Property Tax

Property Taxes are taxes levied against the owner of property located within a particular jurisdiction. Property taxes are often used to refer to taxes on real property. Property taxation schemes vary depending... more +
Property Taxes are taxes levied against the owner of property located within a particular jurisdiction. Property taxes are often used to refer to taxes on real property. Property taxation schemes vary depending on the country or jurisdiction.  However, a popular system involves a government assessment of the value of a property and a rate based on a proportion of the assessed value. A property may be subject to taxation by multiple taxing entities.  less -
News & Analysis as of

Taxpayer Victory Helps Trusts Holding Business and Real Estate Avoid Tax

One of the most vexing tax issues remaining unresolved since the 1986 enactment of the passive loss (PAL) rules is whether business or rental income earned by a trust can be active income and whether business or rental losses...more

PA Senators Pushing to Replace School Property Taxes with Expanded Personal Income and Sales Taxes

A number of Pennsylvania State Senators continue to push for legislation to eliminate school district property taxes in Pennsylvania. They would replace the lost revenues by increasing the statewide Personal Income Tax rate...more

Property Tax Appeals In Minnesota: Deadline For Petition Is April 30

Property owners should have already received their 2014 property tax statements from the county assessor. The tax statements will identify the assessor’s estimated market value for the owner’s property as of January 2, 2013,...more

How Michigan’s New Personal Property Tax Law Will Affect Municipalities

Recently enacted legislation provides clarity and relief to Michigan municipalities poised to suffer revenue loss as a result of personal property tax reform legislation enacted in 2012. On March 28 and April 1, 2014, the...more

Real Estate Tax Liens Attach to Persons, Not Just Property

In 2013, the Pennsylvania legislature passed an amendment to the Municipal Claim and Tax Lien Law (Act No. 93 of 2013, the “Amendment”), designed to give municipalities and school districts improved means of collecting tax...more

Extension of Eight Valuable As-of-Right Incentive Programs Included in New York State's Budget Bill

New laws may benefit developers and businesses with applications long pending and for future applicants that depend on these incentive programs to help induce investment and economic growth in the New York City. These...more

Federal Rule and Ninth Circuit Opinion Create Huge Opportunities on Indian Land

In a set of comprehensive regulations affecting non-agricultural leasing on Indian land, the Department of the Interior, Bureau of Indian Affairs made sweeping changes and largely exempted property taxes on permanent...more

Municipal Law and Finance: Personal Property Tax Reform

Personal Property Tax Reform Background - Grand Rapids city leaders in cooperation with leaders from Ottawa and Kent Counties, Wyoming, and the Grand Valley Metropolitan Council worked with the Lieutenant Governor’s...more

Continuing Care Retirement Community Denied Property Tax Exemption

The Illinois Appellate Court recently upheld the denial of a property tax exemption on both charitable and religious grounds for the Meridian Village continuing care retirement community (CCRC) in Glen Carbon. A CCRC provides...more

Establishing A Property’s Tax Valuation – Earlier is Better

Few developers think of spending precious time and resources on working with a municipality to determine the appropriate property tax valuation method and an estimated preliminary value of a real estate project during the...more

Taxing Non-Residents on Capital Gains from UK Residential Property – UK Government Consults on New Rules

The UK does not generally impose tax on capital gains of non-UK residents in relation to real estate properties in the UK. However, the Government has announced that tax will be imposed on future capital gains made by non-UK...more

The Nuts And Bolts Of Property Tax Exemptions For Nonprofits

Regular readers of this column no doubt are used to the typical note on state tax topics such as residency and sales taxes. But here at Noonan’s Notes global headquarters, we like to mix it up occasionally, not only to...more

Illinois Trust Taxation Deemed Unconstitutional

Ruling creates planning opportunities to minimize income taxes. In Linn v. Department of Revenue, the Illinois Fourth District Appellate Court reviewed the state’s statutory framework for taxing trusts. Linn v....more

Complying With The Tangible Property Regulations – Procedural Guidance Provides Favorable Rules That Require Immediate...

Late last year, the IRS and Treasury Department released final and proposed regulations that affect the tax treatment of costs associated with plants, buildings, equipment, and machinery. These rules affect the costs...more

D.C.’s Less Charitable Approach to Property Tax Exemptions for Non-Profits

Under District of Columbia law, organizations that own buildings in D.C. used for purposes of public charity principally in the District are entitled to property tax exemptions. (D.C. Code § 47-1002(8)). However, in light...more

IRS Issues Significant Convertible Virtual Currency Ruling – Bitcoin Community Abuzz

The IRS has issued its first major ruling on the U.S. federal tax implications of transactions in, or transactions that use, Bitcoin and other convertible virtual currencies. The ruling stresses that it relates to convertible...more

IRS Makes Bitcoins A Tax Headache

The IRS just published Notice 2014-21 which explains the IRS’ vision on how general tax principals apply to “virtual currency” transactions like Bitcoin....more

Digital Assets Development: IRS Characterizes Bitcoin as Property, Not Currency

On Tuesday, the IRS issued Notice 2014-21, in this Notice, the service announced that it would treat Bitcoin or other virtual currency as property for tax purposes. The IRS reasoned since the virtual currency is not regulated...more

Real Property, Financial Services & Title Insurance Case Law Update: Weeks Ending March 14 & March 21, 2014

I. FLORIDA STATE CASES – SCOTT FEATHER & JOURDAN HAYNES - - Summary Judgment: reversal of summary final judgment of foreclosure because of disputed issues of fact concerning amount of rents received from property that...more

UK Budget 2014: corporate, finance and real estate tax highlights

We set out below a summary of key items of interest announced by the UK’s Chancellor in the Budget on 19 March 2014 relating to businesses, corporate and finance taxation and real estate taxation. Much of what was announced...more

Illinois Appellate Court Dismisses Assessment Challenge Seeking Writ Of Mandamus

The Illinois Appellate Court recently dismissed a petition for a writ of mandamus in which the plaintiffs challenged the legality of taxes assessed on their property. In Dumas v. Pappas, the Court addressed the proper path...more

Residential Property in the United Kingdom – Extension of Anti-Enveloping Rules to Residential Properties Worth More Than £500,000

The existing United Kingdom tax rules designed to discourage the “enveloping” of residential properties worth more than £2m in certain vehicles are to be extended to lower value properties. The changes will take place in...more

Understanding Real Estate Tax Assessment Procedures

If the locality where your company’s real property is situated went through a revaluation of real property for tax purposes effective as of January 1, 2014, your company should soon be receiving a notice of assessment. You...more

Chairman Camp’s Tax Proposals Would Affect REITs and Real Estate

Chairman David Camp (R-MI) of the U.S. House Ways and Means Committee recently issued a discussion draft of a comprehensive tax reform proposal which would materially modify the taxation of REITs and real estate related...more

The Broad Reach of the Internal Revenue Code’s Taxing Power

Two interesting stories coming out of California were reported in the media last week, both of which dealt with the issue of what constitutes taxable income. Generally speaking Internal Revenue Code Section 61 defines what...more

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