Assets over and under reported in Lee County
Halfway through a three-year program, Lee County Tax Assessor Joe Wright and Traylor Business Services Inc. have found $18.2 million underreported assets belonging to county businesses.
The $210,000 program, funded by the Lee County Board of Commissioners, Board of Education and City of Leesburg began in July of 2011 and is working to perform verification reviews on all 400 businesses in the county.
So far, 200 have turned their documents over to Traylor Business Services Inc., who performs the reviews then reports the findings to the Tax Assessor's Office.
Wright says most of the $18.2 million of underreported assets were just simple misclassifications. Once reclassified, the county brought in more than $200,000 of extra taxes.
Wright says although some may think the program is made to get more money, they also found $600,000 worth of over-reported assets, causing the office to issue over $7,000 in refunds.
Wright says the program was put in place to make sure the county is in compliance, not to hurt any businesses.
Wright's team has begun issuing out documents for the remaining businesses, who will have 45 days to appeal the findings. Once the appeal term expires, the businesses will then have 60 days to pay what they owe or receive a refund.
Stay connected to MySouthWestGA.com as stories develop and the FOX 31 Newscast at 10 PM. Visit us on Facebook and Twitter to join in on the conversation and connect with FOX 31!