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Questions tagged [property-taxes]

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12 votes
5 answers
6k views

What happens when you don't pay your property taxes?

Do they just straight up foreclose on your house? Or does it just get tacked onto your outstanding IRS balance as just another form of debt? Could anyone provide some insight on how the escalation ...
AlanSTACK's user avatar
  • 1,570
1 vote
1 answer
101 views

US Short Term Rental - Can You Deduct The Full Property Depreciation And Property Taxes For A Primary Residence?

I have a primary residence where I am domiciled and file my taxes. I am on the road for work during most of the year and will rent out my residence via Airbnb when I am away. I know that I can ...
Lloyd Banks's user avatar
1 vote
1 answer
133 views

Retroactive property valuation

We bought a new house in a new housing development. This was Phase I. The house was $300K when we bought it in 2018. Taxes were paid based on that value. In 2021, the county has said that they ...
RS401's user avatar
  • 11
0 votes
3 answers
231 views

If I want to sell my 3 bed house in Nunhead London and buy a 2 bed flat in central London does it matter that the property market is falling?

Should I do this sooner rather than later? If it’s continuing to fall should I sell my house asap, wait and then buy when it hits rock bottom?? Or sell up and buy in Australia?!
Flossy's user avatar
  • 1
1 vote
0 answers
33 views

tax implications of reinvesting capital after selling house in india

Say Person X is an NRI who has held a property in India for the past few years (greater than 3 years). sells property for a profit of 100 units As an NRI 100 units of profit gets taxed at 20%. 20 ...
money.frictionlesspulley's user avatar
0 votes
1 answer
73 views

If an Humanitarian Parolee sold property (car, furnitures) from their origin country and have recently move to the US, do they have to pay tax on it?

Let's say a humanitarian parolee from Nicaragua, or Haiti has put their belongings on sale just before they leave for the US, but after 7 weeks in the US those belonging(car, furniture) has been sold, ...
Dr4ke the b4dass's user avatar
3 votes
1 answer
50 views

Are there any taxes to be paid to HMRC when I sell an inherited property in another country?

I recently (less than six months ago) inherited a flat in Italy. I'd like to sell it. Are there any taxes to be paid to HMRC if I have the money being paid to a UK bank account?
Blue Moon's user avatar
  • 227
2 votes
0 answers
245 views

Selling property abroad and transferring the money in the UK

I am a UK citizen and there is a property in Greece that my family wants to sell. It is an old property which I (and three more family members) inherited and paid taxes normally. The facts: The ...
Datacrawler's user avatar
1 vote
0 answers
76 views

Capital Gains on selling a redeveloped house in India

I am an NRI trying to sell my house in India. My house was redeveloped in early 2000s while I was an Indian resident. I got possession of the said flat in around 2006 when I was still an Indian ...
money.frictionlesspulley's user avatar
1 vote
0 answers
68 views

How do I get exempted from property taxes in India for lack of basic civic facilities?

My property comes under panchayat administration and I have been paying my property taxes for the past 5 years but since time immemorial no basic facilities like road, drainage and street light at ...
Meeran Mohideen's user avatar
1 vote
0 answers
58 views

What rules and regulation do I need to keep in mind when purchasing property in India while on H1B

I am currently in the US on an H1B visa. I want to buy a flat in India for my parents. But I am not aware of any rules and regulations regarding taxes or any restrictions if there are any. I will be ...
Kiera.K's user avatar
  • 111
1 vote
1 answer
129 views

Buying real estate with an LLC

I am planning to buy a real estate property (rental) as a investment. There was a listing with the following comment: Property was purchased 17 years ago on a stock purchase - suggest Buyer do the ...
Alfred Wallace's user avatar
2 votes
2 answers
3k views

Itemizing property tax deduction on California state taxes?

I'm trying to understand if in California you are limited to the same $10k federal limit on property tax deduction. The only CA government info I can find is here Line 5e The federal deduction for ...
Daniel Jacobson's user avatar
1 vote
2 answers
196 views

In USA, is it possible that the increase in value of a private home is eaten by property taxes or property insurance?

I have lived in a rented apartment for some time, while contemplating whether to stay in this area long enough to buy a home. Some friends have been telling me that I could recuperate the mortgage ...
alec's user avatar
  • 202
1 vote
2 answers
161 views

Is a property assessment created using a property compared with itself valid? Also, is it worth appealing?

I bought a house in 2020. It had been remodeled ("flipped"), and the value of the house is higher than other, older, homes in the area because of this. This area isn't a well-to-do suburb, ...
Is It Me's user avatar
  • 189
2 votes
0 answers
162 views

Can an owner who rents rooms write-off an unoccupied, unfinished basement that is open to all residents as a common area?

If a rental situation is owner-occupied and areas shared by lodgers and the owner are prorated for tax purposes, can an unfinished basement, treated as a common area to all equally, also be written-...
Ryan Mortensen's user avatar
2 votes
2 answers
119 views

Closing on a property: working out the numbers in advance

I'm preparing to close on a house next week, and I'm trying to work out in advance the exact numbers, mostly so I am prepared in advance but also so I know how much I will be wiring from my bank ...
bird on a wire's user avatar
1 vote
2 answers
408 views

How does NYC compute the "ESTIMATED MARKET VALUE" of condo apartments

When the city of New York assesses the value of a condo for property tax purposes, the first line is the ESTIMATED MARKET VALUE. This number may or may not determine the property taxes owned (...
user3188445's user avatar
2 votes
0 answers
111 views

Canadian citizen living in Canada wants to gift a US property to a Canadian living in the US. What do I all need to know?

My uncle wants to gift a piece of property in the USA that apparently is worth about $8,000 to my sister and I. We are both Canadian citizens living in the US as permanent residents. Just curious ...
Mandy's user avatar
  • 21
7 votes
1 answer
7k views

Will my property taxes change if I get it appraised for PMI removal?

I have studied questions around Mortgage Insurance removal and various experiences (mostly painful) with lenders in this process. I had budgeted and readied myself to make a principal payment to bring ...
perennial_noob's user avatar
2 votes
1 answer
132 views

Stamp Duty for EU citizens (UK residents)

I am about to purchase as house which costs less than 400k in the UK under a leasehold over 110 years. Currently, they say there are no stamp duty rates applying until the end of June 2021. The house ...
Datacrawler's user avatar
0 votes
0 answers
37 views

Is it customary to pay a share of property taxes in a Tenancy-in-Common (TIC) agreement according to the amount paid for your share?

I'm looking at buying a Tenancy-in-Common (TIC) property in San Francisco for which the TIC agreement states the following about how property taxes are divided among co-tenants: The thing is that ...
Kurt Peek's user avatar
  • 499
4 votes
2 answers
18k views

What would happen if I refuse to let the tax assessors into my house?

A representative from my town showed up unannounced at my house today and asked to come in to do a property tax assessment. I [politely] declined. The representative was reasonable and left a card ...
nuggethead's user avatar
  • 2,081
-5 votes
1 answer
286 views

How to pay almost nothing or pay less in taxes? [closed]

Is there a way to pay nothing in taxes or pay less legally? Can you guys tell me more on this topic on how to pay less in taxes? How do entrepreneurs escape taxes legally?
Dingus45191's user avatar
1 vote
2 answers
100 views

What are the necessary and sufficient steps required in order for parents to transfer home to children while minimizing tax burden?

I'm trying to get some guidance on what steps are necessary and sufficient in order for me and my wife in order to obtain legal ownership of a property which is currently owned by a parent. We are ...
Judy007's user avatar
  • 111
0 votes
1 answer
82 views

Using a trust to lower my property tax [closed]

I recently started pondering whether I could use a trust as a sort of tax dialysis instrument. Would it be possible to create a trust, sell my home to the trust for a low value and therefore lower my ...
Gus772733's user avatar
  • 113
1 vote
2 answers
213 views

Risks when buying property with illegal granny unit?

Property I am looking at has 1000 square feet illegal granny unit. Main house has 4000 square feet. If I would buy property as-is and later attempt to legalize the granny unit as living space, then ...
user4910112's user avatar
1 vote
0 answers
44 views

Property, income and capital gain taxes for buyer when home bought under "option to buy" contract?

Seller messed up advertising on house and needs few more months to bring few things up to code before he can sell. Hence as alternative solution seller is offering to rent out home to prospective ...
user39329's user avatar
3 votes
1 answer
771 views

How do property tax breaks for seniors work with co-ownership of a home with a younger spouse?

Many counties in Texas have various property tax reductions for senior citizens such as School tax ceilings and freezing property taxes when you turn 65. Another example. My spouse and I own a home ...
JohnFx's user avatar
  • 53.1k
14 votes
4 answers
6k views

Property tax on land where you discover you can't build anything on?

California has a 0.77% tax on real estate, including land. California also has passed a bill that prevents developers and land owners from building on or near earthquake fault lines which essentially ...
user4910112's user avatar
-1 votes
3 answers
404 views

Can I give away part of my land in hopes of getting lower property tax?

I found a house that I really like. It's relatively cheap with 3,4 acres of land. The reason why is cheaper is probably because it has high property tax. I was wondering if it's possible to give away ...
Grasper's user avatar
  • 1,209
0 votes
2 answers
428 views

Is property tax assessed on real estate transaction fees as well (California)?

In California seller usually factors in many of the fees in the listing price, such as the seller and buyer agent fees. To best of my understanding these fees can amount to around 3% for each agent. ...
user4910112's user avatar
0 votes
2 answers
73 views

When a company buys property, can it reduce tax to the point of achieving a net gain?

"‘Our main priority is to highlight the large number of empty buildings in London and to try to ensure they don’t go to waste when there are so many homeless people,’ Jed Miller, one of the anarchists ...
Pulse Reborn's user avatar
0 votes
1 answer
51 views

How prop 8 (1978: Property Tax Reduction) works in California?

If I understand correctly, then in California Prop 8 is supposed to give peace of mind to home buyers by providing temporary property tax relief in case housing market crashes soon after they bought a ...
user4910112's user avatar
3 votes
3 answers
461 views

Is it better to have a higher value house on lower value land or vice versa?

I, US citizen with a single family home in Philadelphia, was doing a bit of investigating regarding my property taxes. My home was purchased for $400k. At the Philadelphia property tax rate of 1.399%,...
Runeaway3's user avatar
  • 2,898
0 votes
0 answers
72 views

Gifts of equity

I am buying my brothers house for the remainder of the mortgage which is $60,000. The value house is valued at $125,000. Is there a tax or fine on the $65,000 of equity or can he gift it without any ...
Joe B's user avatar
  • 11
1 vote
1 answer
105 views

How does the "Subdividing Tax Lots" scheme work?

In an article that broke today, a Manhattan developer was charged with "subdividing tax lots" in order to get around zoning laws limiting the height of a skyscraper. What does it mean to subdivide a ...
Gabriel Fair's user avatar
1 vote
0 answers
79 views

Are property taxes prorated per quarter or per fiscal year at closing?

We just closed on a property last week, and were surprised to see that property taxes were prorated for only the quarter in which the closing happened (Q3), and not for the full fiscal year. Our ...
Karin's user avatar
  • 11
1 vote
3 answers
129 views

Other means of paying property taxes

Probably my question is related to one of my previous ones, but it is most likely not the same. If a foreigner who doesn't live in the US as main residence and therefore doesn't have tax residence ...
abdul's user avatar
  • 121
0 votes
0 answers
133 views

What happened to my "Pre-Paids" on mortgage closing?

In August I closed on a home purchase (not refi), it's now November. My closing included both prepaids and escrow. My "Section F" Prepaids included 1-year home owners insurance Prepaid interest ...
HelpEric's user avatar
  • 159
1 vote
1 answer
312 views

Do payments into my bank account in the day to day business of managing my friend's/client's property count as MY turnover? (England)

I helped a friend manage her property on Airbnb. The Airbnb money went into my account, the costs came out of my account and I transferred to her 50% of the profit (keeping the other 50% for myself)....
Richard Brigstock's user avatar
2 votes
1 answer
259 views

Should I appeal the property tax assessment on a car I bought?

Half the counties in USA charge personal property tax on car. That is OK, but recently my county is appraising my car at a very high price and the reply from the county is that Since there is no ...
Raj's user avatar
  • 3,492
0 votes
0 answers
170 views

Can I run a renting business in USA as a foreign citizen?

I'm considering buying a property in Houston, TX for the purpose of renting it. I'm a foreign citizen and don't know much about how renting functions in the USA. So far I found out that it's possible ...
Томица Кораћ's user avatar
6 votes
2 answers
2k views

Will there be more tax deductions if I put the house completely under my name, versus doing a joint ownership?

I currently live with my mother, and the house is under her name. However, I pay for the property tax (house paid off). In regards to property tax reductions. If I will be continuously paying the ...
user's user avatar
  • 1,507
1 vote
1 answer
175 views

Things to watch if buying properties in Europe at low prices under local government incentives

I have been seeing social media advertisements inviting investments in the way of buying houses in derelict or small and not-so-well-to-do towns. These advertise the price to buy as under $100 or 100 ...
perennial_noob's user avatar
1 vote
1 answer
126 views

Mortgage company refuses to send an early payment from Escrow account for the Quarterly Property Tax payment

I'm in the middle of refinancing a Mortgage. The lender looked up the title and said that there's a property tax payment due in the next few weeks on the Title and they want to see a proof of payment. ...
user6123723's user avatar
0 votes
1 answer
68 views

Illinois Property Taxes and Schedule E Expenses

(Assume) I rented out my condo in Illinois from Jan 1, 2018 to December 2018. In Illinois, property taxes are paid in arrears, so during 2018 I paid my 2017 property tax bill, and I haven't yet paid ...
Reluctant Landlord's user avatar
2 votes
3 answers
1k views

How do property taxes on school district bonds work?

If my school district says it wants to extend an existing bond and not increase the tax rate and the assessed value of my home never increases/decreases(hypothetical), will my taxes stay the same? If ...
user1594257's user avatar
8 votes
1 answer
272 views

Mistaken identity error (I am dead) - property tax issue [closed]

I purchased my home in Florida, Palm Beach county, in 2005 and I received my homestead exemption. Last week I was checking something on the Palm Beach Property Appraiser website and to my surprise I ...
George's user avatar
  • 113
2 votes
3 answers
506 views

Homestead exemption disappeared

I bought my home in Boca Raton, FL, in 2005 and I had a homestead exemption. To my knowledge once you apply for the exemption you don't have to reapply for it. I haven't moved or rented the house ...
George's user avatar
  • 113