Reporting the IRC of Municipally-owned and Other Tax Exempt Property


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Posted on 04/17/2014 by VLC T Communications


A new law requires owners of certain tax exempt properties — including municipalities, we believe — to report each property's Insurance Replacement Cost (IRC) to their local assessing officials by April 1 of every year starting this year. Municipalities must both collect completed forms for non-municipal properties in their jurisdiction and provide their local assessing officials with a completed form for each municipal facility that is listed in their property insurance coverage document. If you haven't reported yet, there is a helpful form with a list of the property categories that are subject to this reporting requirement at Call 800-649-7915 for more information or if you are a PACIF member seeking your IRCs.