Nebraska Furniture Mart Offers WyCo Two Years No-Tax Financing

testamenttocapitalismThe sprawling green behemoth of the Ur-ghetto that is KCK is in a bit of hot water. Nebraska Furniture Mart, the Omaha-based and Buffett-associated purveyor of seemingly every consumer good, is being accused by the “Unified Government” (truly an insufferably named body) of not paying property taxes in two years. Alas, NFM’s constant offers of free delivery do not quite make up for a $6 million deficit.

The company has accumulated roughly $6.2 million in unpaid property tax bills. But Batt argued that it should not have to pay because the Unified Government has grossly over-appraised the store’s value.

The company has appealed that value every year since 2003. In 2007, the Kansas Board of Tax Appeals ruled against the Unified Government’s $68.9 million appraisal, siding with Nebraska Furniture Mart’s value of only $29 million.

The Unified Government has appealed that decision. If the amount stands, the county’s taxing jurisdictions, including its school districts and community college, would collectively lose at least $1.25 million.

$68 million versus $29 million? Exactly how are two appraisals so astonishingly different? Is one counting the value  of the products inside the store? Or the value of the surrounding businesses? (We know Cabela’s, that redneck Eden, is probably worth quite a bit — and don’t forget that place where they do the car-racin’.) Either way, NFM had better come up with a quick solution — how about ONE YEAR SAME AS CASH ACT NOW? Seems like that’s all its commercials ever offer.

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Filed under Economics, Law, Local Business

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