Zillow Advice RSS: Discussion-Guide,Taxes, http://www.zillow.com/advice/United-States%253B%253B%253B%253B%253B%253B%253B%253B/home-ownership-taxes/discussion-guide/ Zillow Advice search results | Zillow Real Estate How to SUCCESFULLY Appeal Your Upcomming Georgia Property Tax Assessment http://www.zillow.com/advice-thread/How-to-SUCCESFULLY-Appeal-Your-Upcomming-Georgia-Property-Tax-Assessment/437313/ This past year more people are having difficulties in successfully appealing their Georgia property tax assessments. One would think that due to the declining market values it would be a slam dunk. According to recent article in the&nbsp;Atlanta Journal Constitution&nbsp;(3/31/2012) many people are unsuccessful in appealing due to not being prepared. Those who are prepared and educated about the process are more like to succeed and save money. One of the biggest mistakes are that people don't present the appropriate comparable sales in their area. A&nbsp;professional Realtor can help you determine what is the best comparable and what is not.&nbsp; Most Atlanta counties will be sending out the assessments in mid-April. The <a rel="nofollow" href="http://fctf.org">Fulton County Tax Payers Foundation</a> offers helpful assistance. <br/><br/>Please click on this <a rel="nofollow" href="http://dl.dropbox.com/u/24744848/AJC-Propertytaxfilinginfo-3312012.pdf">link</a> to see a property tax appeal resource page prepared by the Atlanta Journal Constitution.<br \><br \>4 replies Sat, 31 Mar 2012 11:25:00 GMT http://www.zillow.com/advice-thread/How-to-SUCCESFULLY-Appeal-Your-Upcomming-Georgia-Property-Tax-Assessment/437313/ 2012-03-31T11:25:00Z Floodplain Location Impact on Assessed Property Value http://www.zillow.com/advice-thread/Floodplain-Location-Impact-on-Assessed-Property-Value/351745/ My home is now located in a floodplain (San Antonio, TX).&nbsp; I want to use this information as a basis to request a reduction in my assessed property value.&nbsp; There are not any comparable sales in my area to help determine&nbsp;the actual affect to the value of my home.&nbsp; Is there a percentage or value reduction&nbsp;an appraiser would apply to a home&nbsp;located in a floodplain?<br \><br \>7 replies Thu, 27 May 2010 14:32:00 GMT http://www.zillow.com/advice-thread/Floodplain-Location-Impact-on-Assessed-Property-Value/351745/ 2010-05-27T14:32:00Z Homestead Exemption - Fulton County, GA http://www.zillow.com/advice-thread/Homestead-Exemption-Fulton-County-GA/507382/ I purchased a home in Oct 2012 in Fulton County, GA. I didn't know that I had to file for a homestead exemption by April 1st of 2013. My taxes are now $2,500 instead of $700. Is there anything I can do?<br \><br \>4 replies Sun, 18 Aug 2013 00:42:00 GMT http://www.zillow.com/advice-thread/Homestead-Exemption-Fulton-County-GA/507382/ 2013-08-18T00:42:00Z 3 different sale prices...which one will be used for yearly taxes? http://www.zillow.com/advice-thread/3-different-sale-prices-which-one-will-be-used-for-yearly-taxes/515977/ I have purchased a home for 239,900 this month. &nbsp;We are purchasing it from investors who bought it as a forclosure in December for 200,000. &nbsp;It was last sold in 2006 for 266,000. &nbsp;Which one of these figures is what we will end up paying taxes on?<br \><br \>5 replies Sun, 20 Oct 2013 14:12:00 GMT http://www.zillow.com/advice-thread/3-different-sale-prices-which-one-will-be-used-for-yearly-taxes/515977/ 2013-10-20T14:12:00Z Any ways to appeal for property tax reduction ? http://www.zillow.com/advice-thread/Any-ways-to-appeal-for-property-tax-reduction/514821/ We do have a home which we tried renting and now at a phase where we have to evict the tenants. If we get successful in evicting, there's a strong chance that we won't be able to find a new renter at this time of the year. So the home will be there with a second mortgage and 2nd property tax now. Yes we moved to a better school district.. Since the home is just remaining there, is there anyway to try to lower the property tax ? Any tips? Thanks<br \><br \>6 replies Thu, 10 Oct 2013 17:07:00 GMT http://www.zillow.com/advice-thread/Any-ways-to-appeal-for-property-tax-reduction/514821/ 2013-10-10T17:07:00Z Why Puerto Rico? act 22 http://www.zillow.com/advice-thread/Why-Puerto-Rico-act-22/514058/ &bull; Puerto Rico is part of the United States political, monetary and legal system. &#65279;&bull; PR has one of the most dynamic economies of the region with a GDP $96,260 billion. &#65279;&bull; PR has one of the most open economies in the world with a total trade of $100 billion (exports and imports). &#65279;&bull; PR&rsquo;s maximum corporate taxes have been reduced to 30% with a further reduction to 25% in 2014. Strategic industries in manufacturing activities and services as well as in export services enjoy a 4% fixed income tax rate; Pioneer activities receive a preferential tax rate of 0%-1%. &#65279;&bull; PR offers the benefits of operating within a U.S. jurisdiction while providing the tax benefits of a foreign tax structure. &#65279;&bull; Several incentives acts have been approved to stimulate economic development and attract Foreign Direct Investment (FDI) in the following sectors: manufacturing, tourism, export services, insurance, financial services, agriculture, hospitality and hotel development and renewable energy. &bull; Puerto Rico is part of U.S. free trade zones and customs system and is part of the banking system is regulated under U.S. laws (FDIC). &#8203;&bull; The official languages are English and Spanish, and no passport is required for U.S. Citizens. The U.S. Dollar is the official currency.<br \><br \>0 replies Fri, 04 Oct 2013 00:45:00 GMT http://www.zillow.com/advice-thread/Why-Puerto-Rico-act-22/514058/ 2013-10-04T00:45:00Z Estate taxes and planning. http://www.zillow.com/advice-thread/Estate-taxes-and-planning/512206/ <div style="text-align: left;">Planning your estate is vital, no one cherishes the time spent planning but without it, the cost for you and your family is a lot more painful.<br/><br/>1-Estate Taxation and how to benefit from them.<br/>2-Planning your estate and where to start.<br/>3-Taking advantage of Real Estate deductions, Real Estate Trust, and more.<br/><br/>I will be writing about these topics one at the time. In the mean time if you have any questions, I'm here to help.<br/><br/>Fouad Gritli</div><br \><br \>0 replies Fri, 20 Sep 2013 20:09:00 GMT http://www.zillow.com/advice-thread/Estate-taxes-and-planning/512206/ 2013-09-20T20:09:00Z How would proposed Tax changes effect property values? http://www.zillow.com/advice-thread/How-would-proposed-Tax-changes-effect-property-values/508672/ Low interest rates and Tax benefits have increased sales and economy has begun thriving in most areas. Federal Tax proposals in mortgage interest and property Tax deductions are on table again.<br/>How would it effect home values if this deductions are taken away?<br \><br \>1 reply Mon, 26 Aug 2013 20:53:00 GMT http://www.zillow.com/advice-thread/How-would-proposed-Tax-changes-effect-property-values/508672/ 2013-08-26T20:53:00Z BUILDING A HOME: ASSESSMENT http://www.zillow.com/advice-thread/BUILDING-A-HOME-ASSESSMENT/508305/ <p>Is it true that if you build a home, that it is assessed&nbsp;for how much you pay to have it built in total (meaning construction too)? Some people say yes and some people say no, that its only assessment is the house and the land. Can anyone help me?</p><br \><br \>0 replies Fri, 23 Aug 2013 20:46:00 GMT http://www.zillow.com/advice-thread/BUILDING-A-HOME-ASSESSMENT/508305/ 2013-08-23T20:46:00Z Mortgage Deduction http://www.zillow.com/advice-thread/Mortgage-Deduction/499924/ <p>I wanted to share some important information regarding the mortgage interest deduction that so many of us enjoy. If you don't know about it, briefly speaking, homeowners can deduct all the interest portion of our monthly house payments. &nbsp;Well, the government is considering taking that away. &nbsp;Read on...<br/><br/><strong>The "Blank Slate" and the&nbsp;</strong><strong>Mortgage Interest Deduction</strong><strong>: &nbsp;</strong>On Thursday, June 27, leaders of the Senate Finance Committee unveiled a tax reform plan that would start with a "blank slate." &nbsp;All deductions, exemptions and tax credits would be removed from the federal tax code and only reinstated if requested by the Senate. This would include removing the Mortgage Interest Deduction. &nbsp;According to the National Assoc of Realtors, the House Ways and Means Committee is considering a similar approach to tax reform.</p><p>NAR reports that each senator has until the end of July to request any tax expenditures they want preserved in the tax code. The committee will issue a draft of the revised tax code as early as September.</p><p>The NAR team in Washington, D.C. will be working with the Senate to make sure the Mortgage Interest Deduction and other tax laws related to home ownership remain in the tax code.</p><br \><br \>1 reply Mon, 01 Jul 2013 20:55:00 GMT http://www.zillow.com/advice-thread/Mortgage-Deduction/499924/ 2013-07-01T20:55:00Z Fulton County Ga. Taxes http://www.zillow.com/advice-thread/Fulton-County-Ga-Taxes/497253/ Purcased a home early this year. The previous owner appealed the acessment in 2012 and it was reduced. The 2013 accessment is 90k higher than 2012. I bought the house for 40k less than the appeal accessment previous owner agreed to last year. Why did the accessment go up so high in less than 12 months after an appeal? Should I be paying taxes on the sale price I bought it for? I also had the house appraised before I bought it and it was and it came back 14k less than the appeal amount in 2012. Thanks for any help...<br \><br \>2 replies Sat, 15 Jun 2013 13:40:00 GMT http://www.zillow.com/advice-thread/Fulton-County-Ga-Taxes/497253/ 2013-06-15T13:40:00Z 1031 Exchange http://www.zillow.com/advice-thread/1031-Exchange/496577/ <p class="MsoNormal">&nbsp; &nbsp; As a Real Estate Broker I understand the benefits of owning real estate.&nbsp; My husband and I have personally purchased investment property (rentals) and it has been a great addition to our investment portfolio.&nbsp;<br/>&nbsp;&nbsp;&nbsp;&nbsp;The 1031 Exchange has the potential to defer 100% of an investor's capital gain tax and depreciation recapture for both state and federal.&nbsp;&nbsp;&nbsp;&nbsp;<br/>&nbsp;&nbsp;&nbsp;&nbsp;There are important cases and IRS actions every year and it is always a good practice to review these changes yearly.&nbsp; It is always interesting to learn how the IRS views investment holdings and the tax law interpretations that determine an investor's tax obligations upon sale.<br/>&nbsp;&nbsp;&nbsp;&nbsp;Utilizing the "1031 Exchange" usually requires a qualified Intermediary that manages the details of the exchange and controls (holds) the monetary proceeds resulting from a sale.&nbsp; Sellers/Investors considering a 1031 Exchange should know that the proceeds of a sale may never be in the seller's receipt, either actual or constructive, and that the proceeds need to pass onto to an Intermediary working on the seller/investor's behalf.&nbsp; The Intermediary then holds the funds until the seller/investor re-invests those funds in a new purchase.&nbsp;<br/>&nbsp;&nbsp;&nbsp;&nbsp;The details that need to be followed in this transaction are substantial and financially life changing if not followed to the wire.&nbsp; With the help of your tax accountant, a knowledgeable Real Estate Broker and qualified Intermediary an investor is able to implement a plan for investment sales and purchases that will best meet their financial goals.&nbsp; It is an excellent tool for retirement and estate planning.</p><br \><br \>0 replies Tue, 11 Jun 2013 18:51:00 GMT http://www.zillow.com/advice-thread/1031-Exchange/496577/ 2013-06-11T18:51:00Z Selling 50% of home and property to brother http://www.zillow.com/advice-thread/Selling-50-of-home-and-property-to-brother/493902/ My brother an I inherited a home and proiperty in 1990 from our parents. We rented the house for all these years and put most of the money back into the house to maintain it, tax, and insurance.<br/><br/>I have asked my brother if he wants to buy me out and we came up with a mutually agreeed upon amount. But this is the unknown part.<br/>He is willing to pay me&nbsp; $300,000 upon transfer and $50,000 within 5 years if anything is sold or cash. House is in NY and he lives in CT and I live in CA. Neither of us have ever lived int he house since we took ownership.<br/><br/>We will have to get an estate attorney (NY)&nbsp;as well as a good acct. but my real question is how would capital gains come into play if I do not get the total amount up front.<br \><br \>1 reply Sun, 26 May 2013 03:30:00 GMT http://www.zillow.com/advice-thread/Selling-50-of-home-and-property-to-brother/493902/ 2013-05-26T03:30:00Z how often are homes inspected for tax value? http://www.zillow.com/advice-thread/how-often-are-homes-inspected-for-tax-value/491196/ I am looking at a home, list price is approximately $180,000. Listed tax value is $280,000. The home was assessed last in 2012. When will it be re-assessed?<br \><br \>1 reply Tue, 07 May 2013 17:43:00 GMT http://www.zillow.com/advice-thread/how-often-are-homes-inspected-for-tax-value/491196/ 2013-05-07T17:43:00Z Hard to value house http://www.zillow.com/advice-thread/Hard-to-value-house/488202/ <p>I purchase some property in November for cash.&nbsp; I paid $36,000 for it.&nbsp; This property consists of 4 city lots (25 x 100) and 2 houses.&nbsp; The county assessor is valuing this property at $75,000.&nbsp; Needless to say, I am not happy with this tax rate and I plan to appeal it.&nbsp; Essentially, this property CANNOT be worth more than $50,000.&nbsp; I'm being appraised as the "best" property in the neighborhood, when I'm not even close.</p><p><br/>Here is the crux of the issue:<br/>The county assessor sees 2 house and 4 total lots.&nbsp;<br/>Unfortunately, that's not even half the story.<br/>In reality, I have a 2400 square foot, 2-story 1910 craftsman-style building that used to be house, but is now more of a shed.&nbsp; The issues with the house include (but are not limited to):<br/>-no electricity<br/>-no plumbing<br/>-no walls (it is ripped down to studs)<br/>-severe termite damage to the floor joists<br/>-a wet basement with rotting sill plates<br/>-one water-damaged foundation wall<br/><br/>The other house isn't great, either.&nbsp; Its a 1936 brick-veneer bungalow.&nbsp; It is 2-bedrooms and 1 bath.&nbsp; Its issues include:<br/>-Bad wiring.&nbsp;<br/>-Frankenstein plumbing, leaving us with no water pressure.<br/>-No heating or cooling of any kind.&nbsp;<br/>-Rotting wood windows, plexi in place of glass panes.<br/>-An unlevel floor.&nbsp;<br/><br/>I spoke to the assessors office and they will take my inspection reports into consideration, but they also want comps for the area.&nbsp; I've looked and my real estate agent has looked.&nbsp; The only things that come close to being similar to my property are half the lot size and selling for $12,000 to $20,000.<br/><br/>Should I just use those and go on?</p><br \><br \>3 replies Tue, 16 Apr 2013 17:18:00 GMT http://www.zillow.com/advice-thread/Hard-to-value-house/488202/ 2013-04-16T17:18:00Z Your Deduction...Your Choice - Hampton Roads, VA http://www.zillow.com/advice-thread/Your-Deduction-Your-Choice-Hampton-Roads-VA/486103/ <p>Taxpayers are allowed to decide each year whether to take the standard deduction or to itemize their deduction when filing their personal income tax returns. Roughly, 75% of households with more than $75,000 income and most homeowners itemize their deductions.</p><p>The 2012 standard deduction, available to all taxpayers, regardless of whether they own a home, is $11,900 for married filing jointly and $5,950 for single taxpayers.</p><p>Let's look at an example of a homeowner couple with a $150,000 mortgage at 3.5%. The standard deduction would give them $2,650 more than the total of their interest paid and property taxes of approximately $9,250. If they were in the 28% tax bracket, the actual tax savings would be $742.00.</p><p>When mortgage rates were considerably higher, many people expected the interest and property taxes to easily exceed the standard deduction but with today's low rates, a comparison is certainly justified.</p><p>There are other things that could come into consideration like charitable contributions, medical expenses and casualty losses. Tax professionals will compare available alternatives to find the one that will benefit the taxpayer most.</p><br \><br \>2 replies Wed, 03 Apr 2013 15:28:00 GMT http://www.zillow.com/advice-thread/Your-Deduction-Your-Choice-Hampton-Roads-VA/486103/ 2013-04-03T15:28:00Z Moving back into my rental http://www.zillow.com/advice-thread/Moving-back-into-my-rental/483890/ I plan on moving back into our home after having it rented for the past 2 years. &nbsp;Are there any tax implications for changing the purpose of the home, mid-year?<br \><br \>1 reply Wed, 20 Mar 2013 20:41:00 GMT http://www.zillow.com/advice-thread/Moving-back-into-my-rental/483890/ 2013-03-20T20:41:00Z 5 Important Tips To Save Money On Your Tax Bill http://www.zillow.com/advice-thread/5-Important-Tips-To-Save-Money-On-Your-Tax-Bill/481237/ April 15th seems a long way off, but it will be here before you know it.&nbsp;Now is the perfect time to start getting your paperwork in order.&nbsp;Owning real estate can make a big difference on your tax return, so make sure that you're taking advantage of all the deductions you're entitled to. 1. Mortgage interest &nbsp;2. Real Estate Taxes &nbsp;3. Home Equity Line of Credit &nbsp;4. Mortgage Insurance Premiums &nbsp;5. Mortgage Interest on Land &nbsp;- &nbsp;Your home could be one of your greatest resources for reducing your tax liability. Most times these deductions are itemized on a Schedule A (Form 1040) when you prepare your taxes.<br \><br \>0 replies Mon, 04 Mar 2013 17:27:00 GMT http://www.zillow.com/advice-thread/5-Important-Tips-To-Save-Money-On-Your-Tax-Bill/481237/ 2013-03-04T17:27:00Z Yakima WA Residents- Federal Tax credits you don't want to miss! http://www.zillow.com/advice-thread/Yakima-WA-Residents-Federal-Tax-credits-you-don%27t-want-to-miss/478312/ Something most property owners don't know is that your local, state and National Realtor organizations are always fighting to protect your property rights. One of the current issues under attack is the Federal Mortgage Interest deduction. We are currently fighting to preserve this tax incentive for home owners! Don't miss out on any tax deductions for 2013. From the mortgage interest deduction to energy tax credits, here are the tax tips you need to save money on this years return! Mortgage interest deduction Private mortgage insurance deduction Prepaid interest deduction Energy tax credits Vacation or second home tax deductions Home buyer tax credit repayment Property tax deduction<br \><br \>0 replies Tue, 12 Feb 2013 15:42:00 GMT http://www.zillow.com/advice-thread/Yakima-WA-Residents-Federal-Tax-credits-you-don%27t-want-to-miss/478312/ 2013-02-12T15:42:00Z What happens to tax debt after tax lien sale? http://www.zillow.com/advice-thread/What-happens-to-tax-debt-after-tax-lien-sale/475944/ Here's the situation:&nbsp; No mortgage.&nbsp; Homeowner lost job, moved away, but never sold or otherwise disposed of house.&nbsp; Some years later, the town is going to sell the house at auction to satisfy the back taxes.&nbsp; <br/><br/>Question:&nbsp; What happens if the auction price is less than the taxes owed?&nbsp; Will this be a debt that follows the homeowner even after losing the property?<br \><br \>0 replies Sat, 26 Jan 2013 05:29:00 GMT http://www.zillow.com/advice-thread/What-happens-to-tax-debt-after-tax-lien-sale/475944/ 2013-01-26T05:29:00Z