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What is the law about property taxes and when are they due to be paid?
Wiki User
∙ 13y ago
Generally:
The law is that if your property taxes are not paid on time a penalty or interest begins to accrue. IF the default continues the government can take possession of the property by a tax taking and foreclosure procedure. Your land can then be sold to a new owner.
Wiki User
∙ 13y ago
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Is it a fraudulent transfer if the buyer of a forclosed commercial property did not pay the taxes owed for nearly one year?
Payment of delinquent property taxes are governed by state law. In general taxes due on property acquired by foreclosure are due at time of sale. Some states do have laws granting a grace period under specific circumstances. If the law required taxes to be paid at the time of sale, and they weren't, the sale is not valid.
What happens if mortgage is paid off but property taxes are owed in NJ?
The same thing happens as in any other state: If the property taxes are not paid, the city or town can take possession of the property by virtue of a tax taking. Such takings are governed by state law. The mortgage being paid makes no difference. There is considerable truth in the old saying that there is "Nothing certain but death - and taxes."
if a person haven't paid taxes on a peice of property for over six years can someone else catch up the taxes and claim the property?
Depending on the specific laws in the jurisdiction where the property is located, it may be possible for someone to pay off the back taxes and potentially claim the property through a process known as adverse possession. However, the requirements and conditions for adverse possession vary widely by location, and seeking legal advice is crucial in such situations to understand the options available.
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.
Can you deduct IL property tax on both federal and state returns?
Yes, sort of: property taxes are a federal tax deduction and an IL tax CREDIT (up to 5 percent of property taxes paid). Your tax professional will assist you with your particular situation and will know of any changes to the law that might affect you.
Can you negotiate interest charge for late real estate taxpayments?
Generally, no. Property taxes are governed by law and cannot be negotiated nor forgiven. You need to call your local tax assessor's office for the law in your jurisdiction.Generally, no. Property taxes are governed by law and cannot be negotiated nor forgiven. You need to call your local tax assessor's office for the law in your jurisdiction.Generally, no. Property taxes are governed by law and cannot be negotiated nor forgiven. You need to call your local tax assessor's office for the law in your jurisdiction.Generally, no. Property taxes are governed by law and cannot be negotiated nor forgiven. You need to call your local tax assessor's office for the law in your jurisdiction.
What can't you be denied without the due process of the law?
"...nor be deprived of life, liberty, or property, without due process of law..." per the 5th Amendment of the Constitution.
What can you if the estate money is not enough to pay delinquent property taxes plus necessary debt?
The property could be sold to pay the debts. If that's still not enough a motion should be made to the court to declare the estate to be insolvent. The law will then govern how the creditors will be paid.
What is a contract by deed?
You may be thinking of a contract FOR deed. These should be avoided due to complexity of the law, but it is when the seller keeps title to the property until the sales price is fully paid.
How is property tax used?
Property taxes are imposed by state and local governments. The proceeds are used according to state and local law.
Are there place to get financial help for deliquent property taxes if person whose name on deed is deceased?
No. The owner of the property must pay the delinquent taxes. If the owner has died the estate must be probated in order for the heirs at law to acquire legal title. The town can take possession of the property and sell if for delinquent property taxes. The debt grows the longer the taxes remain unpaid. If you want to keep the property you should pay the taxes ASAP.
What does the due process clause require of taxes?
The due process clause requires that, except by the due process of law, a free person should not be denied of their freedom, life or property. In the US, the addition of this clause to the constitution was proposed by the state of New York.
