Taxation of Business Property: Is Uniformity Still a Valid Norm?

By Frederick D. Stocker; John H. Bowman | Go to book overview

9
TAX VALUATION OF CONTAMINATED PROPERTY

Donald T. Morrison

Since 1970, there has been a flood of federal and state legislation relating to disposition of waste material. Accompanying this legislation has been a proliferation of regulations, many of which deal with clean up of properties contaminated with hazardous wastes. Federal regulation began defining hazardous wastes in 1980, and by 1991, thousands of compounds not previously thought to be hazardous, and thus disposed of haphazardly and innocently, were declared hazardous. Hazardous substances that had been deposited on land or included in buildings suddenly rendered the land or buildings "containmated" and triggered remedial legislation that sought to eliminate, neutralize, or otherwise cure the contamination and take to task those responsible for the it.


RELEVANT STATUTORY PROVISIONS

Because of the perceived hazards to human health and safety, the federal statutes dealt with hazardous waste deposits on land as a matter of strict liability. The Comprehensive Environmental Response and Liability Act (CERCLA) of 1980, the Resource Conservation and Recovery Act (RCRA), and the Superfund Amendments and Reauthorization Act (SARA) of 1986 hold all owners, operators, and generators of hazardous waste deposits jointly and severally liable regardless of fault.

States have followed with a variety of legislation and regulations directed at contaminated real estate. Some statutes, such as the New Jersey Spill Compensation and Control Act, impose on landowners an affirmative obligation to clean their lands of contamination. Other statutes, such as the Environmental Cleanup Responsibility Act (ECRA), mandate that no contaminated property may be sold until the contamination is remediated. Other states, such as Illinois, merely require an environmental disclosure as a part of real estate transfers.

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Taxation of Business Property: Is Uniformity Still a Valid Norm?
Table of contents

Table of contents

  • Title Page iii
  • Contents v
  • Tables vii
  • Foreword xi
  • 1: Taxation of Business Property Overview 1
  • Conclusion 21
  • 2: Perspectives on the Business Property Tax Base 25
  • Conclusions 43
  • Notes 43
  • 3: Emerging Legal Issues: Valuation and Expenditures Limitations, Toxic Waste Impacts, and Intangibles Valuation 45
  • Conclusion 61
  • Notes 62
  • 4: Uniformity as a Policy Objective 63
  • 5: Uniformity in the Context of Other Concerns 77
  • Conclusions 89
  • Notes 91
  • 6: Enforcement of Uniformity 93
  • Notes 109
  • 7: Business Property Tax Incentives and Economic Development 111
  • Appendix 7 Business Property Tax Incentives by State, 1992 124
  • 8: Special Problems in the Valuation of Business Property 139
  • Conclusion 149
  • 9: Tax Valuation of Contaminated Property 151
  • Conclusions 158
  • 10: Selected Business Property Taxation Issues: Personal Property 161
  • Notes 169
  • 11: Future Directions for Business Property Taxation 171
  • Notes 182
  • References 185
  • Index 195
  • CONTRIBUTORS 203
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