Real property tax

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Real Property Tax

A property tax on local real estate that is calculated according to the fair market value of the real estate. That is, a real property tax is assessed as a percentage of the amount for which the owner would be able to sell the property in the current market. As a result, real property taxes increase when the local property market is bullish and decline when it is bearish.

Real property tax.

A real property tax is a local tax on the value of real estate. The property may be assessed at full value, which is presumably the price that the owner could sell it for in the current market, or using some other valuation method.

The taxing agency, such as a county, city, town, or village, sets a tax rate, which is multiplied by the assessed value of each property to determine the tax due on that property.

You may be able to deduct real property taxes on your federal income tax return, but large deductions for real estate taxes are one of the factors that may result in your owing the alternative minimum tax (AMT).

References in periodicals archive ?
Government employees of both local and national agencies are urged to pay their real property taxes before end of this month to serve as example to other taxpayers and likewise avail of the ten percent discount.
2017-19 grants full relief from interest and penalties on unpaid real property taxes within the next six months.
The focus of attention will be mainly on Real Property Taxes, which are currently a minor source of government revenue but has the potential to contribute much more with heightened public awareness campaigns, fair valuation and revenue sharing with communities.
The ruling is a victory for commercial property owners in Nassau County and a blow to those who attempt to use Tax Deeds to confiscate commercial properties from unwary owners who failed to pay their real property taxes for one reason or another," said Adam Koblenz, a partner at Sahn Ward Coschignano (SWC) who represented the property owner along with Andrew Roth, and Joseph Bjarnson,
Chris Glidewell, Managing Partner with Pivotal Tax Solutions stated, "Our goal is to minimize Group 1's real property taxes by performing an in depth valuation analysis.
Taxpayers whose real property taxes remain unpaid 60 days after the last date on which they could have been paid without interest (or, if the taxes are payable in installments, remain unpaid 60 days after the last date on which the final installment could have been made without interest) are not eligible for the credit.
Addressing members and officers of the Metro Naga Chamber of Commerce and Industry (MNCCI) at their 3rd Quarter General Membership Meeting recently, Bongat said the city's has seen escalating revenues from the business and real property taxes, which placed the local government unit in "healthy fiscal position.
Through these entities, in 2005-2007, the Maineses received three types of EZ Program credits, which were fully or partially refundable: the QEZE credit for real property taxes, the EZ investment credit, and the EZ wage credit.
IRC section 164(a) (1) allows taxpayers to deduct real property taxes paid or accrued during the taxable year.
Under the terms of the acquisition, the new owners agreed to assume delinquent real property taxes and assessments owed to the city of Palmdale.
On February 19, 2002, Tax Executives Institute filed the following brief amicus curiae with the Supreme Court of the United States concerning the constitutionality of two Minnesota counties, denying refunds of overbilled real property taxes paid by commercial property owners.
A charitable organization did not qualify for a charitable exemption from real property taxes due to its failure to limit possible distribution of its assets upon dissolution to those approved by the state, according to the Court of Appeals of Texas.

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