Sunday, June 27, 1999 | 9:36 a.m.
For the upcoming fiscal year starting July 1, Wynn and his properties will apply for the personal property tax exemption under two laws enacted by the Legislature governing the display of fine art.
For the previous two years, they'll apply under the laws governing art dealers, who are exempted from paying personal property taxes on inventory.
"Out of an abundance of caution, we have two different ways to go," Wynn attorney Frank Schreck said Friday. "In dealing with the county, this is the easiest way to go."
Wynn, the Bellagio and Mirage Resorts applied for the art tax exemption June 15 asking for the exemption for all three years, starting in 1997 when the first art tax bill was approved by the Legislature.
After receiving the application affidavits from Wynn and the Bellagio, county Assessor Mark Schofield said his reading of the law was that it was not retroactive. He asked for a legal opinion.
Assistant District Attorney Michael Davidson, head of the civil division, agreed with Schofield and suggested that Wynn and his companies apply for the prior years under the art dealers laws. Because the $300 million worth of paintings Wynn has purchased are inventory and for sale, they should not be taxed as personal property, the two said.
About 30 of the pieces owned by Wynn or the Bellagio are on display at the hotel's gallery and others are shown in restaurants and other rooms, primarily in the Bellagio. Some are at The Mirage and Golden Nugget.
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