1bloc.com » Property & Tax

Know Your Rights Regarding Apartment Late Fees

qwcdirect — Fri, 18 Jun 2010 09:00:16 +0000

Did you know that you have your own rights as a tenant? Some of these rights have to do with apartment late fees. There are some rules that regulate how and when apartment late fees are applicable or acceptable. One of the things you have to know about apartment late fees is that they have a limit. This limit is normally agreed on between the landlord and the tenant before anyone moves into the house.

Most renting regulations normally allow for a few days’ grace period before you can be asked to pay any late fees. Make sure that you check the late apartment regulations in your area to ensure that you will not be harassed when you do not pay your rent on time. After the grace period passes, your late apartment fee will be assessed on a daily basis.

Are you aware of property tax appraisal?

admin — Wed, 20 May 2009 06:40:35 +0000

Property tax appraisal is the practice of estimating or assessing the value of a property in terms of money. It is the very foundation on which property taxes are calculated.

This is because it is the tool used by the authorities in order to determine the value of the property and then in respect to that value, the amount of property tax to be levied.

Knowledge of property tax appraisal is an absolute necessity as it involves with determining the value of the land while keeping in mind the various factors.

Property tax appraisal is always performed by an expert who is generally known as the appraiser.
Different methods of appraising properties are used all over the world by the different governments with each method having its own pro and con.

Appraisal is also necessary because each and every property in the world is unique in its own way.

Tax liens are not always bad

admin — Thu, 14 May 2009 12:00:42 +0000

Tax liens refer to the right of the government to encumber property when taxes are not paid it is slightly different from tax levy. Well a person can also benefit through buying and selling “tax liens”. It is not a difficult job it just involves earning interest through financing the homeowner at an interest. Tax liens are not always bad since it makes a tax payer responsible .the following are the advantages of tax liens:-

The government is sure of getting tax or else it could encumber the property.

A person can earn interest by paying off tax lien of the house owner at a certain interest and if the house owner fails to pay the borrowed money then the person can have the whole property to himself.

There are tax lien certificates too. In case the government encumbers the property of a defaulter then since, we are holding the tax lien certificates we get the first priority in purchasing that property.

How can property taxes go up in a declining market?

admin — Fri, 08 May 2009 08:08:39 +0000

Doesn’t it seem odd when we say the real estate value is falling and the property taxes are decreasing? At this time should not the property tax be decreasing to increase purchase of real estates and let the real estate market come in equilibrium with demand? .But unfortunately my friends that is not the case.

Property taxes are calculated on consumer price index rather than state equalized value which may fluctuate according to market conditions.

State Equalized Values or SEV is equal to 50 percent of the market value of ones property. So even if the market value of properties is high or low the property tax can be higher.

When a person buys a property, the purchase price, exact half of it becomes the new State Equalized Values.

To the relief of property owners in 1994, Michigan voters approved a constitutional amendment known as Proposal A. Proposal A stated that to limit the increase in property taxes to either 5% or the annual change in the Consumer Price Index (CPI), whichever is less, until ownership of the property is transferred.