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Generally, property tax is not determined based on a mortgage. If you owe a mortgage on your home or if it is paid in full, the property taxes will be the same. The difference for you is that you will need to track and pay the taxes yourself, instead of letting the mortgage company pay the taxes from your escrow account.
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If going through foreclosure do property taxes have to be paid?
Yes. The taxes on owed on the property, no matter who owns the property.
How long does it take if the taxes on your house have not been paid for the state to take it if it has not been paid in four years and you still are not making payments?
AnswerThat's something the state law where the property is located determines. Another factor would be the amount of taxes owed compared to the value of the property. For example, most judges would not let the state seize and sell a home that was worth if there is a gross disparity between taxes owed and what the assessed value of the property.
Do you still owe real estate taxes after foreclosure?
The property taxes are owed by the owner. When the property is sold at auction the debt stays with the property. If the winning bidder is the lender then the lender ends up with the obligation. Until the tax is paid a lien will remain on the property's title.
Can someone purchase land for unpaid taxes if there is a home on the land and the mortgage of the home is current. Will the purchaser own both land and home and evict the home owners?
Rules and regulations would vary according to area on this, but yes subject to the same, you could pay the unpaid taxes and hold a tax certificate which can be paid with interest to you by the homeowner. If this is not paid within the area specified period of time, you can apply for a tax deed. The property can be put into foreclosure and depending again on the local regulations, the property can then be put up on sheriff's auction and you will have the opportunity to bid on it. Please check with your local property tax office to find out the rules and the procedures regarding this.
What is equity residential and why is it important?
It is the actual value you have in your home after your interest is paid. The reason it is so important is that it is the value on which your taxes are based. It is also the how you would guage the selling price should you decide to sell your property.
What type of tax must be paid if owning a home?
Property taxes or real estate taxes on the home that is owned.
Are CT property taxes paid in advance or arrears?
CT real estate property taxes are paid in arrears
If going through foreclosure do property taxes have to be paid?
Yes. The taxes on owed on the property, no matter who owns the property.
Are property taxes owed to the state from the owner when a property is foreclosed?
Property taxes are paid to local governments like counties, not states. If a property is sold at foreclosure auction, usually the county property taxes are paid first out of any proceeds from the sale.
What are federal estate taxes?
Federal state taxes are taxes to be paid to the federal government on owned property. Theses taxes are to be paid once a year.
Do you pay estate taxes on property left to you?
Generally the taxes are paid by the estate.
Are you able to keep property in another state that you have paid off in full if you foreclose on your home?
The foreclosure should not affect your other property.
Can you pay up someones property taxes and acquire their property?
This can be possible when the property taxes are not paid by the owners and the taxing authorities seize the property and sell it at auction to collect the past due property taxes.
Do you own the property once back taxes are paid?
No
What happens to back taxes if the estate has no money?
If they are property taxes, there is a lien on the property. In those cases the property has to be sold to settle the debts. If there are no assets in the estate, the taxes won't get paid.
Do renters have to pay property taxes?
No, renters do not pay property taxes. Property taxes are paid by the owners of the property. They may pass that cost down to you through rent, but it will likely be spread out over months.
Do you list property tax as factory overhead?
No, property taxes would not be classified as factory overhead...property taxes get paid under an expense account
