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The history of real estate tax and property tax can be traced back to Colonial America. Land was taxed on a per-acre basis until the nineteenth century when uniformity clauses were adopted to help protect settlers. The uniformity cla

According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product

uses now require that property be taxed according to its value.

Illinois was the first state to adopt this clause, and some states such as Tennessee adopted additional provisions that exempted products produced from the soil and up

; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.

Examples of combination products may in

to one thousand dollars of personal property. Elected officials would assess the market value of the property, collect taxes due, and turn the money over to the proper government (school districts, special districts for fire preventi

lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.

n, irrigation, etc.).

It wasn’t until 1907 that the National Tax Association was founded, and declared that trained professionals perform all assessments of real estate for tax purposes. This regulation curtailed favoritism and prom

here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe

oted equality.

PROPERTY ASSESSOR AND REAL ESTATE TAX MAPS

In the twenty-first century, state governments depend more on income and sales taxes than on property taxes for funding. Local governments still rely on a small percentage o

d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.

Combination pro

f property taxes to generate revenue. The tax assessment is based on the value of the building and the value of the land it occupies. The assessor maintains accurate “tax maps” which identify individual properties to ensure they are

ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc

ot taxed more than once.

Any improvements made to the structure or land will be noted on these maps. Methods used to calculate value of property have changed since colonial times. Assessors may now choose between the income approach

easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi

, market value, or replacement cost. All values determined by the assessor are subject to a “second opinion” via administrative or judicial review. Once the value of the property is agreed upon, the assessor will multiply this value

nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically

by the established tax rate to calculate how much you owe in taxes.

HOMESTEAD REAL ESTATE TAX EXEMPTION

Some states have passed laws to provide homestead exemptions to put limitations on how high property taxes may be raised. This

and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ

xemption is only available to residents of these states in which the property in question is the primary residence. You cannot use a rental property or second home in a different state as your “primary residence” to receive this tax

ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi

break. Once the property is sold, the exemption is removed and property taxes may rise for the new owner based on the purchase price of the home.

DELINQUENT REAL ESTATE TAX PENALTIES (APRIL 1ST)

Failure to pay your taxes by April 1

ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.

Following aspects would a

st each year will result in a delinquent real estate tax. Penalties for delinquent taxes may vary by state. In some states you will be charged a ten percent penalty on all unpaid taxes and will be charged an additional administrative

dd to the challenges in developing combination products:

Which markets to tap where the combination products can do fairly well?
Which combination prod

processing fee.

If after the beginning of June you still have not paid your delinquent real estate taxes, your property will become tax defaulted. At this time you will begin to accrue additional penalties for each month that your t

cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin

axes remain unpaid. If you continue to refuse paying delinquent taxes, the Tax Collector may appeal to the Court to seize and sell your property.

LIEN ON PROPERTY AND TAX CERTIFICATES

A lien may be placed on the house through the p

tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen

urchase of a tax certificate, and the owner can only remove the lien by paying the required taxes due. After a period of two years, the holder of the tax certificate may request a tax deed application. This application allows the cer

t?

As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel

ificate holder to sell your property at a public auction. The only way to prevent losing your property is to pay all delinquent taxes and applicable fees that have accumulated.

ESTATE TAX LIEN AND AFFIDAVIT TO REMOVE TAX

Some state

ping new procedures for reviewing their safety, efficacy and quality.

Professional from academic institutions, pharmaceutical industries, health care indust

s such as Massachusetts will put an estate tax lien on property after the death of the owner, or anyone else who may have had a legal interest in the property (i.e. spouse). This usually occurs in the absence of probate and when the

y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products

gross estate value does not exceed $1.5 million. Estates worth more than this limit will be subjected to federal estate tax filing.

Barring the above exceptions, an estate tax lien may be removed by filing an Affidavit. The Affidavi

.

As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de

may be filed by an Executor or anyone in possession of the deceased’s property (i.e. spouse). An Affidavit must contain key information such as:

1. Full name and date of death for the deceased

2. Documentation that the estate does

elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.

Companies that provide selfless information through particip

not require federal estate state filing

3. The identity and title of the person signing the Affidavit and the form must be notarized

4. The death certificate

5. Any applicable recording fees for the Affidavit and death certificat

tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

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