Just about this time last year, Sapulpa’s School District budget cuts made the news. As per our story in May of 2017, Inverness Village’s devaluation caused SPS budget cuts to pass the half-million mark.
Because they weren’t allowed on the property to assess it properly, the Creek County Assessment Office—at the direction of the Assistant District Attorney—gave Inverness Village a valuation of $160 million in late 2014. At the start of 2015 an appraisal done by Total Assessment Solutions and paid for by the Creek County Assessor’s office says the Village is estimated to be worth about $82,061,700.00
Inverness Village had their own appraisal, valued at an undisclosed sum, and in the resulting court case, the lawyers agreed to $52 million valuation.
As a result, the Sapulpa school district lost access to about $400,000 and had to file an appeal for more state aid to balance out the missing monies. The sinking and building fund took the hardest hit.
As of now, the district is in better shape than last year. “We are still in good standing, We have been good stewards of our money,” said Rob Armstrong, SPS Superintendent.
Meanwhile, Inverness has been fighting in court, claiming “non-profit” status. Since at least 2015, they’ve been paying their taxes “under protest,” meaning the money has been held in an interest-accruing trust. If they win the court case, the money—interest and all—goes back to Inverness and their taxable contribution to Creek County goes down to zero.
As the Inverness taxation debate continues, many ponder the possibility of a Chapter 11 Bankruptcy filing. As of early this week, the Creek County District Attorney on the matter, Mike Loeffler, could not confirm a filing in Bankruptcy court had been made. Such a reorganization over at Inverness has unclear ramification for its investors, residents and employees.
A status hearing for that case set for the first week of April.
On Monday a notice was posted for a meeting for the board of tax corrections to hear several agenda items set for March 7, 2018 to discuss among other; Erroneous Assessments submitted by Levinson Smith and Huffman P.C., on behalf of the Bilby Family Revocable Trust for 2013-2017.
The roughly $34,000 ad valorem tax owed to the County back dates to when the Bilby’s residence was an empty lot located at 513 East Lakewood Drive, the Lakes at Cross Timbers lot 33, block 1. As an empty lot its assessed taxable value was around $800.
The taxation battle began roughly six weeks ago when JaNell Enlow, the Creek County Assessor was served court documents. Their case will be heard on Wednesday, March 7, at 9:00am.
