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An extra tax on home sale profits over $250,000 was designed to target wealthy homeowners. But as home values have soared, the tax is impacting middle-income people, too. Two older homeowners said ...
(The Center Square) – Amid a push to raise the annual cap on property tax increases statewide, Sen. Phil Fortunato, R-Auburn, wants the Legislature to exempt around 500,000 senior citizens ...
Selling a rental property is more complicated than selling your personal home. If you're not using the proceeds to buy another property, it's going to cost you. The tax consequences of selling a ...
The property tax typically produces the required revenue for municipalities' tax levies. One disadvantage to the taxpayer is that the tax liability is fixed, while the taxpayer's income is not. The tax is administered at the local government level. Many states impose limits on how local jurisdictions may tax property.
A property tax (or millage tax) is an ad valorem tax levy on the value of a property that the owner of the property is required to pay to a government in which the property is situated. Multiple jurisdictions may tax the same property.
For real property exchanges under Section 1031, any property that is considered "real property" under the law of the state where the property is located will be considered "like-kind" so long as both the old and the new property are held by the owner for investment, or for active use in a trade or business, or for the production of income.
While Texas has not only high property taxes but a hefty sales and use tax. New Hampshire doesn’t tax personal income, but it does have a 4% tax on dividends and interest with a total gross from ...
A reverse mortgage is a mortgage loan, usually secured by a residential property, that enables the borrower to access the unencumbered value of the property. The loans are typically promoted to older homeowners and typically do not require monthly mortgage payments.