Re:Big-box retailers are slashing their property taxes throu...
by mdasen on Wednesday November 14, 2018 @06:53PM
(#18455457)
https://appleinsider.com/articles/18/08/13/apple-appeals-aga...
To be fair, another source says it’s unclear if that is $200 or $200M which is a big difference.
Apple does pay $56M in property taxes per year in Santa Clara county and is the largest property tax payer in a county that includes Google. If property taxes there are 1%, that would mean $5.6B in assessed value.
It might not even cost the county tax assessors much, some of these abuses are so blatant that even a private citizen could buy out the building under that policy:
https://dailycaller.com/2018/08/14/apple-hq-200-dollars-sant...
> Apple, history’s first trillion-dollar company, is arguing that a cluster of new buildings at its headquarters is worth only $200 in order to lower its tax burden.
> The trillion-dollar tech giant claimed in an appeal the value of the “cluster of properties” is worth $200, not the $1 billion value given by the Santa Clara County’s tax assessor — elected officials who determine property value for tax purposes.
I'd call it "disruptive innovation" to buy out Apple's headquarters buildings for the $200 it thinks they're worth, rent them back to Apple at the maximum price the market will bear, and pay Santa Clara County it's fair share in taxes.