Who pays the property tax if the property is used as commercial?
The state pays the property tax.
There is a class of tax exempt property that can neither be described as residential nor commercial. That includes schools and other public buildings, churches, etc. Church property generally has tax exempt status although it has been suggested that church-owned property that is used for commercial purposes should be taxed as such.
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.
Should Re-Assessment for Property Tax on a marina be based on Current Market Land Value or Potential Gross Income?
In theory, all owners of the property are responsible for the property tax and it is up to them to agree how to divide the obligation among themselves. The tax authorities will post a tax lien on the property (regardless of who owns it) if the taxes are not paid, and attempt to notify the last known owner of record prior to taking away the property to cover unpaid taxes. As between the owners, if…
If property is being sold for back taxes in a couple days and someone else finds out goes to courthouse pays all the back taxes due on the property because owners did not want the property. who owns?
Typically, if the back taxes are paid by anyone before the tax sale, ownership of the property does not change. If there was a written agreement between the owners and the person who paid the taxes that stated that the owners agreed to deed the property to the tax-payer after the tax-payer paid the taxes, then the agreement could be enforced as a legally binding contract and the owners could be forced to deed the…
Someones parents passed away and she inherited her home in Florida what taxes are she supposed to bear.?
Property taxes are assessed based on the value of the property in question. This is also referred as ad valorem tax. The owner of the property does not sell or transfer the property in question and the tax is usually assessed every year. Profit tax is a tax assessed based on the transfer of property or a commodity.