Washington State Property Valuation Methods Assessors are given a difficult task, but the goal is to get it right. They must value all taxable property at 100 percent of its true and fair market value in money according to the highest and best use of the property. Market values should be set by willing buyers … Read more
Property Values Likely To Fall As Risks and Costs Rise on Older Condo Cmplexes The Surfside condo collapse has put older buildings under the microscope and created trepidation for buyers. The partial collapse of Champlain Towers South, a 12-story 136 unit condo on the southern border of Surfside near Miami Beach, is expected to lead … Read more
Minnesota Landowners Looking To Overturn Street Repair Assessment The owners of seven St. Paul buildings are challenging assessments for seal coating and mill-and-overlay work in 2019 and 2020 because they say that such services benefit the entire city, so property owners should not have to pay these fees, which are at least partly funded by … Read more
Property Tax Lien Asset Management Ethics The National Tax Lien Association (NTLA) developed a code of ethics for the management of tax liens for investors. The NTLA focuses on the education of investors and ethical investment and administration of tax liens nationwide. Centerbridge Law Group voluntarily adheres to the NTLA Code of Ethics when managing … Read more
What Does Property Tax Millage Rate Mean? A millage rate is the tax rate used to calculate local property taxes. The millage rates represent how much $1,000 of a property’s assessed value will be taxed annually for each taxing entity with jurisdiction over it, where 1% equals .001 or 10 mills. Assigned millages are applied … Read more
Taxpayer Successfully Challenged Ada County Idaho Assessment On Her Own Thank you to the Idaho Statesman for the original news story – linked here. The assessor had used sales data from other homes in her area to calculate the value of her home. But the homeowner’s home backed up to a busy road, making it … Read more
Conversions Due To COVID Changed The Game Recent changes in both the housing and hospitality space led to an increase in mixed-use hotels. With decreased demand for hotels, and a housing shortage – a conversion of some units to long term rentals or condos made sense for many hotel operators. A mixed-use hotel is one … Read more
Due Process in Property Tax Appeals Upheld By 7th Circuit Generally, the Tax Injunction Act (28 USC 1341) prohibits federal courts from exercising jurisdiction over state tax disputes where the state had afforded the taxpayer a “plain, speedy and efficient” process to remedy tax disputes where federal constitutional claims may intersect. However, this requires that … Read more
If you’re self-employed, there are many deductions available to you that the average person without a business can’t take advantage of. In fact, if you don’t have a small business, you might consider the many financial benefits of starting one. Simply making an honest effort to earn income from what is normally just your hobby … Read more
According to research conducted by Forbes magazine and the Treasury Inspector General, potentially $100 million in EV credits were wrongfully claimed since 2013. The Service publishes a list of allowable vehicles that are eligible for credit. In general, the credit is limited to plug in electric vehicles, and is subject to a phase out. Forbes found … Read more