Tax Issues

Update 12/19/16 – After a five-month study to learn how neighboring municipalities handle zoning for self-storage, Lincolnwood officials have passed a zoning change that bans new self-storage and warehouse developments from opening within its...

One of the most important negotiating points when purchasing a self-storage facility is the structure of the acquisition. A proper structure, based on four value categories, will provide the maximum tax benefit and cash flow for the new owner.

Update 10/12/16 – Safeguard has received a $418,528 sales-tax exemption and a 15-year property-tax reduction from the Nassau County IDA for a new self-storage conversion in Valley Stream, N.Y. The $10 million project will convert a former car...

Village officials in Niles, Ill., are examining ways to increase revenue, including the imposition of a new tax on self-storage businesses. Trustee George Alpogianis proposed implementation of a self-storage tax during an Aug. 12 meeting of the...

The Canadian Federation of Independent Business (CFIB), an association representing small and mid-sized businesses, is lobbying on behalf of self-storage and campground operators in Canada that don’t have enough employees to qualify for the...

A tax-capture plan passed unanimously last week by the Holland Township, Mich., Board of Trustees could enable self-storage developer Jon Bryant to open Lake Macatawa Storage on a contaminated property that once belonged to chemical company BASF...

Village officials in Lincolnwood, Ill., are considering a self-storage tax as a way to generate additional local tax revenue and help offset a $260,000 shortfall from the state this year. The village is examining either a flat or progressive tax...

Self-storage owner Mike Whaling, who operates Airport Mini Storage in the Mount Hope community of Hamilton, Ontario, Canada, complained to city planners this week that illegal storage operations are infringing on his business and costing the...