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The amount of property tax a homeowner must pay is primarily determined by local government authorities, such as county or municipal tax assessors. They assess the value of the property, often based on its market value and local real estate trends. Additionally, local governing bodies, such as city councils or school boards, set the tax rate based on budgetary needs and public services. This combination of assessed property value and tax rate ultimately dictates the homeowner's tax liability.
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What government official is responsible for determining the amount of property tax a homeowner must pay?
The government official responsible for determining the amount of property tax a homeowner must pay is typically the local assessor or property appraiser. This individual evaluates property values and determines assessments based on local property tax laws. The assessed value is then used to calculate the property tax owed, which is generally collected by the local government or municipality.
Can you carry homeowners insurance on company property?
Commercial property cannot be covered by homeowner's insurance. Commercial property insurance must be purchased for that category of property.
What are the short sale ramifications?
A short sale incurs a loss for the bank or other institution that extended the loan to the homeowner. Therefore, the homeowner must negotiate the terms of the sale with the bank before attempting to sell the property. There are a variety of consequences for the owner of a short-sale property.
What is the Texas law about homestead of home and property?
Texas homestead law provides protection for a homeowner's primary residence from forced sale by creditors, ensuring that individuals cannot lose their homes to creditors in most situations. Additionally, it allows homeowners to exempt a certain amount of property value from taxation. The homestead exemption also affords protections against foreclosure, provided the property is used as a residence. To qualify, the homeowner must file for the exemption with their local appraisal district.
How old do I have to be to rent a private property?
To rent private property you must be of legal age to enter into a contract (verbal or written). The state, province, or country where the property is located determines what that age is. You must check the laws of that location.
How would one qualify for refinancing on a home loan?
In order to qualify to refinance a home loan, the homeowner must not be in default. The homeowner must make a certain amount of income in a year and their monthly expenses cannot be more than 31 percent of their income.
Does homeowners insurance stay with property or homeowner when he moves?
Homeowners insurance is NOT transferable. It will not follow the Homeowner to a new property nor will it cover the home for the new owner. If the homeowner sells or vacates the home or transfers ownership by other means the policy is null and void at the moment the property changes hands whether or not the Insurance company has been notified. A new owner must qualify for their own insurance policy based on their own merits.
What if the property is not paid off?
If the property is not paid off, it means there is an outstanding mortgage or loan secured against it. In this case, the homeowner must continue making mortgage payments to avoid foreclosure. Additionally, any sale or transfer of the property would typically require settling the remaining mortgage balance with the proceeds. If the property is sold for less than the owed amount, the owner may still be responsible for the remaining debt.
What does Under offer mean?
A property is under offer when a homebuyer has made a formal offer to purchase the property but the homeowner has not confirmed whether to accept. If the offer is rejected then the property remains on the market until the next formal offer is made at which point the homeowner must again decide whether to accept the offer or reject it. If the offer is accepted then it becomes 'Sold Subject to Contract' (Sold STC).
Can a homeowners association lien impede a mortgage loan?
If you are the seller, notice that the lien must be satisfied before title can be transferred to a new owner. If you are a buyer, notice that the lien must be paid -- thus affecting the amount of your new equity, before title is transferred.
When a crash results in property damages of any amount who must the driver notify?
The owner of the property (if he can), the police and his insurance company.
Does a homeowner who has a mortgage on his home have legal title to the home?
Generally, yes. That can be confirmed by a visit to the land records office where you can perform research to find out who owns a property. In another sense, in a title theory state, a homeowner who grants a mortgage actually conveys the property to the bank until the loan is paid. The bank can take no further action unless there is a default. During that time the homeowner has equitable title to the property and is considered the owner. When the loan is paid the bank must record a satisfaction of the mortgage in the land records. If the loan isn't paid the bank will take possession by foreclosure and then has the right to sell the property.
