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Louisiana casinos protest tax increases21 April 2008GREENSBURG, Louisiana -- As reported by the Advocate: "The owners of five truck stop casinos in rural St. Helena Parish are challenging a dramatic increase in their 2007 property tax assessments that boosted their annual parish tax bills by about 350 percent, tax rolls show. "Filed with the Louisiana Tax Commission last month, the casinos' tax appeal centers on how much of their value should be taxed, according to court records and commission officials. "It's a dispute over how much casino owners paid for the truck stops and how much of that purchase price is not taxable because it is attributed to good will. In this case, the assessments call for combined property taxes of about $573,000 on $4.6 million in assessed value in 2007 compared with about $127,000 on $1.024 million in assessed value in 2006, tax rolls show. "...Jacobs Entertainment Inc. of Golden, Colo., or a separate holding company held by two top Jacobs executives, own the casinos through Louisiana limited liability corporations, U.S. Securities and Exchange Commission filings show. "The casinos involved are the Lucky Magnolia Truck Stop and Casino; Forest Gold Truck Stop and Casino; St. Helena Express and Casino; Amite Plaza Truck Stop; and the Silver Fox Casino and a connected bar and a convenience store. "In Louisiana, assessments are based on a percentage of fair market value. Millage rates then are applied to assessments to derive property tax bills. That happens every four years. "...The casinos paid $399,298 in taxes under protest, Sheriff's Office records show. That money is in escrow. Under the tax commission appeal, though, the challenged assessments would result in a slightly higher disputed tax figure which was not available Friday, Jacobs attorney Jenny Phillips said..." |