Property Taxes Saving Techniques

Understanding Your Property Tax

The first thing to understand about your property tax bill is the terminology. Many people look at the tax bill and see a bunch of numbers that have no meaning to them. In reality, they do have a special meaning to the property owner. If you do not understand what the sections on your property tax bill mean, you might not know if this bill is correct or not. Here are some terms that you need to understand when looking at the tax bill.

Fair cash value is what the property can be sold for

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Property & Taxation: A Practical Guide to Saving Tax on Your Property Investments

There are numerous tax rules and regulations associated with real estate that you need to comply with and, if you get it wrong, the Tax Office could impose stiff penalties. Fortunately, help is at hand.In plain English, Property & Taxation explains just what your tax obligations are. Inside you’ll learn:how property speculators and property investors are taxedwhich expenses are tax deductiblehow to calculate a capital gain and capital lossabout the tax issues associated with owning your main res

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BUYING FORECLOSED PROPERTIES (Learning Real Estate)

Secrets to Success and Pitfalls Involved in Dealing with REOs (Real Estate Owned by the Lenders. Topics covered include Reasons to Buy Distressed Properties, Structuring Favorable Terms, Timing of the Purchase, Buying the Loan, The Trustee’s Sale, Locating REOs, and much more.
Much of the material in this book is also covered in a 2?-hour 2-DVD set, also available on Amazon.com as item number B000WMEALG.

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Property Management Kit For Dummies

Thinking about becoming a landlord? Property Management Kit For Dummies, 2nd Edition gives you proven strategies for establishing and maintaining rental properties, be they single family or multi-resident. You’ll see how to prepare and promote your properties, select tenants, handle repairs, avoid costly mistakes and legal snafus — and meet your long-term goals. You’ll learn all the basics of the rental housing business — from finding and showing properties and dealing with tenants to reco

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Senior Citizen Guide to Lower Property Tax

Seniors Save Tax Dollars!

The “Senior Citizen Guide to Lower Property Tax” shows you the steps that may help you keep more of your hard-earned money where it belongs – In Your Pocket!

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The Tax Man Cometh. Land and Property in Colonial Fauquier County, Virginia: Tax List from the Fauquier County Court Clerk’s Loose Papers 1759-1782

Transcripts of Fauquier’s nineteen unpublished tax lists of 1759-1782.

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Most investment properties are purchased to generate a profit through capital gains and charging individuals with rent. Most of the individuals who purchase investment properties do not live on the land. Although many individuals who purchase investment properties do have enough for a down payment, most do not have the cash needed to buy investment properties in full. Others do not want to tie up their personal money. This is why many decide to finance investment properties with a loan obtained through banks, brokers, or finance companies.

Many individuals are purchasing real estate because they gain larger returns than the average investment. Many are purchasing condos, apartments, single family homes and foreclosed. To qualify for financing, you will need good credit, a description outlining how you will spend the money and at times a collateral too. The lender will want to know a few questions before deciding whether to give you money. For example, they will want to know what you are borrowing the money for and how much is needed. They will also want to decide how long it will take for you to repay the loan. In addition, you may want to research the location of the property crime statistics, and conduct a cost benefit analysis to see if the property is worth purchasing. If you have properly researched your potential investment, then it shouldn’t be answering the questions shouldn’t be that bad.

Choosing a lender can be a difficult task. If you choose a lender with high fees and interest rates, then this will negatively affect your profits. There are a lot of companies that can help finance investment properties and these will be most familiar with the specific type of financing that you may need. You can either visit a loan office or apply to one online. After applying for a line, the person agrees to pay for the loan gradually by paying the monthly payments. Once it is paid off, the person can use the property for personal use or continue renting it.

There is a fixed mortgage rate, which means the mortgage consists of a fixed amount of monthly payments or installments with a fixed interest rate. There are two sub-types of fixed mortgage rates, such as a 30 year mortgage or a 15 year one. Adjustable rate mortgage means the rate fluctuates according to the market conditions. The balloon mortgage rate is a specific amortization schedule with variable terms. Those investors who plan to sell their property within five years are usually advised to try out an adjustable rate mortgage. An investment property can definitely have an effect on the amount of taxes you pay. You will have to pay state and local property taxes.

More and more mortgage companies have been popping up because the demand for loans has increased. There is stiff competition among the companies. Many companies are offering introductory rates and these rates continue for a set period of time. Before you decide to get a loan, please investigate the company and terms of the loan carefully.

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North Carolina

North Carolina has an extremely user friendly tax system. For more information on North Carolina taxes, visit www.dornc.com is easy to use and complete with many different FAQ’s, and the toll-free information line (877-252-3052) has a great wealth of information for individuals looking for help with their taxes. In addition, North Carolina has steadily been increasing the number of filing options that can be carried out online. There are walk-in centers where tax-payers can go for assistance, located in many of the major cities.

North Carolina has a sales tax rate of 7%, except for Mecklenburg County, which has a rate of 7.5%, due to a higher local tax rate. Property taxes are based on varying millage rates, depending on the town, or municipality you live in. Great savings can be found here. In my “Ultimate Guide to Finding Your Best Place to Live in the Carolinas”, I compare real estate taxes for 3 different priced homes, in 90 different towns in North and South Carolina.

North Carolina has 3 brackets for income tax, starting at 6% of the first ,750 and moving up to 7.75% of anything over ,000. Deductions in North Carolina for state income taxes are as follows: the standard deduction is ,000 for singles, ,000 for a married joint return. The public pension exclusion is ,000 per taxpayer. If you’re receiving both public and private pensions, the private pension exclusion is ,000 per taxpayer. Social Security benefits are fully exempt. In lieu of a state sales tax on automobiles, North Carolina collects a 3% Highway Use Tax, based on the assessed value of the vehicle.

South Carolina

According to the US Bureau of the census, South Carolina has one of the lowest per capita tax rates in the country. Maybe this is why so many people appreciate the Palmetto State. One of the perks of living and raising a family in South Carolina is that parents, guardians, or students can receive partial credit on tuition fees paid to a South Carolina university, up to 0. Another favorable exclusion South Carolina tax payers enjoy is that the first 0,000 valuation of a home is exempt from paying school taxes. For more information on South Carolina taxes, visit www.sctax.org, or call 803-898-5464.

South Carolina has a sales tax rate of 5%, but local governments can approve a local tax as well. The maximum for that addition is 2%, so the maximum sales tax in South Carolina is 7%. As in North Carolina, property taxes are based on a millage rate, which varies by state and municipality. In my “Ultimate Guide to Finding Your Best Place to Live in the Carolinas”, I compare real estate taxes for 3 different prices homes, in 90 different towns in North and South Carolina. One of the perks of retiring to South Carolina is that there is a ,000 homestead exemption on property tax for residents 65 and older.

South Carolina has 6 income tax brackets. They start at 2.5% of the first ,280 earned, and rise to 7% of anything over ,400. Exclusions include a public pension exclusion of ,000 for residents under 65, and ,000 for residents over 65. The same holds true for private pensions. South Carolina does not tax Social Security benefits.

Both states have a great quality of life, and favorable tax climates. Overall, South Carolina is cheaper than North Carolina. People interested in moving to either state should consult the sources of information listed, as well as a tax professional.

Visit www.PlacesOfValue.com for more articles on best places in North Carolina and South Carolina, relocation made easy, top retirement communities, cost of living, and designing and building your Dream Home.

To get your FREE REPORT on “Affordable Best Places In The Carolinas”, and find your Best Place to Live in the Carolinas: http: http://www.PlacesOfValue.com/page/best_places.php

Come go for a drive through the coastal Community of Southern Shores. You will be surprised how close some parts are to the Outer Banks ocean. Long term growth potential here for investment property, second homes, year round, or 1031 tax deferred exchanges.
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Jefferson County, Virginia, 1802-1813 Personal Property Tax Lists

These entries appear in the order they were presented in the original tax books, generally alphabetical by letter. The information provided in these records included numeration of the following categories: numbers of white tithables 16 years old and upwards, slaves 12-16 years old, slaves 16 years old and upwards, horses, asses, mules, mares and colts, ordinary licenses, stud horses, carriages and coaches, stage wagons, 2 wheel carriages, and tax charged. Also included are names of free N

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Tax Deductions for Small Business Owners

Tax tips and tax help to assist taxpayers by describing options
for tax reduction and tax cuts through lawful tax deductions.

Small business owners need all the tax help which is available. Tax deductions allow small business owners to keep more of what they earn. With a 35% marginal tax rate, the government is a silent partner who takes no risk and over one-third of the profits. Tax deductions are neither simple, straight forward, or intuitive. However, the effort to increase tax deductions is well worth the effort.

Tax Help Tip 1: Tax deductions reduce taxable income for small business owners but do not directly reduce federal income taxes. (Tax credits, such as low income housing investment tax credits, directly reduce federal income taxes) Both cash and non-cash tax deductions merit review.

Tax Help Tip 2: Cash disbursements can be expensed (used as a tax deduction in the current year) or depreciated (capitalized and depreciated or amortized over a period of years). Due to the judgment required to determine what should be capitalized, there is some discretion. For example, a local gang paints graffiti on a portion of the side of your building. You decide to repaint the entire side of the building instead of just the portion with graffiti. Is this a repair (can be used as a tax deduction) or should it be capitalized (and depreciated over time)? Some owners would elect to expense repainting the entire building. Business owners should seek counsel from their advisor regarding discretionary tax deductions.

Tax Help Tip 3: Real estate provides bountiful tax deductions for small business owners. Most real estate owners inadvertently understate depreciation and thus forego available tax deductions. The common practice is to simply separate land and long-life property (depreciated over 39 years for commercial property and 27.5 years for rental residential property). Real estate owners can typically increase depreciation by 50-100% in the first 5-7 years of ownership by utilizing cost segregation. Cost segregation can separate up to 130 items that can be depreciated over 5, 7, or 15 years (instead of 27.5-39 years). These short-life items typically comprise about 20-40% of the improvement cost basis. The increased depreciation increases tax deductions.

Cost segregation can be utilized for recently purchased or built properties and for properties owned for a period of years (1/1/87 or later). Long-term real estate owners can claim a one-time tax deduction windfall using catch-up depreciation.

Tax Help Tip 4: After a cost segregation study is prepared, the owner can “catch-up” previously under-reported depreciation (without filing any amended tax returns).

Tax Help Tip 5: Another source of “hidden” tax deductions is a careful review of your fixed asset schedule. Many fixed asset schedule include items which should have been expensed or which have been discarded (or should be thrown away). Misclassified items are another source of additional tax deduction. In some cases the depreciation life for an asset has been overstated through clerical error. A fixed asset audit typically generates meaningful tax deductions.

Other Tax Help Articles: Other non-cash sources of tax deductions are amortization, casualty losses, and charitable contributions, which are addressed in separate articles. Planning tax deductions requires a modest effort but the rewards are worth the effort. You work hard to serve your clients and earn a profit; don’t give more than is legally required to your silent partner.

Click here for a FREE preliminary analysis of income tax savings for your property.

Cost segregation produces tax deductions and reduces federal income taxes across the country and in every size market. Below are just a few examples of cities where cost segregation generates meaningful tax deductions.

City:

Memphis, TN
Baltimore, MD
Las Vegas, NV
Boston, MA
Miami, FL
New Orleans, LA
Atlanta, GA
Washington, DC
Phoenix, AZ
Houston, TX
Albuquerque, NM
Sacramento, CA
Sarasota, FL
Salt Lake City, UT
Albany, NY
Virginia Beach, VA
Oxnard, CA
New Haven, CT
Chicago, IL
Kansas City, MO
Buffalo, NY
Jackson, MS
Tucson, AZ
Raleigh, NC
Dayton, OH
Pittsburgh, PA
Scranton, PA
Jacksonville, TN
Portland, OR
Birmingham, AL

Cost segregation produces tax deductions for virtually all property types, including the following:

Property Type:

Veterinary clinic
Single-tenant retail
Auto dealer
Amusement park
Community shopping center
Convenience store
Airplane hangar
Research and development
Shopping mall
Office warehouse

Almost every industry, including the following, can generate cost-efficient tax deductions by using cost segregation.

Industry:

Arts, Entertainment, and Recreation
Frozen food manufacturing
Real estate lesser
Plastic and rubber products manufacturing
Warehousing and storage
Building supply dealers
Electronic and appliance stores
Food and beverage stores
Durable good wholesalers
Electrical component manufacturing

O’Connor & Associates is a national provider of commercial real estate consulting services including cost segregation studies, due diligence, commercial real estate appraisal, Lease Abstraction-,tax deduction, cost segregation, property tax, market research, estate taxes, Collin central appraisal district, Tips and Tricks for Appealing Your Property Taxes in Dento, denton county appraisal and Federal tax reduction. O’Connor appraisers have appraised over 100 types of real estate including auto service garages, service center warehouses, student housing, shopping malls, subsidized housing, commercial buildings, drugstores, office warehouses, racket clubs, office buildings, cold storage facilities, shopping centers, regional malls, strip shopping centers, used car lots, health spas, auto salvage yards and banks.

Uniboard Canada a laminate flooring company is purchasing a wood paneling plant in the Chatham County town of Moncure, North Carolina. Preserving over 140 jobs, Uniboards intensions are to refurbish and improve the facility, along with building a second plant. The improvements which range around 140 million dollars will generate an estimated 104 new jobs with in the next 3 years. The County of Chatham, NC is offering tax refunds of as much as 80 percent of Uniboard’s property taxes over a five –year period. This tax break is reliant upon the company’s tax credibility, along with predictions to reach the investment and job goals it is claiming. Uniboard was also offered a 0000 grant from One North Carolina economic development corporation pending local matching funds. Governor Mike Easley said. “North Carolina is a long time leader in the wood products industry. Every job like this that we can reclaim in the weak national economy is critical and we are pursuing them aggressively.” EmploymentCrossing.com
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