For millions of homeowners, the cycle occurs ever year: taxes have to be paid on your property in order to continue to live in your home without default or delinquency. What property tax assessment does is provide a stream of revenue to your state and local governments that can still benefit you as a taxpayer through the various things that tax revenues go toward.
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The Australian Tax Office needs the money! So if you haven’t properly considered your financial moves you may be getting an invoice from the ATO.
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Property tax law can be very complicated, and to make matters worse, every state has different property tax laws with different appeal processes. Property tax law uses the Standard Industrial Classification (SIC) published by the federal government as a basis for classification. For the most part, businesses categorized in the SIC Manual as manufactures qualify for property tax purposes.
Many loan officers find themselves at a loss for words when tasked with explaining Federal Recapture Tax provisions to their first time home buyer clientele. This provision, tied to first time home buyer programs created through the sale of tax-exempt mortgage revenue bond paper, is in reality a very simple concept to grasp and explain to anyone.
Government statistics are showing home foreclosures at an all time high. Due to high mortgage rates, tons of people are foreclosing because they are paying more than the house is worth! And the worst part is, it doesn’t look like it’s going to get better anytime soon. So how can you explain this to the IRS when it comes time for your tax return?