No Property tax Estimate ? In Annual Meeting Notice

[DVCDAVE]

Am I missing something ? I noticed in there is no property tax estimate in the annual meeting notice with the proposed budget that came in the mail in the last few days. In particular, the resorts that we own, BWV and VWL.

This may effect the other thread which is going own currently, with the table of annual dues increases, both in absolute dollars, and in annual precentage increase. How can the numbers be correct if we don't know the final figures yet ? OR am I wrong ?

 

[CarolMN]

The property tax estimate was on the last page of my BWV notice. I assume it was on that page for all the notices. Here's a partial quote:

The amount of ad valorem taxes assessed against each Unit will be determined by the Orange County Property Appraiser's Office and the Reedy Creek Improvement District, respectively. The ad valorem tax assessments to be included on your 2004 Annual Dues billing statement will be $ 0.7954 per Vacation Point..... (snip) ...... Any difference between the tax estimate and actual taxes paid on the Owner's behalf will be applied towards the Owner's subsequent year's tax assessment.

What is missing from the budget estimate is the amount of the credit (if any) that we will get as a result of the 2003 estimate of property taxes turning out to be larger than what was actually assessed and paid.

Last year, we got a credit of approximately 10 cents per point. That was because the actual taxes paid in 2002 were less than the estimate made at the end of 2001. So we got the credit that was applied against 2003 dues. I don't know if the estimate made at the end of 2002 for 2003 taxes turned out to be higher than what was actually assessed.

IIRC, we won't know the amount of the "tax credit" (if any) until we get the bill for 2004 dues. Expecting to see that mid-December.

 

[DVCDAVE]

yes, that is true, I overlooked that. (middle aged eyes i guess), BUT, I don't see where they actually incorporated the figures in the per point estimate tables on the earlier pages, no metion at all !!

 

[DebbieB]

On the top of page 1, second paragraph of the BWV statement.

Annual Operating Budget ($2.9468 per point), estimated annual capital reserves budget ($.5093 per point), estimated ad voreum taxes (.7954 per point). Total $4.2515. Taxes are not listed on the tables because they are a separate category. The tables are for operating expenses & capital reserves, breaking out the above figures into categories. Taxes do not have a breakout.

 

[DVCDAVE]

Got it !! Thank You, and I stand corrected.

 

[Doug7856]

We are new to DVC -- bought into SSR. It is my understanding that you may deduct the property taxes on your federal income tax return. Does DVC provide a statement for tax purposes or do you just use the notice each year as documentation?

Thanks!

 

[CarolMN]

We just use the annual dues notice/bill as documentation. DVC does not provide any kind of statement for property taxes.

 

[PamOKW]

Originally posted by Doug7856
We are new to DVC -- bought into SSR. It is my understanding that you may deduct the property taxes on your federal income tax return. Does DVC provide a statement for tax purposes or do you just use the notice each year as documentation?

Just to be clear. The "Notice of the 2003 Annual Meeting" which contains an estimated budget for 2004 is what we are all receiving now. It gives an estimate on what the property tax will be for 2004. THIS IS NOT WHAT YOU USE TO CALCULATE YOUR TAX DEDUCTION. Late in December, we receive the actual bill for 2004. On that bill will be the actual real estate tax paid for 2003. This is what is used when completing this year's income tax forms for 2003. For example, the 2000 tax for OKW that was in the meeting notice was $.7707. The actual real estate tax paid was .6940. Remember to keep the bill with your tax documents when it arrives.

They always advise to check with your tax expert to be sure you can take this deduction.

 

[Doug7856]

Originally posted by PamOKW
Just to be clear. The "Notice of the 2003 Annual Meeting" which contains an estimated budget for 2004 is what we are all receiving now. It gives an estimate on what the property tax will be for 2004. THIS IS NOT WHAT YOU USE TO CALCULATE YOUR TAX DEDUCTION. Late in December, we receive the actual bill for 2004. On that bill will be the actual real estate tax paid for 2003. This is what is used when completing this year's income tax forms for 2003. For example, the 2000 tax for OKW that was in the meeting notice was $.7707. The actual real estate tax paid was .6940. Remember to keep the bill with your tax documents when it arrives.

They always advise to check with your tax expert to be sure you can take this deduction.

Great! Thanks for the information. I know we don't have to be concerned with this until next year, but it was something I was wondering about.

 

[Doctor P]

It is very clear in your annual dues statement what you paid in property taxes the previous year. There is a specific line with the total (not just a per point figure).