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.
A mortgage lender wants to make sure that real estate taxes are always paid. If the real estate tax bill for your home isn't paid, the house could be sold to someone who agreed to pay the taxes owed and you and the lender could be left out in the cold. You could lose your home and the lender could lose its interest in the home. In some circumstances, however, lenders will waive the requirement of a tax escrow. The lender must feel assured that you will pay the property taxes, and in some states you must fulfill certain requirements.
If you are going to give someone the gift of property, there are ways to minimize or avoid the gift tax. You can give the property and pay the gift taxes for the person. You can also give the property in increments of $12,000, the maximum amount anyone can give without having to pay the IRS' gift tax. There are several options to give property as a gift without having to pay gift taxes on it.
In the state of California, if your property was a beneficiary of Proposition 13, when you sell that property and purchase new property you can take your property taxes with you, provided you meet a few requirements. There are ways for seniors to pay less in property taxes all over the country. Typically they must meet certain income guidelines, and then property taxes are frozen.
Seniors may be protected by Proposition 13 in California for property taxes. Will Proposition 13 remain in affect for a purchased replacement property if the owner's previous home has been bought by the county? How can seniors control property tax payments they cannot afford?
To maintain a primary residence in a particular state, you generally need to live in that state more than six months of the year and the home you own there must be your primary residence. When a person has a primary residence, they generally work and live in the same general area, register to vote in that community, obtain a driver's license in that state and maintain contacts with that community. It's unlikely that a husband and wife could claim separate primary residence.
In real estate jargon, "escrow" is a confusing word. There are three separate and distinct uses for the word "escrow" in real estate and to those unfamiliar with the intricacies of real estate language, they can be fairly difficult to understand.
Learn about property taxes in the Chicago area. Property owners who donâ€™t claim their homeowner exemptions may find that property taxes rise considerably in the years to come. Property tax exemptions include those for seniors who own homes.
Why might a market value for a home be so much higher than a tax assessor's value? It depends on how the tax assessor calculates the home value. Learn about the nuances that tax assessors may consider when determining a home's value.
Escrow accounts hold money to pay property taxes. You can either manage your own escrow account or let your mortgage company do it. But if you manage your own escrow account you will get to earn interest on your escrow money. The best way to manage escrow money depends on each home owner.
A property owner does not pay his property tax after an error is detected. The owner needs to get down to the county tax collector and speak to someone in the office who can help to redeem the properties. At this point, they may just have to pay all of the tax, even if one of the tax bills has an incorrect amount listed on it.