Bill Nelson opposes tax "loopholes," but uses cow herd to avoid big property tax bill

Remember when Bill Nelson said he'd fight against tax loopholes? Well, that was on the federal level. At the state and local level, however, Nelson follows the tax-avoiding herd in Florida. Today's story:

U.S. Sen. Bill Nelson has been many things over the years. State legislator. Congressman. Astronaut. Insurance commissioner.

In Brevard County, he is a gentleman farmer.

Thanks to a half-dozen cows that graze Nelson’s 55 acres on the Indian River, he saved $43,000 in property taxes last year.

Nelson does not live there or own the cows. He leases the land, at no cost, to a cattle operation. Nelson says he gets to preserve undeveloped land while providing for a waning industry.

Yet the small herd has saved Nelson big taxes. The land has a full market value of $2.7 million, but the county tax collector uses the agricultural value of $210,000. That reduced Nelson’s tax bill in 2011 to $3,696.

When Nelson has sold parts of the agriculture land, he did so at full market value. In some states he would have had to return part of the tax break. Not Florida, which has one of the country’s most generous agricultural classifications.....

The campaign of Nelson's Republican opponent, Connie Mack, sent out an email with a clever headline: "Holy Cow(s)!! Bill Nelson’s Bovine Boondoggle Tax Shelter"

Read more here: http://www.miamiherald.com/2012/02/11/2642557/sen-bill-nelson-benefits-from.html#storylink=cpy

Comments

[James]

If the guy across the street takes advantage of a favorable tax situation, nobody says a word, in fact, good on ya for being smart enough and informed enough to get the legal break, whether it should exist or not.

Why is it different when a U.S. Senator does it? This is gotcha journalism that people are turning away from in droves.

[Karl]

I get really tired when the news prints the fact that an elected official is managing their property to its highest and best use, including tax inplications, all of which is totally legal in an attempt to smear them. This is just another example of the intellectual dishonesty that exists in politics. What about the thousands of other property owners who are lawfully claiming an ag classification? Why aren't you listing all their names.

[Dhraga]

you both missed the point completely. they state he opposes these loopholes, but uses them for his own advantage.

kind of hypocritical....