Property tax, usually local, is a tax imposed on the market value of a property. Learn more here about property tax requirements, write offs, and other situations involving property tax in the articles, columns, blog posts, radio shows and videos.
Buying a home? What happens when you buy a home with unpaid real estate taxes? What risk do unpaid real estate taxes pose to your home purchase? How often do buyers come to closing with unpaid real estate taxes? Chicago Title's Gina Giannelli talks about unpaid real estate and property taxes.
How can someone buy properties through tax sales? If a homeowner has failed to pay real estate taxes that may be due on his or her property, the local jurisdiction that collects the taxes has the right to sell off the property for the amount of unpaid taxes. Generally, there is a time period by which the homeowner can come up with the money to pay the tax bill even after the property has been "sold" for unpaid taxes.
What can you do when your rotten neighbor has not controlled his children or pets? You might think you could separate yourself from your rotten neighbor by putting up a fence. Putting up a fence could trigger a property dispute. What can you do in a fence dispute with a rotten neighbor?
A husband quit claimed property to his wife 17 years ago and she is now wondering if the IRS can put a lien on the home for his unpaid income taxes. The IRS can probably put a lien on the home but cannot go after it. The quit claim should protect the home from a lien from the IRS.
Property taxes can be calculated for the current year or in arrears. Inherited property usually owes property taxes based on the date the new owner receives the deed to the property.
It is probably better to transfer property through inheritance, rather than gifting or quit claiming the property. With inheritance, the property will be transferred at the market value of the day of the land, and both parties will avoid a big tax bill.
When you get a timeshare inheritance you're responsible for property taxes and maintenance as if it were real property. Even if you don't want the timeshare, you're responsible for property taxes and maintenance until you can sell the timeshare. To determine what to do with the timeshare you may want to contact a real estate attorney.
A homeowner has his home on the market and has a property tax bill due next month. The homeowner is obligated to pay his property tax bill on time. During the closing a "proration" of taxes can be negotiated. The seller will pay for the percentage of the year you lived in your house. The buyer will pay for the percentage of the year he will have lived in the house.
What can you do if you're working as hard as you can and paying property taxes is still a stretch? You should see if you're eligible for any property tax exemptions offered by your local municipality. If you can't find a way to lower your property taxes, you may have to reassess your lifestyle.
A new survey revealed a lot line closer to the neighbor's home, giving the homeowner an extra 10 feet. The neighbors claim that the survey is incorrect, and they own the 10 feet. The homeowner should stake the boundaries of their lot, and investigate the tax parcel to determine if it matches the survey. It might come down to who has been paying the taxes for the extra 10 feet.