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Questions tagged [property-taxes]

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2answers
116 views

Will my efforts to lower my property taxes also impact the value of my house when I choose to sell it?

I'm working on gathering info and scheduling a walk with my tax assessor to try and decrease my property's appraised value for a tax break. However, it occurred to me that the tax assessor's valuation ...
3
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1answer
64 views

Property Tax entry for 2018 Federal Income tax

In preparation for 2018 Federal Income Tax (based on the 2017 Tax Act), I was suprised when using 2018 Turbo Tax to see the following: Which seems to state that the IRS is still working on how to ...
2
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2answers
163 views

Can I get my property tax assessment lowered by comparing to my neighbors?

This video states: "If you find more valuable homes that pay less, you certainly have a good reason to appeal". Zillow shows many of my neighbors homes have much higher value AND much lower ...
2
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2answers
73 views

Optimizing property insurance payments for tax purposes

I own a residential rental property in the United States. I recently received the bill to pay the property insurance on it. The bill can be paid in full this month, or I can pay it in monthly ...
6
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1answer
136 views

UK Stamp Duty, Buying with a partner who owns a flat

I own a house on the south coast. My partner owns a flat in London with her sister. Her sister lives in the flat and the other room is rented out. My partner has lived with me for 18 months and is ...
1
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1answer
85 views

Will an international student owe capital gain taxes upon selling the property if they didn't live there for 4 years?

I am trying to figure out the Capital Gain taxes on a property in Toronto. I am very new to this, so sorry if I say something weird. I live in a condo, which I own, and I am thinking of renting it. ...
65
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3answers
18k views

If you have a home mortgage, why do you still have to pay all of the property tax?

If I have a home mortgage and have only paid off 20% of the principal, then the bank technically "owns" the remaining 80% of the home. So, why isn't the bank required to pay 80% of the property tax ...
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2answers
178 views

How to afford a sudden increase in property taxes

Recently there has been some debate regarding the plans to build the Obama Presidential Center in the south side of Chicago. Among the dissenters are those who own property in the vicinity and are ...
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2answers
301 views

What does “land” and “additions” mean here?

Picture source This is a screenshot of a condo for sale (see the link for more information). For the year 2017, it is listed that the "tax" is $2598 and "land" is $8750 and "additions" are $28455. I ...
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1answer
41 views

claiming property tax and getting property tax documents

I bought a home last year (Feb 2017), so doing taxes myself for the first time as a homeowner. I need to claim property taxes I paid. So, I have the 1098 from the lender, which has mortgage interest ...
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0answers
102 views

Completing a Pennsylvania Sales Verification Form after home purchase

Recently purchased a home and within 2 weeks I've already received a Sales Verification Form from my Tax Collector. Now my current tax assessment is around half what I paid for the home, however that'...
0
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1answer
92 views

The IRS collects property taxes?

I read an article on Nicholas Cage squandering his fortune and among other things it says he was "...eventually facing foreclosure on several properties and owing the IRS $6.3 million in property ...
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0answers
130 views

750K mortgage and 10K property tax deduction limit - applies to LLC?

Does the 750K mortgage and 10K property tax deduction limits apply only to individuals, or LLC and other corporations as well? Follow-up question: if someone split up property ownership between an ...
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4answers
10k views

What does the new 10K deduction limit include?

Some of my friends paid their property taxes early this year, due to the new 10K deduction limit (https://www.mercurynews.com/2017/12/22/can-you-pre-pay-your-2018-taxes-to-avoid-the-gop-tax-bill-heres-...
3
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2answers
392 views

How Can I Pay Next Year's Property Taxes this Year

I'd like to pay the 2018 property taxes for my personal home, as well as my investment property, in the 2017 tax year if possible. The reason is that, if the federal government revises the tax law ...
3
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1answer
84 views

Does Tennessee have anything like a principal residence exemption?

I just moved from Tennessee to Michigan. We are leasing the place in TN to a friend and purchased a new primary residence in Michigan. In Michigan, we have a principal residence exemption which means ...
2
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1answer
180 views

Are there any downsides to regularly getting a condo appraised for tax purposes in the US?

I own a condo in a metropolitan downtown area of Colorado, USA. The housing market is very hot, and my property taxes are skyrocketing to the point where I can barely afford them. Part of the problem ...
1
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2answers
131 views

Selling house, will the buyer payback alread paid taxes?

I own my home, and my property tax is paid via an escrow account funded an additional amount on my mortgage payment. The city requires quarterly tax payments, which the bank makes on my behalf ...
0
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1answer
86 views

RP-467 Senior Tax Exemption, do you need to submit your tax returns?

I am trying to file a form RP-467 for the Senior Citizen tax exemption for a family member. The instructions say that the deadline is March 1st, and that you need to include your tax returns. The tax ...
1
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2answers
187 views

About to lose my home due to past property tax

I received a letter stating my home goes up for auction in Feb 2017. I own my home,it's paid off. I was in a bad place a few years back and am just now starting to make a little money. ($1000-$2000 ...
1
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3answers
8k views

We didn't file for Homestead Exemption last year - what can we do?

We bought a home in 2015 in Florida, which was a primary residence for the previous owners and has been our primary residence since. Our mortgage is through Quicken Loans. We unfortunately didn't ...
1
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1answer
494 views

Are there disadvantages to requesting off-schedule/early escrow analysis?

My property tax was cut in half due to a homestead exemption and I asked my bank if I could request to have an escrow analysis now and not have to wait until January to receive my new lower payment ...
2
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1answer
183 views

real estate anti-money laundering exemptions: how does unreported cash purchase survive audit [closed]

Real estate in the US maintains an exemption from anti-money laundering statutes, such that large cash transactions used to purchase a property are possible without reporting to a federal regulatory ...
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2answers
460 views

Paying property taxes at refinance closing

I'm refinancing my existing mortgage, just to lower my payment, no cash out, in California. I currently have an impound account to pay for taxes and insurance but don't plan on having one for the new ...
2
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3answers
577 views

How is property tax assessment calculated?

I am looking at a property worth $400K but the property tax assessment is $126K and Tax 9K. How do they calculate the property tax assessment? It is obviously not the property value, then what is it?
0
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1answer
61 views

Living overseas and selling house question?

Couple of questions regarding selling my house. I live overseas and have done for 10 years now. I am looking to sell my property in Louisiana which has been a rental property. As I have not lived in ...
3
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2answers
138 views

How is Los Angeles property tax calculated if a 50% owner later buys out the other 50%?

I own a property with my partner. To make it simple, let's say we bought the property for $100K five years ago and now pay property taxes at this base price plus the usual 2% increase per year. If I ...
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4answers
106 views

Property tax rate disconnect

I live in Santa Clara County, California and I have been shopping for a mortgage for a home purchase in this county. I am repeatedly told by every bank that the tax rate is 1.25% of the home ...
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2answers
1k views

Are Kentucky vehicle property taxes paid in arrears or advance?

(Note: This question is not about sales tax.) We paid the Registration on our van last November, which includes property/usage tax. This month we turned over the vehicle to the dealer from whom we ...
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0answers
1k views

1% TDS on immovable property for multiple buyers

http://blog.tdsman.com/2013/11/will-transactions-one-buyerseller-filed-form-26qb-tds-immovable-property/ Above link tells that Online statement cum Challan Form/ Form 26QB is to be filled in by each ...
0
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1answer
104 views

Canadian tax treatment on international property sale and transfer of proceeds

I am a Canadian citizen. I have a small property from my country of origin. The value is less than CAD$100,000. If I sell my property and transfer the money to Canada, is there a tax payment ...
0
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1answer
41 views

Property purchased for residence abroad

If I am residing in the US but I purchase a secondary vacant property (residence) abroad (India) for my own personal use (not for rent), and pay the property tax to the Govt of India, then do I still ...
4
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2answers
3k views

Property Tax Deduction When Selling a Home

We sold our home last November. During the year we paid property tax on the home, I'll say total of $6,000 for easy math. This is for the 2014 property taxes due in 2015. At closing we had to pay our ...
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0answers
51 views

Downsides to Property Tax Deferral?

Illinois has a property tax deferral program that allows seniors to borrow against the equity of their house (which includes a lien) up to $5K per year at 6% simple interest (!). I am considering ...
4
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1answer
5k views

Transferring money from the Philippines to the USA?

I would like to bring in $150,000 from my bank in the Philippines to another bank here in the US. This money is from a lot I sold which was given to me (under my name) by my dad who has already passed ...
0
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1answer
431 views

Effect of property tax reduction on sale price

EDIT: TL;DR: If property tax assessments are lowered, will that be likely to lower what you can get for the house when you sell it? I am currently residing in the estate house of my late mother, and ...
1
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3answers
86 views

Making arrangements to pay my mothers late property taxes

I want to pay my mother's taxes for her. I need to bring them current. can I make arrangement to pay what is owed or does she have to make arrangements?
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5answers
933 views

How come the government can value a home more than was paid for the house?

If you buy a house at a foreclosure for $100,000... how is the government allowed to value that house at $180,000 for tax reasons. How is what the house cost not exactly the value of it.
1
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2answers
430 views

Supplemental Property Tax Assessment (Article 13A) California

We have had the joy of receiving two property tax bills this year. One in the amount of about $7,000, which is the one we expected for the property. We purchased a new house from a builder in May 2015....
2
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4answers
8k views

Resident sibling paying property taxes until inherited house sale--financially fair/appropriate?

My two siblings and I are working out our inheritance, one piece of which is our late mother's home. My wife and I had been living here, rent-free (and unemployed and at a mid-career impasse/life ...
2
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1answer
91 views

What special considerations need to be made for a US citizen who wishes to purchase a house in Canada?

According to an answer on a previous question, buying a house in Canada if you are a US citizen is pretty straightforward. But it doesn't address tax concerns in both countries - how are they handled?...
1
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1answer
142 views

In which infrastructure bonds should one invest to avoid capital gains tax after selling a property in India?

This is a follow-up question to Taxes on sale of property What are the available infrastructure bonds and can one withdraw that amount at any moment or some lock-in period is there? How capital gain ...
3
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3answers
2k views

Tax deductions on empty property

Some one that works with me told me about a wealthy person that owns a lot of large buildings in our city. He said the guy would rather keep the buildings empty and is using the empty buildings as ...
3
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2answers
12k views

Buying a condo to attend schools in another district [closed]

I live in a area with bad school district. I pay a lot in property tax and I'd like to avoid paying private school for my children when they start in 2 years. The option would be to move to a better ...
0
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2answers
579 views

Paid My Property Taxes Late--In Which Year Do I Get the Deduction?

I paid the second installment of my property taxes late for 2014. They were due 2014, but I paid them in 2015. Can I deduct them on my 2014 taxes, or do I need to wait until I file in 2015? In ...
2
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1answer
49 views

Should business property tax return item values include shipping and sales tax?

When filing a business property tax return in Virginia (USA), should the amounts on the return and itemized list that goes along with it include the shipping and sales tax costs of the equipment and ...
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5answers
4k views

What would you do with a large land inheritance with high tax rate?

I just inherited a couple hundred acres of pristine woodland in New England. I'm a nature-lover, so my first impulse is to keep the land as-is, letting campers, trekkers, and wildlife just use it as ...
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2answers
1k views

NYC property taxes: How can a building worth $12 million have an assessed value of $150,000?

I am trying to understand property taxes in New York City (borough of Manhattan). Some buildings seem to have very low assessed values. For example, a building might be listed in ACRIS as having a $...
2
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2answers
92 views

Sole Trader or LTD, buy personal house and work from home

As Sole Trader or Limited you can claim a partial rate of your rent if the house where you live is used for business purpose. As usual everything has to be reasonable and calculated pro rata on time ...
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2answers
818 views

Can I retroactively get the tax assesment on my house adjusted and get a refund on previously paid taxes?

We're in the process of selling a former home. Our listing price has been sinking all along, but it is about to go below what's listed as the "assessed market value" of the home - that is, the value ...