Preparing to be Taxed

Non-profits previously tax exempted prepare to be taxed . . . despite recent fixes to the state law.

ATTN: Be Prepared – The Tax Man Cometh

While recent legislation did permanently exempt low-income housing owned by nonprofits from paying property taxes, the same exemption does not apply to non-housing property owned by nonprofits.

What exactly does that mean? Well, if you are a nonprofit and you own a building and lease space to another nonprofit or for-profit tenants – you may be subject to paying real estate taxes in 2009.

* What you need to do NOW is prepare your organization for understanding the tax assessment on your property – and how you can work with the city assessor if you have questions or if you elect to challenge the assessment.

* You also need to understand what you can do to meet the “rent-use” restrictions so that your property may qualify for tax-exemption in 2010.

On Wednesday, July 15, Forward Community Investments will host a workshop designed to help you navigate your way through this maze of assessments and leases.

TIME:
8:00 to 10:00 AM (registration starts at 7:30 AM)

LOCATION:
Goodman Community Center, 149 Waubesa Street, Madison WI 53704 [map]

COST:
$20 per person (Note: if you are a current borrower of FCI, the cost to attend will be waived.)

PRESENTERS:
Sharon McCabe and Melissa Auchard Scholz

Sharon McCabe is a Wisconsin Assessor and Wisconsin Certified Appraiser. She is currently the Associate Director for the James A. Graaskamp Center for Real Estate, UW – Madison. She brings with her valuable hands-on experience gained when she was a commercial appraiser for the City of Madison for eight years; in that capacity, she was responsible for assessing commercial properties in downtown Madison. Sharon knows firsthand how assessors value your property and can give you tips on reviewing your assessment and working with your municipality’s assessor.

Melissa Auchard Scholz is principal attorney of Scholz Nonprofit Law; there she brings her experiences as an attorney, community leader, organizer and fundraiser to help nonprofits resolve their legal issues. Melissa was active behind-the-scenes in the recent budget process, advocating and working on behalf of nonprofit property tax exemption. She understands the “rent use” issues and has prepared leases that meet the rent-use requirements.

How to register: Please register by emailing or calling Mike Sweitzer-Beckman at mikeb@forwardci.org or (608) 257-3863.