G: Newcomb Oil Co. LLC.

G ) Property sale / Newcomb Oil Co. LLC. from Wolohan Lumber Co.

( immediately given a 55% discount )   Documents

  1. On October 30, 2006 Newcomb Oil Co. LLC. purchased 1.49 acres of vacant land from Wolohan Lumber Company. This property is located on the northeast corner of New Route 13 and Halfway Road just west of the Interstate 57 south bound off ramp. (see documents referred to as Exhibit G)

  2. Courthouse records show that Newcomb Oil Co. LLC. paid Wolohan Lumber Co. $ 1,185,000.00for this prime commercial parcel.

  3. The tax assessor put the 2006/2007 tax bill immediately into the name of Newcomb Oil Co. LLC. and created the new parcel identification number for it as this was a split parcel sale. However, the tax assessor did not assess this property to reflect the purchase price of $ 1,185,000.00 as shown on the real estate transfer tax stamp on the recorded deed.

  4. Instead, the Williamson County Tax Assessor assessed this vacant property for only $ 508,350.00 as its full fair cash value. This equates to a roughly 55% discount.

  5. By 2008/2009 tax year, Newcomb Oil Co. LLC. had a gas station constructed on the site. The 2008/2009 tax bill reflects a full cash value of $ 1,409,250.00, however the land only portion retained its 55% discount off of the purchase price, rising slightly from now being paved.

  1. Based on the purchase price of $ 1,185,000.00 in 2006, the rough estimate of tax monies this county has been defrauded of on this transaction is approximately $ 96,000.00 to date.

Notes: Newcomb Oil Co LLC.

From 2007/2008 until the 2010/2011 tax bill, this property was not in a TIF district. ( Marion’s Unit 2 school district received $ 19,068.74 of the total tax collected on the 2008/2009 tax bill )

On the 2010/2011 tax bill, the property is inducted into Marion’s 1st TIF District, as a result of an amendment to Marion’s 1st TIF district, with over 95% of the real estate tax now being deflected into that TIF account. ( By law, only amounts of property tax increases on improvements AFTER a property is placed in a TIF district can be allocated to a TIF fund )( The Marion Unit 2 school district received only $ 710.16 on the 2010/2011 tax bill )

How is that allowed ?

( View Exhibit G Documents )

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