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Sir Elton has tax trouble
20/06/2006 12:41 - (SA)
Atlanta - Singer Elton John has filed a lawsuit against tax authorities in Georgia, saying they overvalued his penthouse condominium in Atlanta.
A tax assessors office placed a value of $4.6m on John's 1 100-square-metre condo on Peachtree Street in Atlanta's trendy Buckhead neighbourhood.
But the singer's tax consultant says that is $900 000 too much.
If he prevails, John would save $16 000 a year in taxes. If he loses, he can expect to pay $77 250 a year.
But money is not the issue, said Craig Klayman, a tax consultant hired to represent John in his lawsuit against the tax assessors office in Fulton County, which includes Atlanta.
"I just don't see how the county can justify that number," Klayman said. "It's just too high looking at what everybody else is valued at."
Fulton County Superior Court Judge Wendy Shoob has ordered the two sides to try to resolve the dispute through mediation.
- AP
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South Africa
