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Property Taxes

Property tax is the fee imposed upon individuals or legal entities for real properties owned within the jurisdiction of the taxing state or municipality. The taxable amount is based on the appraised and assessed value of the property.

878 Questions

Should you pay half the property tax on the house you share with your boyfriend that he owns outright?

no. If the relationship finishes than what do i get in return. I would gladly pay for something else that would be beneficial for both of us.

What is a OMB control number 1615-0080?

I believe that this means that your government paperwork is approved

What is the local property tax based on?

In the United States and Canada the local property tax is based on the estimated value of the property being assessed. It is often called an "ad valorem tax", which is a Latin term meaning according to value. Local assessors are charged the responsibility of inventorying and estimating the value of all personal property (non-real estate) or real estate (land and buildings attached to land) in their community. State or provincial tax laws usually define the type of value estimated (market value, use value, etc.) and the specific date when it is estimated for property tax purposes. For example, in Virginia real estate assessments are estimated as of January 1 or July 1 each year as described by local ordinance. Some types of property are exempt for taxation like government-owned property, and property of religious organizations.

Do you have to pay capital gains tax on property owned as a life estate and sold after the death of the decedent?

Yes, capital gains tax can apply to property sold after the death of a decedent, even if it was owned as a life estate. However, the property typically receives a step-up in basis to its fair market value at the time of the decedent's death, which can minimize the capital gains tax liability if the property is sold shortly thereafter. It's advisable to consult a tax professional for specific circumstances and implications.

What is the total amount of tax due on a property with an assessed value of 165000?

You need to first find out the tax rate levied per $1,000 (this is called a millage rate) or per $100 of assessed value. This information is readily available from your local assessor, tax collector, or tax official. Property taxes are calculated using the following formula: Assessed value divided by 1,000 (if a millage rate is applied) or 100 (if a rate per $100 is applied) multiplied by the tax rate per $1,000 or per $100 of assessed value. For example, if the real estate tax rate for your community is $1.25 per $100 of assessed value, the amount of annual real estate tax would be: 165,000 divided by 100 = 1,650 multiplied by $1.25 = $2,062.50.

Can you claim your property taxes even on disability?

You can own property while on disability. If you are earning any money from these properties, you should notify your insurance carrier. These earnings may be an offset to your disabiliy benefit, but most likely not.

What is the property tax rate for zip code 77429 and 84066?

You should call the real estate assessor or tax collector for the City or County where the property is located to get this information. Real estate tax districts are not set up by zip code. Most real estate tax districts were set up long before the U.S. Postal Service established the zip code system. And, currently, there is no reason for tax districts to follow zip code area.

How do you Save My Property Tax in Michigan?

If you own a property and if you feel that your property is overtaxed. Then the best way is property tax appeal. You can even hire a Property tax lawyer who can help you to reduce your property taxes.

Do churches pay taxes on their property?

Generally, religious organizations (churches, houses of worship, and homes occupied by ministers or other heads of churches) are exception from real and personal property taxes in the United States. Each state and the District of Columbia have there own tax laws that define what entities qualify for tax exempt status. Your local assessor can tell you more about the specifics in your area.

What is Before tax income after tax income?

Before tax income is gross income less allowable deductions and rebates = assessable income.

After tax income is assessable income less the applicable income tax

How are household property taxes determined?

Depending on the state or province (United States or Canada) you could have property taxes on the value of your personal property (household property may qualify, but typically personal property taxes are on business equipment and machinery) or real estate (single family detached homes, townhouses, and condominiums. In all of these cases the assessed value represents the estimated value of the property on tax day. The assessed value is then multiplied by a tax rate that is set by the local governing body as part of their budget process to fund local services like education, police and fire protection, etc.

How do you check the status of your PA SSI rent rebate check?

When are we getting our rent rebate checks are we getting them early??

What is a property tax sale auction?

Cities and Counties use property tax sales to collect delinquent property taxes. About 4% of property taxes are delinquent each year and this is the method the taxing authorities use to collect the taxes. There are two types of sales, tax lien sales, where they sell a lien on the property to an investor (who will earn a very attractive interest rate and get the property if they are not paid back), and tax deed sales where the taxing jurisdiction sells the property outright.

To learn more about tax sales go to the related link.

What provides the funds needed for expenses such as property taxes homeowners insurance mortgage insurance?

Which of these provides the funds needed for expenses such as property taxes, homeowners insurance, mortgage insurance, etc.?

Is a property tax bill same as rent bill?

Rent bill is for the lease or rent to live in an apartment or house and is paid by the person living there. A property tax bill is for taxes on the property and is paid by the owner.