on our property taxes they give a fair mkt value is this something we can really go by ?
400162
yeah i wouldn't go by those numbers.  in most counties they are off by a certain %- this is what a foreclosure investor once told me and they typically vary from county to county.\n\ni agree, try zillow.com they are pretty accurate.\n\njoe
95613
I would contact the taxing entity and obtain ther fair market vakue from them, or contact a realtor and have them find out for you.
391907
Turbo tax program breaks everything down for you and they have a set list of values already set in the program... Good Luck
428549
There are many rates and various exemptions.  Property values can vary so one rate might be lower for an area, but if the same type of property is appraised higher than it would be in the other county, then you pay more taxes.  Not to mention the price of the property.\n\nThe best bet is to just find properties you would like to buy in each county and then look at the prices and taxes for those properties.  With everything tallied up, you can determine what is the best value for your needs.\n\nThe links below show the tax rates for the counties.  My head is still spinning.  Good luck!
913947
Normally we don't. But when the fair value of the asset is much lower than the original cost, it can be considered to re-value it.\nOther situations depending on what industry you are in.
1111556
Call the propertys County Appraisal Districts office. They can tell you what last years property tax was. You can go by that but depending on IN state property tax laws this amount can vary each year depending on a number of factors. I know in the state of TX it is the law that each property be valued at market value: what properties are selling for.
97348
depends on how much your house is worth.  So can't really answer this question without that info.
169148
With a few exceptions, a house is re-assessed for tax purposes every time it is sold.  There are a lot of reasons for this, but the primary one, as always with taxes, is that the county can get away with it!  More realistically, since the value of the property probably went up (that is, you are paying more than the people you are buying it from paid when they bought it), then the taxes are going to go up.  If it were not so, eventually property taxes would cease to be a significant source of revenue for the county, because their expenses and other taxes would go up while property taxes did not.  Taxes also go up when a higher percentage is assessed by the county, but that will still normally be a much less significant increase than the reassessment.  That is because all home-owning taxpayers get hit with that, whereas the reassessment only hits a few at a time.  Votes, you know!
577546
Are you referring to an appraisal by a taxing authority? If so, then you need to find properties similar to yours and see what the appraisal is on these. If it it lower, use that information to ask for reduction in the appraisal on your property.
610175
It is your lucky Day because this plan is already a bill in the House (HR 25) and Senate (S 25) it is called the Fair Tax!!\n\nIt was developed by the finance department at MIT.\n\nAll products and services are taxed as the same rate but this tax is included in the posted price of the product BY LAW. (the receipt will show how much tax was paid)\n\nThis will eliminate the wholes in the tax system for interest groups and give people more freedom on how to use their money.\n\nFood is taxed but every household (may be dependent on income) gets a Pre-Bait check for all the cost of the tax on the basics of living for that month.  \n\nThere are no taxes on used products so no taxes at your garage sale or on your used house.\n\nNo tax on savings, investments, income, businesses, etc.\n\nThings are only taxed once at the retail level.\n\nI am personally excited about this and I think everyone should contact their Senator and Representative and tell them to support the Fair Tax!!
327621
Its all up to the individual landlord. They can discount what they see fit.
203022
You can't be sure that a house will appreciate at all.  There is always  the possibility that a house could depreciate.\n\nIt's going to depend on several factors, including location.  How much you pay for the house will also have an effect.  If you pay too much, you won't stand to gain from the appreciation in home values that an area might gain.\n\nGo to the link below.  You can choose your city and state, and view the average appreciation for your area.
481774
WARNING: many of the "get rich quick in Real Estate" deals (scams) are centered around buying tax forfeited properties. The taxing authority (the county) used to sell these properties for the amount of taxes owed, but many counties have begun selling them either at "fair market value" or by auction to the highest bidder. Be careful, and be sure to get an appraisal and inspection before purchasing
57320
You're forgetting that interest is often tax-deductible. If you can take advantage of that, you aren't paying as much. And yes, some houses can double or triple in value in a relatively short amount of time. It all depends on where you buy.
812345
I'm just going off the top of my head here without looking anything up, so just use my answer as a guide and not fact.  (Because staring at the code is factual, but sometimes doesn't get you very far in thought.)\n\nThe rental property.  Chop this up into three components - land, building and personal property.\n\nLand, as you know, is not depreciable.  But it should be listed as a separate component of the sale.  \nThe building is depreciable, but will also be under an additional code section, 1250.\n\nThe general rule starts with section 1231 property.  Then, depending on what it is, it might ALSO be 1245 property or 1250 property.  But just to keep things simple, think 1245 = equipment and 1250=buildings.\n\nBoth 1245 and 1250 pretty much say this: When you sell the asset, the amount over adjusted basis, up to the extent of depreciation taken, is ordinary gain.\n\nFor example.  I bought a piece of equipment a few years back for 10,000.  Tuesday, when I sold it, it had a tax adjusted basis of 1,000 (10,000 historical value less 9,000 of accumulated tax depreciation taken).  I collected 5,000.  In this case, ALL of my 4,000 gain (5,000 sales price less 1,000 adjusted basis) will be ordinary income.  \nLet's say I sold it for 12,000.  9,000 of my gain would be ordinary and 3,000 capital gains.  \nNow I'm babbling.  But in a nutshell, you are recapturing the depreciation expense at ordinary, just like you took the expense (over time).\n1250 for buildings has something similar, but not many have that issue anymore (unless they were purchased over a decade ago or so).  There is some special additional tax on the gain or special rate.\nBut the losses are ordinary, thankfully.\nAnd I feel like I'm getting off track here, but I'm trying.  :)\n\nBut onto the land.  It depends.  And perhaps this is where saying more info is needed might help.\nIf this is a separate piece of land accounted for seperately and Mary can prove that she wasn't going to improve anything, then there might be support for the claim that it is a capital asset and the gains are capital.\nHowever, that would be really agressive to me considering it saysing "holding for future development" and if there has been anything substantial done to the property.\nIn short, you will want to check out code section 1237 for reference too although it doesn't exactly fit your problem.\n\nAnd last but not least, I'll clog this answer with an Explanation nabbed from my own stuff.  Good luck on your research and forgive me for such a lengthy answer.  Usually I hate stuffed answers.  Cheers!\n\nReal property produces capital gain or loss on its sale or exchange if it's a capital asset. The main reasons for the exclusion of real property from the capital asset category are (1) that it's property held by the taxpayer primarily for sale to customers in the ordinary course of his business, and (2) that it's real property used in his business. Code Sec. 1221(a)(1) , Code Sec. 1221(a)(2) . However, the sale or exchange of real property used in a business (including rental realty), or the involuntary conversion of such property or real property that is a capital asset, can produce a Code Sec. 1231 gain or loss. \n\nThe fact that real property is held primarily for sale to customers in the ordinary course of a taxpayer's business precludes it from being either a capital asset or a Code Sec. 1231 asset (business-use property). Code Sec. 1221(a)(1) ; Code Sec. 1231(b)(1)(B) . The factual question of whether real property was so held gave rise to intensive litigation. Cases decided under Code Sec. 1231 are covered as part of the question of what property is used in a business. Decisions delineating property that is a capital asset are covered in this subdivision. The special rules of Code Sec. 1237 , allow taxpayers other than C corporations to obtain limited capital gain as to property subdivided for sale under certain circumstance
474136
Our property taxes are $5100 a year.  We have three taxes - school, village and county.  If we lived in the country our taxes would be less because there would be no village tax.  I live in Central NY
1084132
Depends if it has appreciated in value and if you are selling it.  If yes to both of those, then yes (unless you can offset it by capital losses).