News & Analysis as of

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 -

Proposed UK Real Estate Tax Regime Targets Offshore Investors' Capital Gains

by Jones Day on

The Situation: Historically, the United Kingdom has not taxed capital gains on real estate disposals when the seller was not a UK resident. The Development: Coming into line with most of the world's jurisdictions, the UK...more

Major tax bill clears U.S. Senate by 51-49 margin, Part I

by Moskowitz LLP on

A 500-page long Republican tax bill, with numerous and significant last minute changes – as well as some illegible handwritten edits in the margins – cleared the U.S. Senate in the early hours of Saturday morning, by a 51-49...more

Maximizing Deductions Through Prepayment of Real Property Taxes Before Potential Tax Law Changes

Currently, individual taxpayers who itemize their deductions can deduct real property taxes paid that year. Under both the House and Senate tax reform bills, the property tax deduction would be capped at $10,000. If that cap...more

Pending tax reform, prepaying 2018 real estate taxes could benefit Illinois individual taxpayers

by Thompson Coburn LLP on

In light of the tax reform bill pending in Congress, individuals throughout Illinois should give strong consideration to prepaying 2018 real estate taxes now to receive the largest possible benefit on their 2017 tax returns....more

Can Tenants Challenge Property Tax Assessments?

by Dickinson Wright on

A recent New York case brought into question what had been accepted as a reality, can a tenant challenge the property tax assessment it must pay under the lease? As recognized by the Court, tenants are aggrieved persons under...more

NYC Council Modifies Commercial Rent Tax

by Cole Schotz on

The New York City Council approved a bill on Thursday, November 30, that impacts thousands of small business owners located south of 96th Street in Manhattan. The bill modifies the threshold that businesses must meet in order...more

Disabled Veterans Property Tax Exemption Complicates Revocable Trust Planning

by Fraser Trebilcock on

What does it mean to “own” something? Owning something means different things to different people. Owning something suggests a sense of full control over something. It also implies being able to enjoy the benefits of it...more

The Tax Reform Bills: Home Ownership, Purchases & Sales

by Lewitt Hackman on

Congressional efforts to enact tax reform are now in the home stretch. While there is no assurance that any legislation will be enacted, or what the form of a final bill would look like, it is likely that something will pass...more

Budget Announcement to Affect Offshore Investment in UK Real Estate

by Reed Smith on

In Philip Hammond’s budget announcement on 22nd November 2017, he announced a measure which has a significant adverse impact on the UK real estate sector. In particular, it limits the future tax benefits of using an offshore...more

The New Biennial Budget: Trick or Treat?

by Shipman & Goodwin LLP on

Connecticut became the last state in the country to adopt a budget, more than 120 days after the commencement of the current fiscal year. The biennial budget for the period from July 1, 2017 through June 30, 2019 was the...more

Real Market Values and "Compression" – Property Taxes Continue to Climb in Oregon

by Tonkon Torp LLP on

One of the most significant reasons taxes have increased so much this year is "Compression." Due to Measure 5, Oregon's constitution limits the amount of taxes that can be collected from each property for two categories...more

Reconciling the Differences, the Senate Tax Cuts and Jobs Act

On November 9, 2017, the Senate Finance Committee released a Description of the Chairman’s Mark of the “Tax Cuts and Jobs Act” and on November 14, 2017, the Senate Finance Committee released a Description of the Chairman’s...more

House Passes Tax Cuts and Jobs Act: How the Senate Proposal Compares

by Shearman & Sterling LLP on

On November 2, 2017, the House Ways and Means Committee (the “House Committee”) released its plan for comprehensive tax reform: the “Tax Cuts and Jobs Act of 2017” (H.R. 1) (the “House Bill”). Following a week of hearings,...more

Extension of Property Tax Discount in Miami-Dade and Potentially Other Counties

by Bilzin Sumberg on

On September 4, 2017, Governor Scott issued Executive Order 17-235 in response to anticipated severe damage across Florida due to Hurricane Irma. The Executive Order granted the Florida Department of Revenue authority to...more

Fall 2017 Property Tax and Valuation Topics

by Pullman & Comley, LLC on

Property Assessment Class Action Fails - On previous occasions, the editors of Property Tax and Valuations Topics have noted that Connecticut courts tend to be rather strict in requiring property owners to pursue statutory...more

OTA & Travel Distribution Update - Nov. 3rd, 2017

by Garvey Schubert Barer on

Our weekly OTA & Travel Distribution Update for the week ending, Friday, November 3, is below. The week’s update features a variety of stories, including a potentially landmark purchase by Airbnb....more

Why Did My Property Tax Bill Go Up?

by Tonkon Torp LLP on

Property taxes have skyrocketed for many Oregonians this year – with some taxpayers experiencing double digit percentage increases over the year before and average increases in the Metro area of 11 % (Multnomah), 6.5 %...more

One Reason Your Property Taxes Skyrocketed - New Bond Measures

by Tonkon Torp LLP on

Contrary to popular belief, Oregon law does not limit property tax increases to three percent per year. If you received a property tax statement this year, you may have learned this the hard way. Overall tax rates are now at...more

Residential Developments: Purchasers to pay GST to ATO after 1 July 2018

by K&L Gates LLP on

Treasury has released consultation draft legislation on GST for sales of "new residential premises" and "potential residential land" (subdivided residential lots). As explained in detail further below, if enacted, the...more

Current Issues for Higher Education Real Estate Lawyers

by Bowditch & Dewey on

Campus Real Estate, Property Management, Tax Credits The 15th Annual Higher Education Real Estate Lawyers conference was held in San Francisco, where attendees listened to and learned from both in-house and outside counsel at...more

Potential Traps for the Unwary in the California Office of Tax Appeals Draft Regulations

by Reed Smith on

The California Office of Tax Appeals (the “OTA”), the new tax tribunal that will be assuming some of the functions of the California State Board of Equalization (“BOE”), has issued its initial set of draft regulations. The...more

Potential New Tax Changes: The Tax Cuts And Jobs Act

by Roetzel & Andress on

The new tax bill, The Tax Cuts and Jobs Act (“Bill”), is estimated to add $1.5 trillion to the national debt over the next 10 years. The House Ways and Means Committee begins reviewing the Bill on Monday, November 6, 2017....more

The Tax Cuts and Jobs Act

by Proskauer - Tax Talks on

Today, the Republicans in the U.S. House of Representatives released their long-anticipated tax reform bill, entitled the “Tax Cuts and Jobs Act”. While there have been multiple statements from the Republican majority in the...more

House Tax Reform Bill Released

Today, House Ways and Means Committee Chairman Brady introduced the much anticipated House Tax Reform Bill – The Tax Cuts and Jobs Act. The bill is 429 pages, so it will take a little time to digest all the key provisions. ...more

The Proposed Tax Plan: What Public Agencies Should Know

by Best Best & Krieger LLP on

Earlier yesterday, we presented a webinar, “Tax Reform: What D.C.’s Actions Could Mean for Public Agencies,” that looked at how Congress’ actions in the next couple of months will impact such things as municipal bonds and...more

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