This document provides information about property tax assessments and the role of assessors. It explains that assessors are responsible for determining the market value of properties and ensuring taxes are distributed equitably based on assessments. Assessors must follow state laws and are not responsible for budget or tax rate decisions. The document outlines key dates like taxable status date and grievance day and encourages property owners to work with assessors if they have questions about their assessments.
Vicky & Jonathan Oltersdorf of Oltersdorf Realty, LLC walk you through the steps of understanding and appealing your property taxes in Michigan! The Leelanau and Grand Traverse area real estate agents are knowledgeable in the subject and will help you understand the requirements needed for appealing at your local board of review or at the state level! They have also included many helpful links!
http://www.oltersdorf.com
You, Your Property & Tax | Westcourt | Family Business AccountantsCraig Seddon
The document discusses various tax considerations related to owning property in Australia, including the main residence exemption from capital gains tax, the distinction between residential and commercial property ownership, allowable deductions for rental properties, and personal tax deductions. It provides examples and explanations of topics like the main residence exemption rules, when a property owner would be considered a developer, common rental property deductions, and some lesser known personal tax deductions.
Forming powerpoint english 2013 update for distributionatranlbnp
The document provides an overview of forming a California nonprofit organization. It discusses conducting a community needs assessment, creating a mission statement and organizational structure. It covers the legal requirements for nonprofit incorporation including filing articles of incorporation and tax exemption applications. The presentation outlines ongoing reporting responsibilities for tax-exempt nonprofits such as annual tax filings, renewing the statement of information and property tax exemptions. The goal is to help attendees learn how to properly form and maintain a compliant nonprofit corporation under California law.
Taxes are administered and classified in different ways. There are two main ways to pay taxes: payroll withholding and estimated taxes. Calculating federal income taxes involves three steps: determining adjusted gross income, computing taxable income, and calculating taxes owed. There are also various strategies for legally avoiding overpayment of income taxes through tax planning and management.
This document provides an overview of the property tax assessment and appeals process. It discusses how property values are determined based on market activity and factors like recent sales. It acknowledges no system is perfect and homeowners should appeal if they feel they are paying more than their fair share. It outlines the various players involved like the appraisal district, review board, and taxing authorities. Timelines are provided for appraisals, notices, protest deadlines, and tax payment deadlines. Contact information is given for the Harris County Appraisal District for filing an appeal.
PVS is a property tax consulting firm founded in 1997 that specializes in complex properties. It has over 2400 assessing jurisdiction clients in 49 states. PVS services include real estate and business personal property tax consulting, assessment reduction, compliance, and appraisal services. PVS employs experts with designations like ASA, MAI, and CMI to handle complex valuation issues. It uses a proprietary tax tracking system and represents major national corporate clients to achieve maximum tax reductions.
Vicky & Jonathan Oltersdorf of Oltersdorf Realty, LLC walk you through the steps of understanding and appealing your property taxes in Michigan! The Leelanau and Grand Traverse area real estate agents are knowledgeable in the subject and will help you understand the requirements needed for appealing at your local board of review or at the state level! They have also included many helpful links!
http://www.oltersdorf.com
You, Your Property & Tax | Westcourt | Family Business AccountantsCraig Seddon
The document discusses various tax considerations related to owning property in Australia, including the main residence exemption from capital gains tax, the distinction between residential and commercial property ownership, allowable deductions for rental properties, and personal tax deductions. It provides examples and explanations of topics like the main residence exemption rules, when a property owner would be considered a developer, common rental property deductions, and some lesser known personal tax deductions.
Forming powerpoint english 2013 update for distributionatranlbnp
The document provides an overview of forming a California nonprofit organization. It discusses conducting a community needs assessment, creating a mission statement and organizational structure. It covers the legal requirements for nonprofit incorporation including filing articles of incorporation and tax exemption applications. The presentation outlines ongoing reporting responsibilities for tax-exempt nonprofits such as annual tax filings, renewing the statement of information and property tax exemptions. The goal is to help attendees learn how to properly form and maintain a compliant nonprofit corporation under California law.
Taxes are administered and classified in different ways. There are two main ways to pay taxes: payroll withholding and estimated taxes. Calculating federal income taxes involves three steps: determining adjusted gross income, computing taxable income, and calculating taxes owed. There are also various strategies for legally avoiding overpayment of income taxes through tax planning and management.
This document provides an overview of the property tax assessment and appeals process. It discusses how property values are determined based on market activity and factors like recent sales. It acknowledges no system is perfect and homeowners should appeal if they feel they are paying more than their fair share. It outlines the various players involved like the appraisal district, review board, and taxing authorities. Timelines are provided for appraisals, notices, protest deadlines, and tax payment deadlines. Contact information is given for the Harris County Appraisal District for filing an appeal.
PVS is a property tax consulting firm founded in 1997 that specializes in complex properties. It has over 2400 assessing jurisdiction clients in 49 states. PVS services include real estate and business personal property tax consulting, assessment reduction, compliance, and appraisal services. PVS employs experts with designations like ASA, MAI, and CMI to handle complex valuation issues. It uses a proprietary tax tracking system and represents major national corporate clients to achieve maximum tax reductions.
This document discusses future standards for sustainable and smart property developments ranging from individual homes and buildings to entire cities and regions. It outlines various types of developments that incorporate eco-friendly, energy efficient, and intelligent technologies including ecohomes, green buildings, smart communities, eco-neighborhoods, smart cities, and eco-regions. It provides examples of components and features of these developments related to infrastructure, energy, water, transportation, ICT networks, and more. The goal is to define prototypes and best practices for developing sustainable, low-carbon, and intelligent built environments.
The document discusses various aspects of property tax systems. It covers different methods of property valuation used for tax assessment, including the rental value base, capital value system, and area-based systems. It notes the shortcomings of the rental value system commonly used in India and recommendations for reform, including moving to alternative valuation methods and improving tax administration procedures. Key goals of property tax reforms are outlined as increasing revenues, improving equity and transparency, and reducing compliance costs. Case studies from India are also briefly mentioned.
The document summarizes the Local Governments (Rating) Act of 2005 which establishes provisions for local governments in Uganda to levy property rates. Some key points:
- Local governments are authorized to levy rates on properties within their jurisdictions based on the rateable value of the property. Exempted properties are listed in a schedule.
- Valuers are appointed to prepare valuation lists for properties, including particulars like the owner's name and property description. Draft lists are published and objections can be filed.
- A valuation court consisting of a chairperson and two members hears objections and appeals. Its decisions can be further appealed.
- Provisions cover enforcement of rates payment, recovery of arrears,
1) The document analyzes development charge rates in various districts to determine if they are fair to developers and the government. It compares implied land values from development charges to residual land values based on transaction data.
2) Most districts analyzed had development charge rates that extracted less than 50% of residual land value from 2009-2014, making them unfair to developers and the government. However, lower rates could incentivize redevelopment.
3) The document recommends delineating some districts into smaller neighborhoods to better reflect varying land values due to amenities. This was done for districts 98, 100, and 104 based on thresholds of land value differences.
This document defines key terms related to real property and property taxes. It explains that real property includes land, buildings, and anything permanently attached to the land. It also defines assessment level as the percentage of a property's market value used to determine its assessed value for tax purposes. Finally, it provides an example of calculating the assessed value and annual property taxes for a residential property based on its market value and the local assessment level and tax rate.
The document provides a history of the Armed Forces of the Philippines from pre-colonial times to the Commonwealth period. It discusses how each period - pre-colonial, Spanish colonial, Philippine revolution, American colonial, and Commonwealth - shaped the development of the country's armed forces. Key events include the establishment of early barangay armed forces, Spain's reliance on native levies, the formation of revolutionary forces under Aguinaldo, and the creation of the Philippine Army in 1936 under the Commonwealth government.
The document discusses the legal status of the Philippine Ports Authority (PPA) and tax exemptions. It provides an overview of relevant laws and jurisprudence establishing that PPA is a government instrumentality, not a government-owned corporation, and its properties are exempt from local taxation. The document also presents the total current amount of tax assessments against PPA by local government units and discusses positions of the LGUs and actions needed regarding assessed properties and implementation of tax exemption.
This document summarizes several methods of property valuation for rating assessments in Ipoh, Malaysia. It discusses the rental comparison method, profit/account method, and depreciated replacement cost method. The rental comparison method involves comparing the subject property to similar rental properties and making adjustments. The profit/account method examines a business's income and expenses to estimate hypothetical rent. The depreciated replacement cost method determines the cost to rebuild the property and depreciates it to estimate capital value and rateable value. The document provides details on applying each method and their appropriate uses. It also discusses challenges with the methods and international standards.
The document discusses information about paying real property taxes (RPT) in the Philippines, including who pays, payment deadlines, installment options, maximum assessment levels for different property types, and a sample computation. The owner or administrator pays the RPT annually by January 31 at the city treasurer's office. It can be paid in advance for a 20% discount or in quarterly installments. Maximum assessment levels range from 0-80% depending on the property type, value, and whether it is land or structures. A sample shows how to compute the RPT amount based on assessed land and improvement values and tax rates.
This document discusses valuation for rating purposes in local authorities in Malaysia. It introduces annual value and improved value as the two bases for determining property tax assessments. Annual value is based on estimated annual rental income, while improved value refers to market value. The document outlines key considerations for each basis, exemptions from rates, the powers of local authorities to impose rates, and why rates are needed as a key source of revenue for local authorities.
2011 Property Assessments and Taxes in Edmonton - How it worksJas Darrah
The document outlines Edmonton's process for setting property taxes from budgeting to tax collection. It discusses how the city determines property assessments, uses those values to distribute the total tax amount proportionately among property owners, and calculates individual tax bills. It emphasizes that a home's assessment value is not the tax bill and provides steps for property owners to review their assessment and estimate their taxes.
2017 real estate assessments faq albemarle countyKenneth Hogge Sr
The document provides frequently asked questions about real estate assessments in Albemarle County. It explains that all properties are reassessed annually at their fair market value based on sales of comparable properties. It describes how the assessor's office determines property values using mass appraisal techniques rather than individual appraisals. It also outlines the process for property owners to appeal their assessments if they disagree with the determined value.
Property Tax Power Point 09 Agent Tri Final Client 090226repicky
This document provides an overview of how residential property taxes are assessed and appealed in Michigan. It explains that properties are valued based on their estimated market value as of December 31 of the previous year. Assessments are usually based on analyzing recent sales of comparable properties in the same neighborhood. The document outlines the assessment and appeal process, including tips for preparing to appeal an assessment to the local Board of Review or Michigan Tax Tribunal. It emphasizes demonstrating that the assessed value exceeds 50% of the property's true cash value based on comparable market data.
Demystifying Property Taxes_ Understanding What They Are and How to Calculate...Vijo12
Property taxes play a crucial role in the world of real estate and property ownership. They are an essential aspect of homeownership, contributing to the overall costs associated with owning a property. These taxes are imposed by local governments and are based on the assessed value of a property.
Protest the value of your commercial property annually. Yes, protest each and every year. Even if the value did not change, protest the value. The assessor’s values are based on the cost approach, the least reliable method of appraisal.
Real Estate Tax Advisor- Your Partner in Maximizing Returns (August 2015)Alex Gross
This document discusses strategies for lowering real estate taxes through the management of tax assessments and appeals processes. It outlines three key strategies: 1) carefully completing income and expense questionnaires submitted to local tax authorities, 2) appealing tax assessments when local authorities incorrectly value properties, and 3) navigating the multi-level tax appeal processes which differ between jurisdictions. Hiring an experienced real estate tax advisor can help maximize these strategies to reduce tax bills and increase property values.
This document provides an overview of property tax administration in Texas. It discusses the roles of appraisal districts, appraisal review boards, and the Texas Comptroller's office. The Comptroller's office conducts annual reviews of appraisal districts, property value studies to help equalize school funding, and provides resources and assistance to taxpayers, appraisal districts, and other entities involved in property tax administration.
This document summarizes the roles and responsibilities of different entities in property tax administration in Texas. It discusses that appraisal districts are responsible for appraising property values while taxing units set tax rates and collect taxes. It also outlines the Property Value Study conducted by the Comptroller's office to help ensure equitable school funding, and the Methods and Assistance Program that reviews appraisal district operations. The document is intended to provide information on property tax administration in Texas.
The document provides information to help prepare a home for sale. It discusses working with an agent to market the property, conduct open houses and showings. It also covers common costs of selling like commissions, taxes, inspections and moving expenses. Setting the right listing price based on market conditions is important to sell quickly. Some minor improvements like painting and floor repairs can boost curb appeal while major renovations may not affect the sale price. Staging a home to appeal to the largest number of buyers is recommended.
Tax Payers Guide To Re-Assessment - 2018cutmytaxes
This document provides information about Lancaster County's 2018 property reassessment. It summarizes that Lancaster County uses a base year of 2015, with reassessed values taking effect in 2018. It explains that millage rates must be adjusted in reassessment years to limit tax increases. While individual property taxes may increase or decrease based on reassessed value, taxing bodies like counties are limited to a 10% maximum revenue increase. The document provides timelines and details for property owners to research comparable property sales, receive preliminary notices in March 2017, file appeals after final notices in June 2017, and understand the reassessment and appeal processes.
Protest the value of your commercial property annually. Yes, protest each and each year. Even if the value didn't change, protest the value. The assessor’s values are based on the cost approach, the least reliable method of appraisal. You can protest both excessive value and unequal value annually. Reach us @ https://www.cutmytaxes.com/
In Texas, property owners pay property taxes based on the market value of their property. This is sometimes referred to as “ad valorem” taxation, meaning "according to value".
This document discusses future standards for sustainable and smart property developments ranging from individual homes and buildings to entire cities and regions. It outlines various types of developments that incorporate eco-friendly, energy efficient, and intelligent technologies including ecohomes, green buildings, smart communities, eco-neighborhoods, smart cities, and eco-regions. It provides examples of components and features of these developments related to infrastructure, energy, water, transportation, ICT networks, and more. The goal is to define prototypes and best practices for developing sustainable, low-carbon, and intelligent built environments.
The document discusses various aspects of property tax systems. It covers different methods of property valuation used for tax assessment, including the rental value base, capital value system, and area-based systems. It notes the shortcomings of the rental value system commonly used in India and recommendations for reform, including moving to alternative valuation methods and improving tax administration procedures. Key goals of property tax reforms are outlined as increasing revenues, improving equity and transparency, and reducing compliance costs. Case studies from India are also briefly mentioned.
The document summarizes the Local Governments (Rating) Act of 2005 which establishes provisions for local governments in Uganda to levy property rates. Some key points:
- Local governments are authorized to levy rates on properties within their jurisdictions based on the rateable value of the property. Exempted properties are listed in a schedule.
- Valuers are appointed to prepare valuation lists for properties, including particulars like the owner's name and property description. Draft lists are published and objections can be filed.
- A valuation court consisting of a chairperson and two members hears objections and appeals. Its decisions can be further appealed.
- Provisions cover enforcement of rates payment, recovery of arrears,
1) The document analyzes development charge rates in various districts to determine if they are fair to developers and the government. It compares implied land values from development charges to residual land values based on transaction data.
2) Most districts analyzed had development charge rates that extracted less than 50% of residual land value from 2009-2014, making them unfair to developers and the government. However, lower rates could incentivize redevelopment.
3) The document recommends delineating some districts into smaller neighborhoods to better reflect varying land values due to amenities. This was done for districts 98, 100, and 104 based on thresholds of land value differences.
This document defines key terms related to real property and property taxes. It explains that real property includes land, buildings, and anything permanently attached to the land. It also defines assessment level as the percentage of a property's market value used to determine its assessed value for tax purposes. Finally, it provides an example of calculating the assessed value and annual property taxes for a residential property based on its market value and the local assessment level and tax rate.
The document provides a history of the Armed Forces of the Philippines from pre-colonial times to the Commonwealth period. It discusses how each period - pre-colonial, Spanish colonial, Philippine revolution, American colonial, and Commonwealth - shaped the development of the country's armed forces. Key events include the establishment of early barangay armed forces, Spain's reliance on native levies, the formation of revolutionary forces under Aguinaldo, and the creation of the Philippine Army in 1936 under the Commonwealth government.
The document discusses the legal status of the Philippine Ports Authority (PPA) and tax exemptions. It provides an overview of relevant laws and jurisprudence establishing that PPA is a government instrumentality, not a government-owned corporation, and its properties are exempt from local taxation. The document also presents the total current amount of tax assessments against PPA by local government units and discusses positions of the LGUs and actions needed regarding assessed properties and implementation of tax exemption.
This document summarizes several methods of property valuation for rating assessments in Ipoh, Malaysia. It discusses the rental comparison method, profit/account method, and depreciated replacement cost method. The rental comparison method involves comparing the subject property to similar rental properties and making adjustments. The profit/account method examines a business's income and expenses to estimate hypothetical rent. The depreciated replacement cost method determines the cost to rebuild the property and depreciates it to estimate capital value and rateable value. The document provides details on applying each method and their appropriate uses. It also discusses challenges with the methods and international standards.
The document discusses information about paying real property taxes (RPT) in the Philippines, including who pays, payment deadlines, installment options, maximum assessment levels for different property types, and a sample computation. The owner or administrator pays the RPT annually by January 31 at the city treasurer's office. It can be paid in advance for a 20% discount or in quarterly installments. Maximum assessment levels range from 0-80% depending on the property type, value, and whether it is land or structures. A sample shows how to compute the RPT amount based on assessed land and improvement values and tax rates.
This document discusses valuation for rating purposes in local authorities in Malaysia. It introduces annual value and improved value as the two bases for determining property tax assessments. Annual value is based on estimated annual rental income, while improved value refers to market value. The document outlines key considerations for each basis, exemptions from rates, the powers of local authorities to impose rates, and why rates are needed as a key source of revenue for local authorities.
2011 Property Assessments and Taxes in Edmonton - How it worksJas Darrah
The document outlines Edmonton's process for setting property taxes from budgeting to tax collection. It discusses how the city determines property assessments, uses those values to distribute the total tax amount proportionately among property owners, and calculates individual tax bills. It emphasizes that a home's assessment value is not the tax bill and provides steps for property owners to review their assessment and estimate their taxes.
2017 real estate assessments faq albemarle countyKenneth Hogge Sr
The document provides frequently asked questions about real estate assessments in Albemarle County. It explains that all properties are reassessed annually at their fair market value based on sales of comparable properties. It describes how the assessor's office determines property values using mass appraisal techniques rather than individual appraisals. It also outlines the process for property owners to appeal their assessments if they disagree with the determined value.
Property Tax Power Point 09 Agent Tri Final Client 090226repicky
This document provides an overview of how residential property taxes are assessed and appealed in Michigan. It explains that properties are valued based on their estimated market value as of December 31 of the previous year. Assessments are usually based on analyzing recent sales of comparable properties in the same neighborhood. The document outlines the assessment and appeal process, including tips for preparing to appeal an assessment to the local Board of Review or Michigan Tax Tribunal. It emphasizes demonstrating that the assessed value exceeds 50% of the property's true cash value based on comparable market data.
Demystifying Property Taxes_ Understanding What They Are and How to Calculate...Vijo12
Property taxes play a crucial role in the world of real estate and property ownership. They are an essential aspect of homeownership, contributing to the overall costs associated with owning a property. These taxes are imposed by local governments and are based on the assessed value of a property.
Protest the value of your commercial property annually. Yes, protest each and every year. Even if the value did not change, protest the value. The assessor’s values are based on the cost approach, the least reliable method of appraisal.
Real Estate Tax Advisor- Your Partner in Maximizing Returns (August 2015)Alex Gross
This document discusses strategies for lowering real estate taxes through the management of tax assessments and appeals processes. It outlines three key strategies: 1) carefully completing income and expense questionnaires submitted to local tax authorities, 2) appealing tax assessments when local authorities incorrectly value properties, and 3) navigating the multi-level tax appeal processes which differ between jurisdictions. Hiring an experienced real estate tax advisor can help maximize these strategies to reduce tax bills and increase property values.
This document provides an overview of property tax administration in Texas. It discusses the roles of appraisal districts, appraisal review boards, and the Texas Comptroller's office. The Comptroller's office conducts annual reviews of appraisal districts, property value studies to help equalize school funding, and provides resources and assistance to taxpayers, appraisal districts, and other entities involved in property tax administration.
This document summarizes the roles and responsibilities of different entities in property tax administration in Texas. It discusses that appraisal districts are responsible for appraising property values while taxing units set tax rates and collect taxes. It also outlines the Property Value Study conducted by the Comptroller's office to help ensure equitable school funding, and the Methods and Assistance Program that reviews appraisal district operations. The document is intended to provide information on property tax administration in Texas.
The document provides information to help prepare a home for sale. It discusses working with an agent to market the property, conduct open houses and showings. It also covers common costs of selling like commissions, taxes, inspections and moving expenses. Setting the right listing price based on market conditions is important to sell quickly. Some minor improvements like painting and floor repairs can boost curb appeal while major renovations may not affect the sale price. Staging a home to appeal to the largest number of buyers is recommended.
Tax Payers Guide To Re-Assessment - 2018cutmytaxes
This document provides information about Lancaster County's 2018 property reassessment. It summarizes that Lancaster County uses a base year of 2015, with reassessed values taking effect in 2018. It explains that millage rates must be adjusted in reassessment years to limit tax increases. While individual property taxes may increase or decrease based on reassessed value, taxing bodies like counties are limited to a 10% maximum revenue increase. The document provides timelines and details for property owners to research comparable property sales, receive preliminary notices in March 2017, file appeals after final notices in June 2017, and understand the reassessment and appeal processes.
Protest the value of your commercial property annually. Yes, protest each and each year. Even if the value didn't change, protest the value. The assessor’s values are based on the cost approach, the least reliable method of appraisal. You can protest both excessive value and unequal value annually. Reach us @ https://www.cutmytaxes.com/
In Texas, property owners pay property taxes based on the market value of their property. This is sometimes referred to as “ad valorem” taxation, meaning "according to value".
The document discusses how property values and tax bills in Yavapai County, Arizona are affected by changes in the housing market. It explains that the 2010 value notices, while referred to as the 2010 value, actually represent the market value as of January 1, 2009. It provides an example of how declining property values from 2009 to 2010 resulted in a 17% decrease in the full cash value of a typical home. However, it notes that changes in property value do not necessarily cause direct changes in tax bills due to Arizona's tax system.
This document discusses various sources of revenue for state and local governments. The top source is taxes, including property taxes, income taxes, sales and use taxes, and excise taxes on items like alcohol and tobacco. Other sources covered include user fees, impact fees, intergovernmental transfers, licenses and permits. The document explains how property tax rates are set through assessing property values, establishing a millage rate, and collecting taxes. It also provides examples of calculating property tax amounts.
GUIDE - Sellers - Guide to selling a HomeJosie Boyter
This document provides guidance on preparing a home for sale through staging. It recommends fixing any repairs, deep cleaning, de-cluttering by removing unnecessary items, using neutral decor, addressing odors, and staging furniture to emphasize space. Staging can increase a home's perceived value, make it more competitive, and reduce time on the market according to research. The goal is to allow buyers to visualize living in the home.
This document provides a summary of the process for homeowners to appeal the appraised value of their home determined by the appraisal district. It explains that homeowners can request an informal meeting with an appraiser to discuss the appraised value, and must file a notice of protest by the deadline to preserve their right to a formal hearing with the Appraisal Review Board if still dissatisfied. The document outlines the homeowners' rights to access evidence the appraisal district will use against them, notice requirements for ARB hearings, and guidelines for presenting evidence at the hearing in hopes of getting the appraised value reduced.
The document discusses property tax appraisals and appeals in Texas. It provides information on:
- The annual reappraisal process where appraisal districts assign January 1st values to all properties using mass appraisal.
- The commercial reappraisal process undertaken from January 15th to April 15th where land and improved market areas are targeted.
- The three approaches to value used in appraising commercial properties - cost, sales comparison, and income approaches.
- Why a property owner should thoroughly evaluate their tax assessments and why it can benefit them to use a tax consultant in the appeals process.
How to estimate the value of real estate properties in the philippinesGreen Minds
There are three main approaches to estimate the value of real estate properties in the Philippines:
1) The cost approach estimates value by summing the land value and depreciated value of any improvements.
2) The sales comparison approach compares the subject property to similar properties that have recently sold, with adjustments made for differences.
3) The income approach capitalizes an income stream into a value for commercial properties, using revenue multipliers or capitalization rates applied to the net operating income.
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David Ebrahimzadeh | Understanding The Real Property Tax System
1.
2. • Your best assurance that the real
property tax will be equitably distributed
in your city, town, or village is the
commitment of your elected officials and
the experience and knowledge of those
people, particularly your Assessor, who
are responsible for its administration.
• The selection of an Assessor should be
based only on professional qualifications.
3. That official should be allowed to do the job as required by
the laws of the state.
The Assessment Standard Real Property Tax Law RPTL 305,
states , “ All Real Property in each Assessing Unit shall be
Assessed at a UNIFORM PERCENT of value. “
Value is defined as Market Value. The most probable sale
price in a competitive and open market.
Finally, you as a property owner, should realize that property
taxation is a necessary fact of life.
4. The real property tax is described as an ad valorem
(a Latin term meaning “in relation to the value”)
tax because it is based on the value of the property.
This value is best described as current fair market
value which is the price at which the property
would sell under normal circumstances.
If you put your home on the market and it was
shown to numerous prospective buyers for several
weeks or even months before you came to an
agreement with one of them, that would probably
be considered a sale under normal circumstances.
5. The assessor, in valuing any parcel of property, always
starts with market value even though it may go on the
assessment roll at some fractional value.
6. The Relationship of Assessments and Taxes
It is essential that property owners understand the
relationships between spending (in the form of
budgets), assessments, tax rates, and taxes.
7. Tax Rate = Tax Dollars Required
Taxable Assessed Value
8. Municipal and school budgets determine the total amount
of taxes that must be paid.
Assessments determine how that total tax is shared among
the property owners.
Your own tax bill is the result of both budgets and
assessments, and you need to know how they work before
you can begin to make a judgment about the fairness of the
property tax in your community.
The school board or town council is not responsible for
your share of the total tax burden. That is the Assessor’s
function.
Likewise, your assessor is not responsible for the actual
dollars to be collected.
9. School districts collect 62 percent of the total property taxes
statewide
9
School Purposes
$17.33 Billion
62.3%County Purposes
$4.71 Billion
16.9%
Town Purposes
$2.05 Billion
7.4%
Special District Purposes
$1.81 Billion
6.5%
City Purposes
$1.32 Billion
4.8%
Source: Office of the State Comptroller.
Village Purposes
$ .59 Billion
2.1%
Total Outside NYC = $27.80 Billion
Local fiscal years ending in 2007
10. Your assessor can do nothing that will change the
total dollar figure. He or she only determines the
proportionate amount you pay.
11. A Few Words About Your Assessor
The Assessor(s) in your municipality may be
appointed or elected. Generally, most towns and cities
have one assessor appointed by the governing body.
12. Your assessor’s appointment (or election) should
be based on his or her professional qualifications
and nothing else.
You wouldn’t choose someone to perform surgery
on a member of your family based only on that
person’s political affiliation.
You wouldn’t pick someone to pilot a commercial
airliner in which you were a passenger simply
because he was a cousin of senator so and-so.
The proper apportionment of your tax burden is
too important to be left to unqualified personnel.
14. Most offices will have a property record card for
each parcel containing pertinent inventory data
and including a basic footprint sketch of buildings
with dimensions.
This card is a public record that anyone is entitled
to examine.
Tax maps, which show every parcel in the
jurisdiction in relation to surrounding parcels, are
also available.
15. Many municipalities now have some of this
information available on computer terminals which
can be accessed by the public.
A few also provide property and assessment data via
the Internet.
Erie County Assessor’s Website is
www.eriecountyassessors.org
16. Let’s review some of the more important
data items.
1. Location - The desirability of a neighborhood has a very important
influence on the value of the houses there.
2. House size - Usually described in square feet of living area using
exterior dimensions.
3. House style - Whenever possible, ranches should be compared to
ranches, split-levels to split-levels, etc.
4. Quality grade - The better the quality of the materials and
workmanship in a house, the higher the market value.
5. Condition - All other things being equal, a house in good condition
will generally bring a higher selling price than one which has been
neglected
17. 6. Interior description - Items such as the number
of rooms and bathrooms, kitchen style and quality,
finished basement and finished attic, central air
conditioning.
7. Exterior improvements - Garages, porches,
patios, decks, swimming pools, tennis courts.
8. Land and site description - Size and shape,
topography, availability of utilities, fronting traffic.
18. Your assessor will use several comparable sales to
estimate that value of your home, not just one.
He or she will try to find homes that are sold and
match yours as closely as possible, but this will not
always be easy.
19. The assessor must make that judgment. The law
requires that the best possible estimate to be made.
20. You may want to ask your assessor to show you your
property record card and explain the information that
it contains. If there is an error he or she will be glad to
inspect your home and make a correction.
21. In most jurisdictions all parcels of real property must be assessed at a
uniform percentage of current fair market value.
Therefore, the assessor must first determine market value and then
multiply by the applicable percentage.
The statute does not specify any particular percentage except that the
figure may not exceed 100% of full market value.
For all practical purposes it makes no difference whether a
municipality assesses at 1% of value or 100%.
What matter is that properties having similar values have similar
assessments.
Is My Assessment Equitable?
22. Working With Your Assessor
You must make a case that the assessor is wrong and you are right and
you must name a specific figure to which you wish your assessment
reduced.
The assessor, because of his or her knowledge of property valuation, is
presumed to be right unless the contrary is shown.
Evidence of value can be a recent purchase price or appraised value of
your home or sales of similar properties.
Your ability or your inability to pay your Real Property Taxes does not
constitute evidence.
The Assessor may only consider the value of the Property not the
financial resources of the Property Owner.
The same is true of the extent of the use of services provided by the
property taxes.
23. Equalization Rates
There are 25 Towns and 3 Cities in Erie County.
You will recall that these jurisdictions must assess
all property at a uniform percentage of value, but
the law does not specify any particular percentage.
As a result, homes in one town may be assessed at
5% of value while those in a neighboring town are
at 50% and those in an adjacent city which are at
100%.
24. Market Fluctuations
We all realize that inflation (and, sometimes, deflation)
influences the value of real property just as it affects the
costs of food, gasoline, medical care, etc.
It does not, however, affect all properties equally during a
given period of time.
Nearly every city or town has very desirable residential
areas where home prices have increased rapidly in recent
years..
25. Equity
A revaluation is simply the systematic inspection of all
property in a municipality and the adjustment of
assessments where required, whether at fractional or
full value assessments.
26. If you think property owners are wary of revaluations, you should be
aware that they are no picnic for assessors either.
In addition to the tremendous additional inspection and valuation
workload for the staff of the assessor’s office, sometimes assisted by a
company known as a“ revaluation contractor”, hundreds - perhaps
thousands -of inquiries and complaints must be handled.
Many of the people who come to the assessor’s counter are confused,
upset, and distrustful of the motives for the project.
All of them must be treated with courtesy and their questions
answered insofar as possible.
Like it or not, revaluations are necessary whether at full or fractional
assessments.
27. What does “Taxable Status Date” mean to you?
Real property is assessed with respect to its ownership and
condition on that date. If you build a deck the day AFTER
the taxable status date, its contribution to market value will
not be reflected on the assessment roll (and your tax bill)
until the following year.
But if it is in place on taxable status date it will be valued
for the current year. If your house is under construction on
taxable status date, its estimated percentage of completion
on that date will be the basis for the assessment.
If the assessment roll and taxable values were constantly
changing it would never be possible to set a tax rate.
28. Exemption Deadline
Taxable status date is the last day on which exemption
applications may be filed.
March 1st for Towns and the City of Tonawanda.
December 1st for the City of Buffalo and the City of
Lackawanna
29. IMPORTANT DATES
The tentative roll must be filed by the assessor by
December 1st for the City of Buffalo and the City of
Lackawanna
May 1st for Towns and the City of Tonawanda
After this date the assessor may not make any
changes to the roll; these may be made only by the
board of assessment review, a SCAR hearing officer
or by court order.
30. Notification
Also, not less than ten days prior to Grievance Day the
Assessor must send to every property owner whose
assessment has been increased a notice of that increase.
Most Assessors send notices to every property owner whose
assessment has been changed, either up or down.
Remember, however, failure to send you a notice does not
invalidate the assessment. This is another case in which
you have to look out for your own interests.
31. Grievance Day
The fourth Tuesday in May is designated as Grievance
Day for most Towns in Erie County.
The City of Tonawanda is the fourth Wednesday in May
The City of Buffalo is the whole month of December
The City of Lackawanna is the second Tuesday in January
All complaints about assessments and exemptions
must be received no later than this day.
Call your local Assessor’s Office as an alternate date
could have been established by the Town Board.
32. Final Roll
The final roll for towns in Erie County must be filed by
July 1.
The final roll for the City of Lackawanna and the City
of Buffalo is March 1st.
The final roll for the City of Tonawanda is July 1st.
If you have filed a complaint on Grievance Day, you
will be notified of the determination of the board of
assessment review with any change appearing on this
roll.
33. SCAR (Small Claims Assessment Review)
If you don’t feel that the Board of Assessment Review’s
decision is fair, you have approximately thirty days to
file for further review .
34. What Assessors’ Don’t Do
Assessors do not make laws that affect property
owners
Tax Laws are enacted by the State Legislators
Various guidelines and regulations to implement
the legislation are established by the NYS Office of
Real Property Services.
35. The Assessors follow the procedures established by
others to determine the value of property.
Value is actually set by buyers and sellers as they
establish the worth of comparable properties through
their transactions in the Real Estate Market Place.
36. The Assessors do not determine taxes.
The level of property taxation is determined by the
municipality itself.
The Assessors do not decide who is entitled to
relief on property tax bills through exemptions,
rather they follow the State Laws.
37. SOME CLOSING THOUGHTS
Notwithstanding its shortcomings and its unpopularity, it seems likely
that the property tax, for lack of anything more palatable, will be with
us for a long time to come.
We must make the best of it and try to ensure that it is administered
equitably for the benefit of all of our citizens.
Your assessor and The Erie County and New York State Assessors’
Associations are working towards that end.
The Associations keeps abreast of all proposed real property tax
legislation and advises our Senators and Assembly members on these
bills.
38. We cannot, however, hope to succeed in all of these
efforts without your understanding and co-operation.
If the subject is clear to you now, then this
presentation has served its purpose.