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274 <br /> <br />Cabarrus County, this past summer, collected $5,138,254.07 <br />additional revenue from Philip Morris USA. Approximately $4,500,000 <br />of this collection was due directly to personal property audits <br />conducted by Tax Management Associates (TMA) for the years 1984-89. <br />The County owes TMA $1,369,218.17 for its effort. This amount is a <br />result of an agreement which is underlain by a contract between the <br />County and TMA stipulating the County share revenue collections at <br />a 35% rate. The associated legal, appraisal and consultant fees the <br />County endured while pursuing these additional revenues were netted <br />from the 1984-89 personal property collections and then allocated to <br />TMAbased upon the above rate. Currently an additional $1,500,000 in <br />penalty and interest associated with this audit is under litigation. <br /> <br />For the years 1990-94 (of which TMA was not involved), the County's <br />in-house audit program should generate approximately $3,000,000 <br />additional revenue regarding this same taxpayer. <br /> <br />As a result of the audits conducted by TMA on Philip Morris USA the <br />County will realize several hundreds of thousands of dollars in <br />additional revenue currently and for each year thereafter. <br />Approximately 650 additional audits were conducted by TMA over a <br />three year period resulting in over $750,000 in revenue as well as <br />over $26,000 in refunds to taxpayers. <br /> <br /> There being no further business to come before the Board, the meeting was <br />adjourned at'5:05 P.M. <br /> <br />Clerk to the Board <br /> <br /> <br />