bigbadbrother
03-03-2016, 01:02 AM
Tony DiZinno
An extensive analysis by the Austin American-Statesman revealed the appraisal value of Circuit of The Americas has been lowered to less than $100 million following a settlement with the Travis Central Appraisal District.
Per the Statesman, the district changed the valuation of the Austin facility from $275.4 million in 2015 to just $91.2 million for the 2015 tax year.
The lower appraisal value would have cut the track’s tax bill by an estimated $13 million over the last three years, the Statesman’s analysis found.
Attorneys for both the track and the appraisal district told the Statesman this was “mutually agreeable.”
COTA’s finances seemingly have always been in the news for the length of the track’s existence, as it heads into its fourth full year of operation and fifth overall, dating to its opening just prior to the 2012 United States Grand Prix.
The biggest change would come from the amount of funding allocated from the state of Texas to the track, which was reportedly reduced from $25 million to $19.5 million last year.
The track’s 2016 professional race season opens this weekend, March 3-6, with the Pirelli World Challenge season opener for all seven of its classes.
An extensive analysis by the Austin American-Statesman revealed the appraisal value of Circuit of The Americas has been lowered to less than $100 million following a settlement with the Travis Central Appraisal District.
Per the Statesman, the district changed the valuation of the Austin facility from $275.4 million in 2015 to just $91.2 million for the 2015 tax year.
The lower appraisal value would have cut the track’s tax bill by an estimated $13 million over the last three years, the Statesman’s analysis found.
Attorneys for both the track and the appraisal district told the Statesman this was “mutually agreeable.”
COTA’s finances seemingly have always been in the news for the length of the track’s existence, as it heads into its fourth full year of operation and fifth overall, dating to its opening just prior to the 2012 United States Grand Prix.
The biggest change would come from the amount of funding allocated from the state of Texas to the track, which was reportedly reduced from $25 million to $19.5 million last year.
The track’s 2016 professional race season opens this weekend, March 3-6, with the Pirelli World Challenge season opener for all seven of its classes.