Quote:
Originally posted by sgtclub
Well than we really don't own our property outright, do we. There is always a reversionary interest to the state.
ETA: and if we don't own it outright, shouldn't the taxes we pay on it be discounted to reflect that?
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Well, actually, there
is always a reversionary interest to the state. Look up "escheat" in your Black's. As to your point re: discounting, it's generally very difficult to accurately discount for a contnigent future interest. Where the contingency is highly remote, as it is with respect to the state, that vaulation would be nearly de minimis.
