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9
votes
4answers
1k views

Who pays the property tax on a home for the year of sale?

I sold a condo on the 2nd of January this year, and I was a bit taken aback when I got a property tax assessment for that property from the county for this year (this was not a bill just an assessment ...
4
votes
2answers
169 views

Having a flat rented for me on expenses vs having a payrise

I've been offered a flat in London instead of a pay rise. I feel like I'm getting a great deal, but I just want to run this by people in case there's something I'm missing here. Quick background. I ...
1
vote
1answer
82 views

Buying property in India : joint owner

I am on H1b visa in USA and thinkg about buying property in India. I have a lot of confusion in this matter. Should I buy property on my own name? or me and my father's joint name? If I keep my ...
5
votes
2answers
182 views

How do I calculate the (likely) property taxes on a new home in a new area?

I live in Texas where there is no personal state income tax, but there is a significant tax on real estate. I am considering buying a new home, built to my specifications (ehh, to an extent...) in ...
1
vote
3answers
86 views

Can I get my property taxes lowered?

I just purchased a duplex and the counties valuation is $46,600 more than the appraisal that my lender ordered. I really would like to get this lowered because there is no way it's worth what the ...
1
vote
2answers
595 views

Buy To Let Mortgage For Relative - Tax Implications - UK

My sister is just coming out the other end of a messy and protracted divorce. She has 3 children and despite many legal actions there's pretty much no hope of getting any support from the ex-husband. ...
5
votes
1answer
529 views

Tax implications for buying property in another country

Are there are tax implications for buying an apartment in another country (as a US resident with Green Card)? Does the IRS require to pay taxes in the country in which you live or do you pay property ...
1
vote
3answers
1k views

Property Tax Deduction in Illinois After Home Sale

We sold our condo last year in Chicago. Whether this is common knowledge or not, Illinois residents pay property taxes in arrears. At the closing, the seller pre-pays a prorated amount of taxes for ...
8
votes
5answers
1k views

What is the purpose of property tax?

I currently rent, but have been looking to buy a home. I always imagined how great it would be to have a dream home, worth, say, $500K, and to have it fully paid off. My thought was the only recurring ...
4
votes
2answers
94 views

Decline In Value appeal (California property tax)

I received a come-on letter from a lawyer who wants to represent me in an appeal of my residential property tax assessment under California's Proposition 8 (enacted in 1978, concerning temporary ...
8
votes
2answers
197 views

Total fees for buying a house in the U.K.?

I'm thinking about buying a house in the UK (England). It will cost a max of £120,000 GBP. As an estimate, how much will all the fees total to, when put together? And apparently for houses less ...
4
votes
4answers
4k views

Do property taxes get deducted 100% from the Annual Tax Return or only a fraction of them?

Hi Personal Finance and Money, My question comes from hearing people say that you should buy a house rather than rent because you can deduct all of your property taxes on you tax return. Question ...
2
votes
2answers
57 views

How does expiration of special zone property taxes affect property values?

I've been thinking about investing in local real estate lately, and there's an unusual (to me) practice here of funding some of the city provided infrastructure (water, roads and lighting I guess) by ...
7
votes
4answers
329 views

Should I cash out my Roth IRA to pay my mother's property tax debt, to avoid foreclosure on her home?

I'm thinking about liquidating my Roth IRA and taking a loan out against my 401k to pay the property taxes my cancer stricken mom owes on her home. She's several years behind, and the county is ...
3
votes
3answers
2k views

Tax implications of buying the vacant lot next door?

I live in Green Bay, WI in a newer development. We built our house 2 years ago and houses are starting to go up around here. We want to buy the vacant lot next to us so we don't get any neighbors. ...
8
votes
3answers
5k views

If I pay someone else's property taxes, can I use it as a deduction on my income tax return?

I'm planning on paying the property taxes of a home my mother-in-law owns. She owns the house, but I live there. As part of the bargain, I agreed to pay the property taxes. If I write the check ...