I heard a nasty rumor today that a certain Georgia car collector with a approximate 10+ million $$ collection was told by the county tax assessors that they were going to tax his cars, many of which are not registered or insured for highway use, at current market value, just as they would real estate or other tangibles. The rumor continued that this inspired him to auction a significant portion of his collection, not wishing to have an annual ad valorem tax bill of 100K or more on collectible cars.
The person doing all the talking on this issue went on to say that there had been legal opinions solicited and that the outcome was that if the county had passed such an ordinance that it was unlikely to be overturned.
First of all, I think it would open the flood gates from a uniformity of enforcement standpoint, but in today's climate of tax and spend politicians at every level and their insatiable lust for tax dollars, I've previously wondered if it would ultimately come to this.
Has anybody known firsthand of this happening anywhere?
The person doing all the talking on this issue went on to say that there had been legal opinions solicited and that the outcome was that if the county had passed such an ordinance that it was unlikely to be overturned.
First of all, I think it would open the flood gates from a uniformity of enforcement standpoint, but in today's climate of tax and spend politicians at every level and their insatiable lust for tax dollars, I've previously wondered if it would ultimately come to this.
Has anybody known firsthand of this happening anywhere?
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