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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.
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This tax may be imposed on real estate or personal property. The tax is nearly always computed as the fair market value of the property, multiplied by an assessment ratio, multiplied by a tax rate, and is generally an obligation of the owner of the property. Values are determined by local officials, and may be disputed by property owners.
Alternatively, two-rate taxation may be seen as a form that allows gradual transformation of the traditional real estate property tax into a pure land value tax. Nearly two dozen local Pennsylvania jurisdictions (such as Harrisburg) [20] use two-rate property taxation in which the tax on land value is higher and the tax on improvement value is ...
Apr. 4—A plan to change ballot language for tax levies across Ohio has support from a group which calculates property taxes and opposition from entities which spend them. Ohio House Bill 140 ...
On Aug. 17, rules surrounding real estate commissions are set to change thanks to a legal settlement between the National Assn. of Realtors and home sellers. Proponents hope the new rules will ...
In criminal cases, the law distinguishes between beliefs about constitutionality of the tax law from other beliefs about the tax law: A defendant's good-faith belief that he is not required to file a tax return is a valid defense to the element of willfulness, and the belief need not be reasonable if actually held in good faith.
As an expert in real estate law, he represents buyers, homeowners’ associations and developers. “It is a contractual relationship that is apples and oranges different from buying a resale ...