Tom Cruise Cited For Dodging Property Taxes in Colorado

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More attention is being paid to wealthy individuals who avoid paying taxes. The Denver Post reports actor Tom Cruise pays just $400 a year in property taxes for his 248-acre property in Telluride by taking advantage of a tax break written to help struggling farmers. As Tom Cruise lives virtually tax free, the state is facing a $375 million cut to education funding.

The Denver Post reports:

Actors, captains of industry, an Ivy League astrologer, sports figures, politicians… All these are also considered farmers or ranchers for tax purposes in Colorado. They have secured low property taxes through agricultural designations on land they own even though they personally have little or nothing to do with producing food — the reason state legislators originally created a low property-tax rate for the agriculture sector.

Actor Tom Cruise owns five parcels of land on a scenic mesa northwest of Telluride that has become an enclave of high-end vacation homes. Sheep graze around the mansions for brief periods each year, according to the assessor’s office.

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