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Property taxes are used to do many things within your town or borough. They use taxes to build and maintain roads, update sewage lines or other utilities they might provide, general maintence of the town and many, many other things. So, if we didnt pay taxes on our property, the town would reflect that, by bad roads and no maintence. The quality of living in your town would decrease immencely. That is not a good thing. But by owning a home in a town and paying taxes, the town would reflect a good quality of surroundings, which in the end, helps you with the value of your property as who wants to own property in a poorly maintained town? So, in the end, it helps you too. If monies are used correctly, it is a good thing for everyone concerned.
What else can I help you with?
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
Are CT property taxes paid in advance or arrears?
CT real estate property taxes are paid in arrears
Are NJ property taxes paid in advance or arrears?
In New Jersey, property taxes are typically paid in arrears. This means that the taxes for a given year are paid in the year following the assessment. For example, taxes assessed for the year 2022 would generally be due in 2023. However, property owners receive a tax bill in the current year for the prior year’s taxes.
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.
How can I deduct property taxes in California on my tax return?
To deduct property taxes in California on your tax return, you can itemize your deductions on Schedule A of your federal tax return. Include the amount of property taxes paid on your California property in the "Taxes You Paid" section. Be sure to keep records of your property tax payments for documentation.
Do you pay estate taxes on property left to you?
Generally the taxes are paid by the estate.
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
If you paid the delinquent property taxes on another person's property can you file a lien against it to recover your expenditure when the property is sold?
YES BUT YOU SHOULD DO IT RIGHT AFTER YOU PAY THE TAXES. * No. The party who paid the delinquent taxes has no legal rights to the property. You cannot automatically place a lien against property other than that of a Mechanic's Lien. The paying of the taxes would be considered a loan, the only option for recovery of the monies if the property owner did not voluntarily repay the amount would be to sue the party in the appropriate state court.
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.
