Saturday, 14 November 2015

Property Tax on Real Estate

Home or vacant lot and rights of ownership a tax on real estate, including the land & commercial buildings.

Property Tax on Real Estate
The tax, imposed primarily by local governments in the USA, is based on the assessed valuation of the land & buildings. Because many properties, such as a home or a vacant lot, do not produce income, the tax has come under criticism as not being reflective of a citizens ability to pay, and constitutional chalenges have been posed against the levy in state and federal courts. The tax has been defended as an easily assessed and collected levy & a ready source of income for local governments.
Actual property taxes paid in the various states on properties of equal value may vary widely as a result of differences in local methods of assessment and in the tax rate itself.
Right of ownership, in general, the right or incidents of ownership include the exclusive rights to possess, to enjoy, to use beneficially, and to alienate or transfer to another, the property in a manner consistent with law. Possession denotes occupancy or custody and is prima facie evidence of ownership. Thus, a possessor enjoys all the right of ownership unless evidence exists that someone else is the true owner. Enjoyment & beneficial use of real property includes the right to exclude other, the rights of access, light, view, soil support, and protection from unreasonable use of neighboaring ptoperty, and the rights to profits.
Beneficial use is distinguishable from management rights because the latter is the rights of control for another, the owners benefit.

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1 Response to "Property Tax on Real Estate"

  1. Tax certificates result from properties that the owner has not paid the taxes on. Therefore, the government puts a lien on the property and lets you pay their taxes for them. You receive your money when the owner pays back the taxes. If the owner doesn't pay the back taxes, you could receive a great 3 bedroom, 2 bath home for $5,000!nj property tax appeal


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