How much is Property taxes a year on 5.9 million dolloars?
There is no property tax on cash. The property tax on land or real estate valued at 5.9 million dollars will vary depending on the location, the purchase price and (in California) the purchase date.
Not directly. The owner of the property is responsible for paying the property taxes. However, you should understand that how much rent you pay is determined, in part, by how much property tax the owner pays. In other words, the owner needs to charge enough rent to cover his costs (taxes, maintenance, insurance, mortgage payments, etc.). Otherwise, he is losing money on the property.
Is the life estate terminated if someone moves away from the property and stopped paying taxes for the past three years?
It depends upon the laws of your state. Usually, a "life estate" means exactly that - the grantee has the privilege of occupying or using the property for the remainder of their LIFE. Much depends on how the life estate was granted and worded. Read the wording. Are they required to maintain the property - pay the taxes on the property - etc - etc.? REGARDING THE UNPAID TAXES: If the grantee abandoned the property…
You owned a home could not pay property taxes a bank purchased the home how long before you have to vacate the property?
I think it was 20 million dollars. panama also received 200,000 dolloars a year for allowing the US to build the pananma canal. The U.S. spent $352 million dollars building the panama canal. The previous person is thinking about how the U.S. spent $20 million to buy the Philippines after the Spanish America War look here http://www.sil.si.edu/Exhibitions/Make-the-Dirt-fly/didyouknow.HTML
Yes, of course. Many of them. Fed, State, AND local...some city and town too. Every place in the US, in fact everyplace that has any governments, has tax. That is how the governments pay for what they do, and for what the society they govern wants. How or which taxes they use to raise that money ay vary...but, regardless of which they use, if they need - say - $10 million - that is how…