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Since the districts with the lowest tax rates were home to properties six times more valuable than the districts with the highest tax rates, they generated more local revenue.
Of course, all the rules on qualified like-kind replacement properties (including restrictions on the identification of multiple properties in the case of deferred exchanges) must be observed.
According to information on MPAC's Web site, all properties in Ontario were assessed as to their estimated value on June 30, 2001.
This process is called exchange first because the exchange of the properties, with respect to exchanging taxpayers, is the first step.
Properties could even be linked to new types of "derivative" instruments - Martian deuterium futures, say, or lunar Real Estate Investment Trusts - tailored to various investor needs.
This forces assessors to rely on unreliable estimation methods in the intervening years, such as setting the value of a property based on what neighboring real estate sold for that year, regardless of how the condition of those properties compares with that of the building being assessed.
In addition to Federal Superfund issues, state law in recent years has addressed contaminated properties in other, novel ways.
It is well known that rubber composites provide improved properties which cannot be obtained by a single elastomer.
However, in applying the second prong, it rejected the taxpayer's use of the patent law classification system in grouping the exchanged patents into one of four broad groups (machine, process, manufacture and composition of matter) and instead applied the six-digit North American Industry Classification System (NAICS) product codes (applicable in determining like-class for depreciable tangible personal property) in determining whether the underlying properties were like-kind.
1031(a)-2(a), personal properties of a like class are considered to be of "like kind" for purposes of section 1031.
The sales comparison approach estimates market value by analyzing sales of similar properties and making logical adjustments for dissimilar characteristics.