Home Forums Revaluations Tangibles on Apartments

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  • Daniel Ducharme, Ph.D.
    Keymaster
    Post count: 11

    Good afternoon all, and happy Friday,

    I am looking to see other municipalities’ policies regarding tangibles on rental units. In Central Falls this year, I added tangibles to all 6 family and above units, and it is causing a stir with the media starting to get involved. So I want to see how many other municipalities are doing something similar or if I stand alone. Thanks for any information any of you can provide.

    David Robert
    Participant
    Post count: 18

    Hi Dan. I don’t but I completely understand the theory behind doing so and have contemplated this myself in the past. But if you’re charging a tangible on stoves, refrigerators, washers, etc., the income approach on the RE captures that value so…. It will be interesting if others do, and how do they handle hotel furniture?

    David Robert
    Participant
    Post count: 18

    Perhaps a Tangible Property category should be added…. (CC)

    Charlene G Randall
    Participant
    Post count: 15

    Interesting question. I do not add tangibles like appliances in apartments but our one apartment facility does report tangibles for their gym, open room, etc. Hotels do, in theory, report all their assets which would include any appliances. But as David pointed out, the income approach would capture their value and yet they do receive a tangible bill. Thanks Dan for giving me something to think about over the weekend. 🙂

    Salvatore Saccoccio
    Participant
    Post count: 20

    we have PP accounts on large apartments, over 50 units

    Chris Celeste
    Keymaster
    Post count: 39

    I would go with the “income approach captures it” theory. Additionally, you can’t rent an apartment without a stove and fridge. The real estate ceases to function as intended without those items, just like a toilet or a boiler. Therefore, I would opine that they are not taxable as tangibles in an apartment.

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