Possessory interests result from unique circumstances. Understanding its origin and purpose is necessary when performing a possessory interest appraisal. This article describes possessory interest and provides valuation methodology guidance.
This study examines the current status and historical trends of lodging taxes and policy trends in the US and analyzes lodging tax rates and revenues across a broad range of US cities. It includes lodging tax rates/collections on 150 US cities and all 50 US states.
In most hotel P&Ls, usually towards the bottom, is a heading called Non-Operating Income and Expense, formerly known as Fixed Expenses. Few costs are uncontrollable in a hotel. There are simply some expenses which take longer to reduce than others!
Internal and external factors affect hotel property value, and in turn, its property tax burden. In most cases, an experienced hotel appraiser, employing a proven appeal protocol, is needed to determine whether a property is unfairly assessed.
A hotel manager's most important tasks are making money for the owner and maintaining the asset. Satisfied guests and motivated employees are among the tools, but cost controls are also critical components of the formula.
This description of a sales tax audit is an opportunity to minimize potential problems with sales taxes. While focused on Minnesota much of it applies to any state with sales taxes. Do not construe this article as legal or tax advice.