News & Analysis as of

Residential Real Estate Tax

Read Residential Real Estate law updates, news, and legal analysis from leading lawyers and law firms:

The Bird’s Eye View of the 1033 Exchange

Although many people are aware that real property held for business or investment may be exchanged for other, “like-kind” real property (and certain personal property) while deferring recognition of gain or loss for income...more

New GTO covers Wire Transfers

by Foodman CPAs & Advisors on

On August 22, 2017, FinCEN (Financial Crimes Enforcement Network) published a new Advisory regarding Geographic Targeting Orders (GTOs) covering residential real estate transactions in certain counties or boroughs of New...more

Musings on the Unified Tax Reform Framework - What It Means for the Real Estate Industry

by Goulston & Storrs PC on

This September, the Trump Administration, the House Ways and Means Committee and the Senate Finance Committee released a unified framework for a major tax reform effort. The framework is not a set of detailed legislative...more

A Once in a Lifetime Opportunity to Reduce a Property’s Taxes: A Supplemental Notice of Value

by Buchalter on

In the next few weeks, county assessors throughout Arizona will issue supplemental notices of value for the 2018 tax year. Supplemental notices are issued when there is new construction or additions, parcel splits or...more

REIT Implications of the New “Big Six” Tax Reform Framework

by King & Spalding on

On September 27, the Trump administration and the Republican leadership in the House and Senate released a document called the “Unified Framework for Fixing Our Broken Tax Code” (the “Framework”), which lays out the core...more

Strategic Alternatives for Real Estate Portfolios Part II - Repositioning of the Portfolio

by King & Spalding on

The review of strategic alternatives can be a daunting task even for the most seasoned executives and directors of real estate companies and real estate investment trusts. This is particularly true in today’s real estate...more

Desperate for Offsetting Tax Revenue, Trump looks to Tax your 401(k) and Remove your deduction for Mortgage Interest

by Bowditch & Dewey on

Desperate for an accomplishment in this first year of Republican control of the federal government, the Trump administration is floating two ideas that seem on their faces to be non-starters. One, taxing 401(k) contributions...more

Tax Deductions are Available for Taxpayers with Hurricane Harvey-Related Damage and Loss

by Jackson Walker on

Taxpayers that have sustained property damage (for example, damage to homes and vehicles) as a result of Hurricane Harvey may be entitled to deduct the amount of such casualty loss against their income for federal income tax...more

Rebuilding After Hurricanes Harvey and Irma: Recovery Through Tax Deductions

by Bowditch & Dewey on

It is estimated that less than 20% of those affected by Hurricane Harvey, and a week later Hurricane Irma, had flood insurance. Home owner’s and renter’s insurance policies exclude damage caused by floods. Those affected...more

HUD Releases 2018 Qualified Census Tract & Difficult Development Area Designations

by Ballard Spahr LLP on

On September 11, 2017, HUD published a Notice designating the 2018 Qualified Census Tracts (QCTs) and Difficult Development Areas (DDAs) for the Low Income Housing Tax Credit (LIHTC) program. Qualified Census Tracts are those...more

The Special Economic Zones system extended to cover the entire territory of Poland

by Dentons on

The Polish government has just announced plans to replace the existing Special Economic Zones (SEZ) — scheduled to expire in 2026 — with a new system of permits providing a tax exemption for investments made anywhere in...more

Australia Raises Capital Gains Withholding Rate for Foreign Residents in Real Estate Transactions

by Jones Day on

The Australian Commonwealth Government first introduced foreign resident capital gains withholding payments in July 2016 at a rate of 10 percent, in response to issues in collecting tax from foreign resident sellers and...more

Issues, challenges and opportunities in the real estate and housing sector in Côte d’Ivoire

by Dentons on

For many years, population growth, combined with sustained urbanisation, has created enormous needs in all sectors, including the housing sector, in Côte d'Ivoire....more

Seattle’s New Income Tax May Affect Many More People Than Initially Thought, Including People Living Outside the City

by Stoel Rives LLP on

When Seattle passed its new income tax on July 10, many Washingtonians took note, but quickly moved on. The tax appeared to apply only to Seattle residents earning more than $250,000 for individuals or $500,000 for married...more

Appellate Court Overrules PTAB Decision Involving Manufactured Home

by Franczek Radelet P.C. on

The Illinois Appellate Court recently reversed a decision of the Illinois Property Tax Appeal Board (PTAB) involving the taxation of a mobile home in Jones v. State Property Tax Appeal Board. While the opinion addresses a...more

Seattle Waterfront’s Local Improvement District: An Introduction

The Seattle Waterfront Project is a step closer in its plans for redevelopment, or at least a step closer in estimating a piece of its funding. Earlier this month, the City of Seattle received a feasibility study revealing...more

NC Announces Assessment Reappraisal Counties

by Fox Rothschild LLP on

NC has announced that the following counties will begin the tax reassessment appraisal process of real properties in January 2018:-...more

Property Tax Update - 2018 North Carolina Reappraisal Counties

by Nexsen Pruet, PLLC on

Update - 9/05/17 - Anson and Avery Counties are conducting reappraisals effective as of January 1, 2018. Watauga County has delayed the next reappraisal until January 1, 2022. Real property in North Carolina must be...more

FinCEN Issues Revised Geographic Targeting Orders Focusing On Shell Companies Purchasing Luxury Properties In 7 Major Metropolitan...

by Fox Rothschild LLP on

Yesterday the Financial Crimes Enforcement Network (FinCEN) announced the issuance of revised Geographic Targeting Orders (GTOs) that require U.S. title insurance companies to identify the natural persons behind shell...more

CA Supreme Court: Entity Ownership Change Can Trigger Documentary Transfer Tax

Many entities are formed for the sole purpose of buying and holding real estate. In this setup, legal title is held by the entity itself (not the entity’s owners), but the entity’s owners have a “beneficial interest” that...more

Florida Property Owners: The Notice Of Proposed Property Taxes From Your County Property Appraiser-Beware Of Deadline For Appeal

by Roetzel & Andress on

What to Do with the Notice - Immediately open the Notice of Proposed Property Taxes and examine its contents for accuracy. The Notice contains column headings which include: - Taxing Authority - Your Property Taxes...more

California Supreme Court Declines To Rehear Documentary Transfer Tax Appeal

by Allen Matkins on

In June, I wrote about the California Supreme Court’s disappointing decision in 926 N. Ardmore Ave. v. County of L.A., 2017 Cal. LEXIS 4768 (Cal. 2017). Readers may recall that the Supreme Court applied the concept of a...more

California Supreme Court Holds that Real Property Transfer Tax Can Apply to Transfers of Entities that Own California Real...

by Bryan Cave on

Under California law, there are two separate tax implications affecting California real estate transfers that result in a “change in ownership” of the real property - a property tax reassessment and a real property transfer...more

Federal Tax Liens In Foreclosure Proceedings

by Ward and Smith, P.A. on

Henkel v. Triangle Homes is a North Carolina Court of Appeals case with dueling tax foreclosure proceedings involving the same property. One foreclosure proceeding was for unpaid municipal taxes and the other for unpaid...more

Rehabilitation for residential use in Lisbon’17: supply and legal regimes for foreigners

by DLA Piper on

Portugal currently offers two attractive legal/tax regimes for foreigners who wish to buy a property in the country and live here. Get to know them. Tax regime for non-habitual residents - What is the Non-Habitual...more

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