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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

What are the property taxes and hoa fees of hgtv 2011 dream home at 138 ski club lane Stowe vt?

HOA is $350.00 a month for snow removal and road maintenance. Taxes will be approx. $533,000,00 including the GMC right off. Winner will be required to come up with $33,000,00 out of pocket just to keep the house. Not what majority of potential winners will be expecting that's fah shuah mista as they say in the Green Mt. State.

How do you calculate property tax in Houston Texas?

To calculate property tax you have to use property tax calculator or software, this is most eassy way for calculating value of property tax. At this calculator tool you will find option like select a county, select your city, current assessed value and property worth. After filling this option when you go to calculate button you will get value of your property tax. For more information you can visit............. property-tax-calculator.com

When a home is foreclosed and the mortgage has been sold by the bank who is responsible for the property tax?

The answer will vary according to the tax laws of each state within the United States. In most state, however, the legal responsibility for real estate taxes is with the owner of the property on tax day. Responsibility can be contractually assigned to other parties, typically when a property is sold, but through foreclosure proceedings as well.

For example, if tax day for your state is January 1, 2010, whoever was the owner on that day would be legally responsible for the real estate taxes for the entire tax year (the tax year can be a calendar year or fiscal year). If the property was sold or involved in foreclosure proceedings after January 1, 2010, the responsibility for real estate taxes can be contractually assigned to the new owner as a result of the foreclosure, but the contract may specific a date that places partial responsibility on the former owner.

The taxing authority in your community should be contacted with specific questions.

How is property tax collected?

In the United States property taxes are typically billed and collected by the local tax collector or treasurer. Depending upon the political subdivisions of your state and how taxes are levied, the local jurisdiction that bills and collects taxes could be a borough, city, county, town, township, or the at the state level.

Personal property taxes (non-real estate such as certain business equipment or industrial equipment) and real property taxes (land and improvements to land like structures and other permanent items) are identified by the taxing jurisdiction and may be billed for taxed in installments (two to four equal installments during the tax year are most common).

What is the law about property taxes and when are they due to be paid?

Generally:

The law is that if your property taxes are not paid on time a penalty or interest begins to accrue. IF the default continues the government can take possession of the property by a tax taking and foreclosure procedure. Your land can then be sold to a new owner.

What is the major difference between property tax and profit tax?

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.

What happens if the tenant pays property taxes can the tenant claim ownership?

No, the owner is identified by recorded warranty deed. There are all type of rental agreements, if you agreed to pay the property taxes, it's just a part of your rent. Net leases, net/net, or triple net are good leases to get if you are the property owner. Now, if the taxes are unpaid and on April 15, you go pay them through a tax certificate sale, after two years, you are eligible to take it 'to the courthouse steps' where you can bid against others for rights to the property. Oftentimes though, all you get is your money back with the 5%+ interest. In order to get the certificate, you have to bid what interest you want on your money, in my county, the minimum is 5%. So, if you really want the property and don't mind waiting, you can bid 0% because you are guaranteed 5%. It varies from county to county and state to state, but you can check it out with your county tax collector. Although if you are a tenant and just pay the property taxes, this does not constitute ownership.

Does annual property tax depends on purchasing cost?

In most states in the United States the annual property tax does not depend on the purchase price or acquisition cost. Only is certain states like California are property assessments and taxes associated with the most recent sales price. Property assessments and taxes within the United States vary from state to state so you will want to check with a local assessor from the state where you are interested in buying real estate.

How do property taxes get collected?

In the United States property taxes are typically billed and collected by the local tax collector or treasurer. Depending upon the political subdivisions of your state and how taxes are levied, the local jurisdiction that bills and collects taxes could be a borough, city, county, town, township, or the at the state level.

Personal property taxes (non-real estate such as certain business equipment or industrial equipment) and real property taxes (land and improvements to land like structures and other permanent items) are identified by the taxing jurisdiction and may be billed for taxed in installments (two to four equal installments during the tax year are most common).

Who is responsible for property taxes and upkeep of home if the mortgage was discharged in chapter 7 bankruptcy and the foreclosure process has not begun in Florida?

The owner of record is responsible for taxes and upkeep until a deed conveys the property into another name. The owner will be responsible from the Bankruptcy file date until the date of Trustee's Sale- even if the original sale date is postponed.

Can you give your property away owing taxes?

Yes, you can give your property away owning taxes, unless there is a lien or other legal document held by the IRS or taxing authority that prohibits you from doing so. Examples of such restrictions against giving the property away might be where your personal income taxes are delinquent or your property taxes are delinquent and the property is collateral guaranteeing payment of the debt.

If the property is free of delinquencies, the person accepting the property is doing so subject to the outlying property taxes. For example, if you gave real estate to a person they probably need to pay the real estate taxes before they could purchase title insurance or mortgage the property.

Do Kansas property owners pay real estate taxes in arrears?

Yes. First half for the current year is due on or before December 20th. The second half is due on or before May 10th of the following year. For example, real estate taxes for 2010 are due on the following dates:

First Half - 12/20/2010

Second Half - 5/10/2011

What type of account is held by the mortgage lender and used to cover property taxes and homeowner's insurance?

(Escrow:) funds held in an account to be used by the lender to pay for home insurance and property taxes. The funds may also be held by a third party until contractual conditions are met and then paid out.

What happen to your property tax once you pay off your mortgage?

your property taxes are due regardless of whether or not you have a mortgage. If you pay cash, the taxes are based on the purchase price... same as if you financed it. In some states, when you buy a house, there is a limit on how much the tax roll assessed value can go up. For example, it is capped at 3% in Florida. however, it is meaningless because if millage rates are raised, taxes will still go up.

Anu ang kahulugan ng income tax?

incme tax is A compulsory contribution to state revenue, levied by the government on workers' income and business profits or added to the cost of some goods, services, and transactions.