Reference no: EM133152590

You have a long-standing working relationship with a residential contractor/developer. His standard practice is to build a home, then move his family members into it for a year, in order to avoid incurring GST on the sale. Unfortunately, the market has dropped substantially since he began the project and now he is stuck with it - so he intends to hold onto it until the market picks up. During this time, he is also stuck with paying the property tax and he feels his assessment is way too high. He has asked you to help him with appealing the property tax assessment.

(a) Outline the timing and process for appeals in your area. Also discuss the relationship between assessed values and market values - both under the governing legislation and your observation of typical marketplace realities.

(b) Explain the help you can offer. In doing so, outline the difference between acting as an expert witness and as an advocate in an assessment appeal.

(c) Explain the options for how you might be paid. As part of your answer, discuss contingency arrangements and how this must be structured under CUSPAP.

(d) Finally, discuss the "business case" for pursuing this appeal - give your opinion on what factors will determine if it is worthwhile to pursue