expenses weren't deductable. Bad move in a state with
employment problems, eh.

 

[Stevicus]

I wonder if another theme might work....
Six Flags Lake Of Fire
Satan's Berry Farm
Old Scratchland

Sodom and Gomorrah Land might get some visitors.