Aimco sidesteps over $5M in taxes for record $520M Brickell dev site sale
Aimco shielded its record $520 million sale of a Brickell development site from roughly $5.5 million in state taxes and a county surtax usually levied for property sales. By not recording a deed, the Denver-based firm sidestepped about $3.12 million in Florida documentary stamp taxes and $2.34 million in a Miami-Dade County surtax, both of which primarily fund affordable housing, the South Florida Business Journal reported based on calculations of the tax rates. The seller, which is the one on the hook for the taxes, pressed for doing the deal without a deed. The publication was unable to reach Aimco, […]This article originally appeared on The Real Deal. Click here to read the full story.
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