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Property Taxes

The most recently published posts in the Property Taxes category
Property taxes are an important source of revenue for city governments, but rates can vary substantially across the country.  Property taxes make up about one quarter of home ownership costs over the median duration of ownership, according to a study by two researchers with the Urban-Brookings Tax Policy Center.  The study’s authors—Benjamin H. Harris, policy director of the Hamilton P...
Read Post [Posted on 10/12/2014 By John Askins]
A new study finds high demand for quality public transportation nationwide, although that demand mostly goes unmet, according to the Who’s on Board: The 2014 Mobility Attitudes Survey from Transit Center, a look at attitudes about public transportation. Fifty-eight percent of survey respondents say their ideal neighborhood would be in a transit-friendly community that contains “a mix o...
Read Post [Posted on 10/07/2014 By John Askins]
Knowing what to expect from property taxes, and what tax relief you can use, is an essential part of budgeting for home buying.The last thing you want is to be caught off-guard by a large tax bill you aren’t in a position to pay.What are Property Taxes?Property taxes vary by area and are used to pay for local government things like education, emergency workers and libraries.Property...
Read Post [Posted on 10/06/2014 By Michelle Cannon]
1. If you've owned and lived in your home for two of the five years prior to selling it, you can generally exclude up to $250,000 of the gain from your income ($500,000 on a joint return, in most cases).2. You are not eligible for this exclusion if you sold another principal residence within the past two years and excluded the allowable gain from your income. 3. If you can exclude ALL of the ...
Read Post [Posted on 09/18/2014 By Kelly Stewart]
The Woodlands Township budget includes tax rate cut, more police hires, new buses September 10, 2014 Township budget includes tax rate cut, more police hires, new bu 3 of 4 View All Township budget includes tax rate cut, more police hires, new bu Township budget includes tax rate cut, more police hires, new bu 4 of 4 View All Township budget inc...
Read Post [Posted on 09/15/2014 By Cecelia Smith]
While being a landlord certainly has its cons, tops among its pros are the tax deductions rental homeowners enjoy.From finding tenants to fixing faucets, renting out a home can be a lot of work. If that doesn’t dissuade you, you’ll appreciate collecting the rent checks and taking advantage of tax deductions.In fact, you can use many rental property expenses to offset your rental income. IRS Public...
Read Post [Posted on 09/04/2014 By Garrett McWhorter]
 Plan for Property Taxes the Right Way   Knowing what to expect from property taxes, and what tax relief you can use, is an essential part of budgeting for home buying. The last thing you want is to be caught off-guard by a large tax bill you aren’t in a position to pay. What are Property Taxes? Property taxes vary by area and are used to pay for loca...
Read Post [Posted on 09/03/2014 By Michelle Cannon]
Are you paying more or less every month than the typical American homeowner?The median amount American homeowners pay per month for their mortgage is $1,015, says new data from the Census Bureau’s 2011 American Housing Survey.The midpoint price paid for homes was $110,000 and the median home value was $160,000. The median U.S. home was built in 1974 — half were older and half were newer....
Read Post [Posted on 08/26/2014 By Garrett McWhorter]
Watch out for the common tax-filing errors, and you'll get a maximum return without raising any red flags with the IRS. Image: Jenna Sue/jennasuedesign.blogspot.comAs you calculate your tax returns, consider each home tax deduction and credit you are — and are not — entitled to. Running afoul of any of these nine home-related tax mistakes — which tax pros say are especially common — can cost ...
Read Post [Posted on 08/22/2014 By Garrett McWhorter]
Without government-supported mortgage programs from Fannie Mae, Freddie Mac, FHA, and VA, interest rates on home mortgages would rise. Fannie Mae and Freddie Mac: A Look at Mortgage Lending Without ThemSome legislators say we don’t need mortgage giants Fannie Mae and Freddie Mac. What would happen if lawmakers got their way? How Fannie Mae, Freddie Mac Save You Money Home owners who...
Read Post [Posted on 08/22/2014 By Garrett McWhorter]
Homeowners who fall behind on their property taxes may be tempted to take out a loan to pay off those taxes. However, the Better Business Bureau (BBB) strongly recommends doing a little homework first.According to the BBB, the homeowner should: Call the taxing agency first. Most government agencies are willing to create payment plans and make other arrangements with those behind on t...
Read Post [Posted on 08/21/2014 By John Askins]
April 17, Tax Day, is fast approaching. So, if you itemize, remember to take advantage of the mortgage interest deduction, one of the many benefits of home ownership. The MID saves the average home owner about $3,000 per year. In addition, as mortgage rates bottom out and the rental costs exceed those of home ownership, this spring may be the most vibrant for real estate in years. This and more in...
Read Post [Posted on 08/14/2014 By Garrett McWhorter]
What does PID mean when Buying and Selling Real Estate? If a Property is in a Public Improvement District, PID, the Seller is required to notify the Buyer that the Buyer is obligated to pay an assessment to a municipality or county for an improvement project undertaken by a PID under periodic installments.  This payments may be due annually or in installments.  PID’s are usually small...
Read Post [Posted on 08/06/2014 By Annette Jacobs]
Taxes, Taxes, Taxes... paying taxes comes with the American Dream.During the season of increased property taxes (the biggest increase seen in recent years), there is a somewhat silver lining - call it a "grey lining."That "grey lining" is in the form of  Tax Free Weekend!What is tax free weekend and what items does it include?Tax free weekend is an annual event that began in 1999.  ...
Read Post [Posted on 08/05/2014 By Gail Medina]
Borrowing Against Your Home Equity Has Tax Benefits and Pitfalls   If you need funds to cover a purchase, pay off debt or remodel your home, you have a few lending options—including the use of home equity. You could use your credit card to cover the cost or take out a personal loan from the bank. You also can use the equity in your home to open a home equity line of credit (HEL...
Read Post [Posted on 08/01/2014 By Michelle Cannon]
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