297 votes
Accepted

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

You have a misunderstanding of what a mortgage means. The bank does not own 80% of your home. Instead they have lent you some amount of money, and they have a lien which means they can possess your ...
DJClayworth's user avatar
  • 33.4k
51 votes

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

Slight addendum to the already posted correct answer: The institution who lent you the money has no reason to pay the property tax on your building. They aren't using water, taking showers, flushing ...
DJohnM's user avatar
  • 4,294
49 votes

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

Property tax in California is administered at the county level. You can contact your county tax assessor and request a reassessment if you think the property’s value has decreased.
The Photon's user avatar
  • 1,402
19 votes
Accepted

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

First, if this change occurred before you bought the property, then this is a critical failure in your due diligence, and the fault is at your feet. Most of us use a variety of advisors in land ...
Harper - Reinstate Monica's user avatar
14 votes

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

Every jurisdiction in the US (city/county/state) has a process for appealing the assessed value of a property. Some only do it during a specific window of time each year, others are more flexible. You ...
mhoran_psprep's user avatar
13 votes

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

Ditto DJClayworth. As long as you make your mortgage payments, the bank has zero property rights in your house. The bank cannot evict you from the house. People from the bank cannot enter the ...
Jay's user avatar
  • 22.7k
13 votes
Accepted

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

Unintended Consequences - Yes, to T.M.’s addressing the tax issue. But. “Put the house under my name” implies a gift. Mom is gifting you the house. Along with its basis. Which means, when mom dies, ...
JTP - Apologise to Monica's user avatar
12 votes

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

Some Background First, remember that there is no state property tax in California. Property taxes are assessed by counties. Next, I don't know where you get that 0.77% from. Most (if not all) counties ...
Aldus Bumblebore's user avatar
8 votes

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

According to the IRS announcement, you can pay property taxes due in 2018 in 2017, and deduct it in 2017 federal tax deductions, only if the tax was assessed in 2017. If your tax hasn't been assessed, ...
user102008's user avatar
  • 17.2k
8 votes
Accepted

What does "land" and "additions" mean here?

Land is basically what the word says - the ground itself; anything that belongs to you there that is not human-made/constructed. Additions is anything else - it is the legalese terms for buildings, ...
Aganju's user avatar
  • 37.7k
8 votes

Property Tax entry for 2018 Federal Income tax

The laws are set, however the policies and guidance are still being finalized at the IRS (as of mid-December, 2018). You can observe this yourself by searching the web for "2018 IRS Form 1040" and ...
Derek_6424246's user avatar
8 votes

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

If you don't itemize and wouldn't gain any benefit from itemizing the whole property tax amount, then it doesn't matter how much of the property tax you could deduct since it wouldn't lower your taxes ...
T. M.'s user avatar
  • 1,523
7 votes

What does the new 10K deduction limit include?

The $10K SALT (state and local tax) limit is the sum of: State Income Tax OR State Sales Tax (whichever is higher) + Real Estate Tax = at most a $10K deduction In your case, if your state income or ...
TTT's user avatar
  • 47.2k
7 votes

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

is it possible that the increase in value of a private home is eaten by property taxes or property insurance? Yes of course it is possible that any profit from increase in house value is nullified by ...
DJClayworth's user avatar
  • 33.4k
6 votes

What does the new 10K deduction limit include?

I am unclear as to what deductions gets counted in the 10,000 limit. That limit is for state and local income and property taxes. Is mortgage interest deductions counted in the 10K? No - that's ...
D Stanley's user avatar
  • 135k
6 votes

What does the new 10K deduction limit include?

"Taxpayers can deduct a maximum of $10,000 in state and local income taxes or sales taxes, plus property taxes, .... The $10,000 cap applies whether you are single or married filing jointly; if you ...
BobE's user avatar
  • 688
6 votes
Accepted

How to pay almost nothing or pay less in taxes?

There are really only a few ways to legally pay less taxes: Earn less money (obviously) Take legal tax breaks such as 401k contributions, donate to non-profits, etc. Lose money (in the case of ...
Nosjack's user avatar
  • 8,697
6 votes

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

Private appraisals are not used to calculate taxes. Tax assessments are performed by the government (city/county/state) collecting those taxes. You can use an appraisal to appeal a tax assessment, but ...
BobbyScon's user avatar
  • 14k
6 votes

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

Some friends have been telling me that I could recuperate the mortgage paid for the house You can't assume that you'd "recuperate" anything. No-one is going to pay you back the mortgage ...
littleadv's user avatar
  • 174k
5 votes

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

If your assumption is correct that they are paying less because of a statutory limit on how much property taxes can increase each year, then the fact that you, as a recent buyer, are paying more for a ...
Jay's user avatar
  • 22.7k
5 votes
Accepted

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

In FL, you get a letter every year from the property tax man, which lists your applied exemptions and taxes, and it also lists a deadline for any changes. From what you wrote, it looks like you ...
Aganju's user avatar
  • 37.7k
5 votes
Accepted

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

Your wording is confused, land is property, most commonly people talk about improvement or building value to distinguish from land value, but all of it together is your property value. Am I ...
Hart CO's user avatar
  • 70.5k
4 votes
Accepted

Property Tax Deduction When Selling a Home

For property tax, you deduct the tax in the year that you actually pay it. So if you paid property tax during the year in 2015, and then you paid property tax again in November 2015 at closing (even ...
Ben Miller's user avatar
  • 116k
4 votes

How is property tax assessment calculated?

Assessments are primarily about values relative to other properties. They need not have any connection with actual values. When it comes to figuring out the tax rate, the municipality adds up all the ...
Pete Becker's user avatar
  • 5,502
4 votes

How is property tax assessment calculated?

There are multiple possible reasons why it is off: in this county/states, they might be 'traditionally' off by a significant amount, because that's how it is and nobody is speaking up against it (...
Aganju's user avatar
  • 37.7k
4 votes

About to lose my home due to past property tax

When in a situation like this, you'll need to start working a variety of different options all at once - immediately - to give yourself the best chance of a speedy recovery. You'll likely need to fill ...
BrianH's user avatar
  • 11.7k
4 votes

About to lose my home due to past property tax

If, as you say, "it's paid off", you have collateral to borrow against. Go to the bank that held the mortgage, and get another one. Of course you must prove that there are no prior liens on the ...
michael's user avatar
  • 2,070
4 votes

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

Property appraisals are used as input when determining a tax assessment, not the other way around. Often, a tax assessor will allow other inputs to be used in determining the taxable value of a ...
Derek_6424246's user avatar
4 votes

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 ...
RonJohn's user avatar
  • 50.7k

Only top scored, non community-wiki answers of a minimum length are eligible