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Property Tax › Internal Revenue Service

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 -
Dechert LLP

IRS Private Letter Ruling Concludes REMIC Can Hold C-PACE Assessments

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Dechert LLP recently obtained an IRS private letter ruling (“PLR”) on behalf of an asset manager concluding that certain C-PACE assessments are “obligations . . . secured by an interest in real property” for purposes of the...more

Allen Barron, Inc.

Is there a Target on Short-term Rental Homes for New Taxation?

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Is the target on short-term rental homes for new taxation? What about rental properties in general? When is income from a short-term rental presently taxable?...more

Tonkon Torp LLP

Is Your Business Eligible for Portland’s New Tax Breaks?

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A number of clients of my law firm, Tonkon Torp LLP, have asked about the recently-announced city of Portland business license tax break for signing a downtown Portland lease and about the Enterprise Zone tax exemption for...more

Stoel Rives LLP

What Out-of-State Buyers Should Know About California Real Estate Transfer Taxes

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As Benjamin Franklin once said, “Nothing in this world can be said to be certain, except death and taxes.” For out-of-state buyers unfamiliar with California’s transfer tax system, there are a few things to know to avoid a...more

Perkins Coie

More Than a Mansion Tax: L.A.’s Measure ULA Will Address the City’s Housing Crisis

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Los Angeles’ United to House LA Measure (Measure ULA), enacted by city voters in November 2022, implements a significant new transfer tax on high-value real estate transfers or sales throughout the city of Los Angeles....more

Nossaman LLP

Federal and California Tax Agencies Announce Relief Measures for Storm-Impacted Taxpayers (UPDATED)

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March Update - As another deluge of storms ravages California and the Southeast, the Internal Revenue Service (IRS) on February 24, 2023 announced a further extension of the May 15 tax deadline to October 16, 2023 for...more

Lewis Roca

Review of 2022 Arizona Tax Highlights

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ARIZONA TO IMPLEMENT 2.5% FLAT TAX AHEAD OF SCHEDULE - Governor Doug Ducey announced that Arizona will implement its new 2.5% flat income tax rate on January 1, 2023, a full year ahead of schedule. According to Gov. Ducey,...more

Morgan Lewis

IRS Issues Proposed Regulations Applicable to Qualified Foreign Pension Funds and Sovereign Wealth Funds

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The Internal Revenue Service (IRS) issued proposed regulations under Sections 892 and 897 of the Internal Revenue Code of 1986, as amended, on December 29, 2022. Final regulations under Section 897 regarding the exemption...more

Pullman & Comley - For What It May Be Worth

Valuation of Conservation Easement Determined by U.S. Tax Court

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A trial before the United States Tax Court recently determined the value of a conservation easement imposed on a Georgia golf course which was being contested by the Internal Revenue Service. Relying on the “before and after”...more

White and Williams LLP

Non-Profit Hospital Ordered to Pay Property Taxes: A Shot Across the Bow

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A recent trial court decision could have significant, long-term consequences for the financial models of Pennsylvania non-profit healthcare providers. Ruling that three non-profit Chester County hospitals of the Reading,...more

Mitchell, Williams, Selig, Gates & Woodyard,...

Like-Kind Exchanges Under IRC Section 1031: A Primer

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Individual and business clients engaging in real estate transactions often have an interest in like-kind exchanges under Internal Revenue Code Section 1031 (hereinafter “1031” or “Section 1031”). Clients are usually aware...more

Eversheds Sutherland (US) LLP

Georgia’s 2021 Sine Die - Thoughtful policy mixed with last minute surprises and everything in-between

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During the 2021 legislative session, the Georgia General Assembly passed key legislation, including conformity to the federal tax law, the elimination of deference to subregulatory interpretations of the Department of...more

Foley Hoag LLP - Energy & Climate Counsel

Massachusetts Legislature Passes Property Tax Reform for Solar, Wind, Energy Storage and Fuel Cells

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As has been discussed in several posts here, on January 4, 2021, a conference committee of the Massachusetts House and Senate has issued a wide ranging “omnibus” energy bill “An Act creating a next-generation roadmap for...more

Proskauer Rose LLP

Wealth Management Update - December 2020

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December 2020 Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split Interest Charitable Trusts AFRs - Certain federal interest rates increased slightly for December of 2020, while...more

Fox Rothschild LLP

Partnerships And S Corporations Exempted From Limits On State And Local Tax Deduction

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The IRS intends to issue proposed regulations to permit a partnership or an S corporation to deduct specified income tax payments made to a domestic state or local jurisdiction. In Notice 2020-75, the IRS clarifies that...more

McGlinchey Stafford

No Partner/S-Corp Shareholder SALT Deduction Limit On Entity Income Taxes

McGlinchey Stafford on

The Internal Revenue Service has announced that it will be issuing proposed regulations clarifying that certain state or local income taxes imposed on and paid by a partnership and/or an S corporation will not be subject to...more

Freeman Law

[Webinar] Freeman Law Legal and Tax Update - October 27th, 3:00 pm CT

Freeman Law on

As businesses face unprecedented challenges, our legal team is here with insights and guidance. Join us as we discuss important developments during these unique times, and bring you up to speed on current initiatives. During...more

Williams Mullen

Williams Mullen's Comeback Plan: Part I – State & Local Tax (SALT) Compliance During COVID-19: What to Do When You’re Behind

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Tax partners Stephanie Lipinski Galland and Kyle Wingfield summarize what you can do if you have not filed your state and local taxes or if you are unable to pay your tax bills due to the COVID-19 pandemic. Topics include...more

Rosenberg Martin Greenberg LLP

Don't Hold Your Breath: Understanding the IRS Whistleblower Reward Program Can Prevent Substantial Financial Consequences

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While the Internal Revenue Service (“IRS”) has long had a Whistleblower Office, the past few years have seen an uptick in the numbers of claims filed with the Office. In 2019 alone, according to an annual report from the...more

Holland & Knight LLP

Proposed Los Angeles City Residential Vacancy Tax Pushed to 2022

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The Los Angeles City Council recently considered a vacancy tax intended to reduce the number of vacant residential units. The proposed Empty Homes Tax would aim to address homelessness by penalizing residential landlords for...more

Greenberg Glusker LLP

Important Tax Updates – COVID-19 Edition (Updated #2)

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Updated as of April 10, 2020 at 5:00 p.m. - Over the last few weeks, various taxing authorities have issued guidance alleviating several of the annual upcoming deadlines and provided additional useful tax planning...more

Perkins Coie

Non-Essential Construction Eliminated in More Restrictive Bay Area Shelter-in-Place Orders

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On March 31, six Bay Area counties—Alameda, Contra Costa, Marin, San Francisco, San Mateo, and Santa Clara—jointly issued new shelter-in-place restrictions that expand, clarify, and extend certain shelter-in-place...more

ArentFox Schiff

California’s Property Tax Deadline: San Francisco and San Mateo Counties Extend Deadline While Other Counties Maintain Deadline...

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While the April 15 deadline for filing federal and state tax returns has been extended, the April 10 deadline to pay California property taxes without penalty will stand for most California counties. As an exception, San...more

Greenberg Glusker LLP

Important Tax Updates – COVID-19 Edition (Updated)

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Over the last few weeks, various taxing authorities have issued guidance alleviating several of the annual upcoming deadlines and provided additional useful tax planning information. The guidance is changing almost daily, and...more

Bracewell LLP

Final Regulations and New Proposed Regulations on Immediate Expensing: Implications for Energy and Infrastructure

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On September 13, 2019, the IRS and Treasury Department released final regulations (the Final Regulations) and new proposed regulations (the New Proposed Regulations) that interpret and clarify the regime for immediate...more

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