Analysis: Taxpayers group challenges county assessments Nov 7, 2009
The assessor is required to estimate the true cash value and assessed value of every parcel of real property in its district. True cash value is defined by the Tax Act to mean the usual selling price at the place where the property to which the term is applied is at the time of assessment. (Gaylord Herald Times, MI)
Property taxes hurting S.C. economy Nov 6, 2009
Property tax assessments that automatically take place when you buy or renovate real property are dramatically increasing property taxes. That s why Realtors believe that lowering your property taxes must remain the top legislative priority at the Statehouse. (Orangeburg Times and Democrat, SC)
County bill to collect fees from nonprofits Nov 6, 2009
According to Councilman Chuck McCullough, R-Upper St. Clair, who introduced the bill in March 2008, Allegheny County currently has about 25,000 properties classified as exempt from real property tax, yet their owners receive and benefit from county services such as public safety and public works. In his proposal, Mr. McCullough said this bill is unlike previous county attempts to impose property taxes on nonprofit organizations. (Pittsburgh Post-Gazette, PA)
Top rating for four banks Nov 6, 2009
He said the higher mortgage rates, coupled with the reinstatement of real property government tax, was unlikely to reduce property demand. The adjustments to deposit rates and mortgage loans were driven by supply and demand but these would not lead to huge changes in interest rates, Promod said, adding that the impact was insignificant in the short term. (The Star Online, Malaysia -- Business)
Hernando man accused of wire fraud Nov 6, 2009
00 in jewelry, and seven parcels of real property in Mississippi and Georgia. If convicted, Williams faces up to 20 years in prison and a $250,000 fine on each count. (The Clarion-Ledger)
Government may rethink real property gains tax Nov 5, 2009
KUALA LUMPUR: The imposition of the real property gains tax (RPGT) may be reconsidered once the Government receives feedback from all parties, including non-government organisations, says Deputy International Trade and Industry Minister Datuk Mukhriz Mahathir. We will keep monitoring to see if the measures have good effect or not. (The Star Online, Malaysia -- Business)
Public records for Nov. 4, 2009 Nov 5, 2009
SUITS: Riverside National Bank of Florida v. Tony C. Buckner, real property; Fia Card Services NA v. Michael A. Omerzu, other circuit civil; Riverside National Bank of Florida v. June L. Metcalf, real property; Riverside National Bank of Florida v. Jesse White, real property; Deutsche Bank National Trust Co. v. Robert E. Butler, real property; Citimortgage Inc. v. Euguene R. Clark, real property; Bank of New York Mellon v. Victor H. Contreras, real property; SunTrust Mortgage Inc. v. Michael S.... (Daytona Beach News Journal -- Local)
5% property gains tax seen as a temporary move Nov 4, 2009
KUALA LUMPUR: The Governments proposal to impose a real property gains tax (RPGT) of 5% from Jan 1 may just be a temporary measure, says Taxand Malaysia Sdn Bhd managing director Dr Veerinderjeet Singh. We feel that it is a temporary imposition. (The Star Online, Malaysia -- Business)
Fire Departments spooky ways overflow doorway Nov 4, 2009
The Information Technology Division got the nod for the Scariest pumpkin with Saunie Torricer (Real Property) earning the scariest for Teen and Marielle Yano (Water) getting the nod for the Child division. People s Choice award for the adult division went to the Office of the Prosecuting Attorney while Shaina Yano (Water) got the nod in the Teen division. (Lihue Garden Island, HA)
Mukhriz: Some Govt measures may be reconsidered Nov 4, 2009
KUALA LUMPUR: Some measures, including the imposition of the real property gains tax (RPGT) under the 2010 Budget may be reconsidered, said Deputy Minister of International Trade and Industry, Datuk Mukhriz Tun Mahathir. "We will keep monitoring to see if the measures have the right effect or otherwise. We will look at the feedback and if there is a need for us to do any adjustments, we will reconsider," Mukriz said. (The Star Online, Malaysia)
Firms in trade mission eye more jobs in India Nov 4, 2009
On the impact of the proposed real property gains tax, Chen said the measure would disadvantage Malaysia, as its neighbours, like Singapore, did not have such taxes. Most Viewed. (The Star Online, Malaysia -- Business)
OMB urges performance-based management Nov 4, 2009
The memo asked agencies to provide budget and performance data for their 10 largest planned or current major real property construction projects. The responses will be used to help identify programs where performance-based management system practices are strong and may serve as a model for other agencies. (FCW.com)
Report: Mortgages first hit if lending rates rise Nov 3, 2009
The report said that financing for the purchase of residential properties, which comprise 27% of total loans in the banking system, would likely slow down due to the re-introduction of real property gains tax as part of the measures under Budget 2010. Mortgage growth would also take a temporary adjustment due to a rise in effective lending rates as banks lowered their mortgage spreads, the research house added. (The Star Online, Malaysia -- Business)
Valuation standards critical, expert says Nov 3, 2009
Hilltop leaders, at their regular monthly meeting, were visited by John Wolham and Victor Mallison from the New York State Office of Real Property Services. ORPS, an independent agency within the Executive Department, is charged with overseeing the local administration of real property assessments, which is apparently no simple task. (Catskill Daily Mail, NY)
Sunrise bullish about Klang Valley projects Nov 3, 2009
On the Governments proposal to impose 5% real property gains tax from Jan 1, he said it might not have been a well-thought after plan by the authorities. If the tax was imposed to derive higher revenue, the amount collected may not be too significant, he said, adding that it might dampen property investors sentiment and curb some level of speculative buying. (The Star Online, Malaysia -- Business)
Can real property gains tax be minimised? Nov 3, 2009
Can real property gains tax be minimised ... Can real property gains tax be minimised ... AT the recently concluded budget seminar of our firm, a major focus of the 650 attendees was the proposed real property gains tax (RPGT) of 5% to be imposed on disposals of property after Jan 1. (The Star Online, Malaysia -- Business)
Baby steps by Malaysia towards high-income economy Nov 2, 2009
Malaysias sole capital gains tax will be revived from January 2010 and disposals of real property irrespective of holding period by any person will be subject to an effective rate of tax of 5 ... I refer to inequity because real property gains tax at an effective rate of 5% will be levied on gains upon disposal from property acquired many years ago, for example 20 years or more ago when the purchasing power of the ringgit was far higher than its current value ... I recommend that there be... (The Star Online, Malaysia -- Business)
California's folly - Prop. 13 Nov 1, 2009
"A disarmingly simple initiative of 389 words, it limits the taxes levied on any piece of real property - houses, apartments, factories and businesses - and makes the limitation binding on the state Legislature as an amendment to the Constitution. The initiative further requires a two-thirds majority in both houses of the state Legislature to approve increases in any other tax. "As houses are built and change hands, they will receive far higher assessments than voters were led to believe. And... (San Francisco Chronicle -- Opinion)
Reimposition of real property gains tax appears untimely Oct 31, 2009
THE proposed reimposition of the real property gains tax (RPGT) come Jan 1 has ruffled feathers among property investors and industry players with calls made for its review before being implemented. Depending on whether you own just the roof over your head or have a nest of property assets, the concern from various quarters largely centres on the fact that a flat rate of 5% will be imposed on all gains from disposal of real property irrespective of the holding period and category of owner. (The Star Online, Malaysia -- Business)
Mayor signs property tax bill designed to help owner-occupants Oct 31, 2009
Mayor Mufi Hannemann today gave his approval to a bill creating a separate "homeowner" classification for real property tax assessments ... Mayor Mufi Hannemann today gave his approval to a bill creating a separate "homeowner" classification for real property tax assessments. (Honolulu Star-Bulletin)
Signs of green shoots Oct 31, 2009
Just when developers are about to look forward to brighter days ahead, the proposed reimposition of the real property gains tax (RPGT), albeit at a flat 5% rate irrespective of holding period and category of owners, is seen as a dampener of the overall feel good sentiment. Although some are not overly concern that the RPGT will slow down sales substantially, especially among first time buyers and owner occupiers, some say it will impact the investor market. (The Star Online, Malaysia -- Business)
24 South St. Notebook Oct 31, 2009
Tuesday, June 30, 2009 1:50 PM EDT. The address for Auburn's Memorial City Hall on South Street is familiar to many follower's of the city's government and its political scene. (Auburn Citizen, NY)
'Technology' plays large role in wealth inheritance Oct 31, 2009
Technologies are defined here to include everything one needs to make a living--from material things such as farms, herds and other real property, to knowledge, skills and other valuable resources. Hunter-gatherers, for example, rely on their wits, social connections and strength to make a living. (EurekAlert!)
Will the 5% real property gains tax be a deterrent? Oct 31, 2009
Will the 5% real property gains tax be a deterrent ... Will the 5% real property gains tax be a deterrent ... AS the property investor goes through his checklist on why he should invest in Malaysia, that 5% real property gains tax (RPGT), to be effective Jan 1 next year, will be a bit of a blemish. (The Star Online, Malaysia -- Business)
Inequality, 'Silver Spoon' Effect Found In Ancient Societies Oct 31, 2009
The passing on of material things--such as farms, herds and other real property, or even knowledge, skills and other valuable resources--plays a large role in whether the next generation will accumulate or maintain high wealth status. (Credit: iStockphoto). (Science Daily)
Sunrise to build 460 condo units in Mont Kiara Oct 30, 2009
On the Governments proposal to reimpose the 5% real property gains tax (RPGT) from Jan 1, Tong said it was not a bad idea as this would help curb speculative buying in the property industry. The industry will like to see sustainable long-term growth and not a market bubble. (The Star Online, Malaysia -- Business)
Critics say new Hawaii property tax category will be costly for all Oct 30, 2009
Gary Kurokawa, head of the Budget l Services Department's Real Property Assessment Division, said that over all classes, assessments are down about 10 percent from the previous year ... "We recognize that we do have a financial problem that needs to be addressed that will probably result in us having to deal with an adjustment in real property taxes," Oto said. (Honolulu Advertiser)
School bond, 15th St. School sale on Nov. 3 ballot Oct 29, 2009
Last updated on Wednesday, Oct 28, 2009 - 11:28:38 am MDT Douglas, AZ. Douglas Dispatch Print Edition. (Douglas Daily Dispatch, AZ)
Republicans look to maintain majorities Promise lower taxes, increased business tax base Oct 29, 2009
The Republican candidates for Town Council and Board of Education have proposed a unified front in the battle over residential real property taxes ... "The only way to reduce residential real property tax rates without harming town services or education is a two-fold attack, coupling an increase in the commercial tax base with wise use of tax dollars.". (Town Times, CT)
Air Force wrapping up Kelly transfer next year Oct 29, 2009
Through partnering with the , the City of San Antonio, the Texas Commission on Environmental Quality and the Air Force Center for Engineering and the Environment, we are one step closer to returning this valuable resource to the community, says Bob Moore, Air Force Real Property Agency director ... The Air Force Real Property Agency is responsible for environmental remediation and the transfer of land at 40 former Air Force installations around the country. (San Antonio Business Journal, TX)
DeWitt Clintons back taxes repaid today Oct 29, 2009
The payment that will be handed into the county today includes the overdue real property taxes, school taxes, interest and penalties, and a portion of the overdue water bills, Nahal said. Albany County collects delinquent taxes, interest and penalties on behalf of the city. (Albany Business Review, NY)
Mutiara Goodyear lauds RPGT Oct 29, 2009
KUALA LUMPUR: Mutiara Goodyear Development Bhd believes the Governments proposal to reimpose the 5% real property gains tax (RPGT) from Jan 1 next year will give certainty and market clarity to the property industry ... It was reported that under Budget 2010, the RPGT would be imposed on gains from the disposal of real property irrespective of the holding period and category of owner. (The Star Online, Malaysia -- Business)
Enfield police kept busy fighting crime Oct 29, 2009
For instance, Quatze Maurice Lyons, of Batchelor Avenue, is charged with damage to real property, damage to personal property and discharging a weapon into an occupied dwelling, the night of Oct. 5. According to Smith, Lyons was allegedly parked in front of a residence on Bell Street in a white Crown Victoria. (Roanoke Rapids Daily Herald, NC)
Assembly argues over revenue sharing Oct 28, 2009
"Do we wish to be able to take an ever-increasing number of dollars out of the pocket of real property taxpayers?" Coffey said. "This is going to raise the tax cap this year and the next and the next.". (Anchorage Daily News)
Fee proposed for trash pickup (741) Oct 28, 2009
We can t operate the same way we ve been operating, and real property tax revenues make up nearly two-thirds of the current $154 million county operating budget, he said. Commission Vice Chair Charles Fulks Jr. asked about the possibility of furloughs of county workers, and Heu said the recently approved public-worker contracts allow the state s mayors to furlough workers up to 18 days in the current fiscal year, and 24 days in the next fiscal year. (Lihue Garden Island, HA)
Council passes homeowner tax classification granting some relief Oct 28, 2009
The City Council revived a proposal to create a separate "homeowner" class for real property taxation after a last-minute appeal from Mayor Mufi Hannemann ... The City Council revived a proposal to create a separate "homeowner" class for real property taxation after a last-minute appeal from Mayor Mufi Hannemann. (Honolulu Star-Bulletin)
Farming for tax breaks Oct 28, 2009
You'll also be exempt if it produced a profit in three of the past five years, uses real property worth at least $500,000 to carry out the business, or uses other assets worth at least $100,000 on a continuing basis. If you earn less than $250,000 and don't meet these tests, you can apply for a discretion using the existing criteria. (Sydney Morning Herald -- Business)
Real property gains tax and green tech incentives Oct 27, 2009
Will I need to pay real property gains tax (RPGT) ... If you give the house to your son as a gift, you will be exempted from tax, as it is proposed that all gifts of real property between parent and child, husband and wife, grandparent and grandchild would be exempt from tax. (The Star Online, Malaysia -- Business)
Post-budget thoughts Oct 27, 2009
The re-introduction of real property gains tax and the imposition of a minimum 5% tax on gains from real property disposal by any person may have a somewhat dampening effect on the recovery of the broad property sector. The overall strategic thrust of Budget 2010 is difficult to fault but the success of its measures will depend on how well internal and external challenges are met. (The Star Online, Malaysia -- Business)
Summit State Bank Reports Third Quarter Profit and Declaration of Dividend Oct 27, 2009
The increase in nonperforming loans was primarily attributable to multiple loans to one borrower with a majority secured by real property. "We expect that nonperforming loans will continue to surface as the financial conditions of borrowers are further impacted by the current economy. I believe it is safe to assume that we will continue to build our allowance for loan losses through year end as conditions dictate," said Mr. Duryea. (Primezone Releases)
Mixed reaction to property tax Oct 27, 2009
PETALING JAYA: The Governments proposal to reimpose the real property gains tax (RPGT) may ensure a more balanced property market in the long run but industry players see it as counter-productive to the ongoing efforts to stimulate investments in the property sector. Under Budget 2010, the RPGT of 5% would be imposed from Jan 1 on gains from the disposal of real property irrespective of the holding period and category of owner ... Although the real property sector had enjoyed some measure of... (The Star Online, Malaysia -- Business)
Understanding tax exemptions Oct 26, 2009
The PricewaterhouseCoopers team answers questions on the service tax, green technology and real property gains tax ... With the reintroduction of real property gains tax we do hope that which is of lesser burden to the Rakyat would apply, says the Second Finance Minister ... The stamp duty exemption would only apply to buildings or residential properties bought directly from real property developers and the exemption is only given once to the first owner of the building. (The Star Online, Malaysia -- Business)
5% cap for real property gains tax Oct 26, 2009
PETALING JAYA: The Government will issue an order to cap the real property gains tax (RPGT) at 5. Second Finance Minister Datuk Seri Ahmad Husni Hanazdlah reiterated the RPGT of 5% was imposed on gains from the disposal of real property irrespective of the holding period and category of owner ... In the Budget 2010 presentation, the Government proposed that real property gains tax at a fixed rate of 5% be imposed on the gains from the disposal of real property effective Jan 1, 2010, Husni said... (The Star Online, Malaysia -- Business)
Unexpected tax moves Oct 26, 2009
For one, the re-introduction of the real property gains tax to be effective from 1 Jan 2010 came without forewarning, and was explained as a measure that will be taken to increase the tax base of the nation. This does not seem congruent with the fact that revenue from Real Property Gain Tax (RPGT) has not been particularly significant historically ... Nevertheless, the tax base for the new RPGT regime will be widened to include the taxation of gains on individuals who dispose real property... (The Star Online, Malaysia -- Business)
$4.5 million house in fraud case could be bonanza for Lee County Oct 24, 2009
Homestead is granted to those applicants who possess title to real property, are bona fide Florida residents and live in the dwelling and make it their permanent home. Penalties for homestead fraud. (The News-Press -- Business)
Making right buy can result in big gain Oct 24, 2009
The exemption from real property gains tax (RPGT) for profits made from property sales will also be one of the inducements for more buying and selling activities. (Under Budget 2010, the Government has proposed to reimpose the RPGT next January. (The Star Online, Malaysia -- Business)
Property gains tax makes comeback Oct 24, 2009
THE Government has proposed to reimpose real property gains tax (RPGT) for gains arising from property disposal ... He pointed out that from the speech itself, many would have thought that a low rate of tax of 5% would apply to most gains arising from disposals of real property. (The Star Online, Malaysia -- Business)
Stirring up Big Bear Lake Oct 24, 2009
The MWD has jurisdiction over district-owned real property, the water surface of the lake and the land area below elevation 6,743. 25 feet. (Big Bear Grizzly, CA)
Man arrested after deputy is run over Oct 24, 2009
Those involved will face charges of malicious injury to real property, Sgt. Dowdy said. If they are students, they will be suspended with a recommendation for expulsion, he said. (The Augusta Chronicle)
GJDC hosts annual harvest festival Oct 23, 2009
Friday October 23, 2009. Nija, left, Kiya and Deja Burwell and their nanny, Ms. Judy, decorated pumpkins at the harvest festival. (Queens Chronicle, NY)
Cobb flood victims get tax break Oct 23, 2009
The balance of the unpaid real property and personal property tax must be paid in full by April 15. Many homeowners have already paid their taxes automatically out of an escrow account, in which case they will not be able to take advantage of the waiver, county commissioners said. (Atlanta Journal-Constitution -- Metro)
IDB approves PILOT for Praxairs gas line Oct 22, 2009
5 million of real property for s planned $50 million gas pipeline, which will run from Pidgeon Park to Valero Refining Co. s facility at 2385 Riverport Road. The Danbury, Conn. (Memphis Business Journal, TN)
Wind turbine tax promise lacks substance Oct 22, 2009
As I have investigated these claims of promised new tax revenues, I was struck by what is not shared: Subsequent appeals of the taxes, attempts to claim the turbines are not real property and affects of accelerated depreciation on these turbines thereby rapidly reducing the taxable value ... However, what the statute goes on to state is that the turbine company is entitled to depreciate those turbines down to as low as 30 percent of the trended real property cost basis. (Princeton Bureau County Republican, IL)
Budget incentives for property sector Oct 21, 2009
ABOLISHMENT of the real property gains tax, reduction in stamp duty for properties in a certain price range, and the construction and property sector gaining most from the stimulus packages announced these are clear indications of the Governments focus on this sector to help accelerate economic growth. The positive multiplier effect from an improved performance in the construction and property sector is tremendous, with the stakeholder chain including the manufacture and supply of building... (The Star Online, Malaysia -- Business)
Harriman board says developer may be picked within 6 weeks Oct 21, 2009
The closed session was legal under a provision of state law allowing such sessions for boards to discuss proposed acquisition, sale or lease of real property, according to attorneys with Empire State Development. No votes were taken during the closed session, said John Egan, a Harriman board member and commissioner of the state Office of General Services. (Albany Business Review, NY)
Court rules former TV reporter was never married to Henry Taub Oct 20, 2009
Both of them also listed themselves as single on numerous legal documents including tax returns, homestead exemptions and sworn real property records. Mr. Taub and Ms. Conway even signed a Nonmarital Relationship Agreement in 1987, noted Jackson s partner and co-counsel, Eileen O Neill. (KHOU.com, TX)
Rethinking cable TV service? Oct 20, 2009
If intellectual property is real property then why are there no property taxes on it. Cable bill or commercials NOT BOTH. (Atlanta Journal-Constitution -- Business)
Praxair to build $50M gas line for Valero Oct 17, 2009
The IDB staff has recommended a 10-year tax assessment freeze on real property involved in the project ... The tax abatement would apply to $12 million in real property, saving the company $2. (Memphis Business Journal, TN)
There are restrictions, but an SMSF can buy property without having the funds to pay the entire cost. Oct 16, 2009
Exceptions include business real property, publicly listed investments, such as shares, and widely held trusts, such as managed investments. Email questions to max@taxbiz. (Sydney Morning Herald -- Business)
Town gets revaluations report Oct 16, 2009
Most owners of real property can expect to see a 10 percent to 12 percent increase in taxes on real property. Most owners of personal property can expect to see an 18 percent decrease in taxes on personal property. (Washington Daily News, NC)
Prince Georges OKs new tax incentive area Oct 14, 2009
Prince George s County offers 10-year real property tax credits for increases to real property taxes as a result of qualified new construction or property improvements. In focus areas, there is a 10-year business personal property tax credit that is 80 percent of the amount of tax otherwise due on new qualified business personal property. (Washington Business Journal, DC)
Officials argue over budget Oct 14, 2009
The Property tax increase for 2010 was originally projected at 57 percent, but at last week s town board meeting, Republican Supervisor Reggie Crowley said he checked with the Columbia County Office of Real Property to find out the total assessed value of the town and the percentage increase was cut by more then half. A war of words has continued to rage between Crowley and Town Councilman Robert Sacks over the issue. (Hudson Register Star, NY)
Public records for Oct. 13, 2009 Oct 14, 2009
SUITS: Sean Stiller v. Half Time Sports Bar & Grill of DeLand LLC, other negligence; SunTrust Bank v. Giovanna Johnson, real property; Sheri L. Cole v. Jennifer Rosenblum, auto negligence; Deutsche Bank National Trust Co. v. Rodney S. George, real property; Flagstar Bank FSB v. Norberto Medina, real property; SunTrust Mortgage Inc. v. Brandon L. Roush, real property; H. Ronald Howe v. Maureen Gasink, real property; GMAC Mortgage LLC v. Paul Correia, real property; Everhome Mortgage Co. v.... (Daytona Beach News Journal -- Local)
State and Local People on the Move for Sunday, October 11, 2009 Oct 12, 2009
Handlin s practice focuses on complex commercial litigation and appeals with disputes involving real property, toxic torts, class actions, insurance, licensing, employment and other contract issues, as well as cases involving entertainment and intellectual property. Handlin began practicing law with New York-based Simpson Thacher Bartlett. (Lihue Garden Island, HA)
Galveston bar and restaurants' smoking ban fight faces long odds Oct 11, 2009
Such an accounting, called a Takings Impact Assessment, is required under the state s Private Real Property Rights Protection Act, the association argues ... Under the state law, a taking is a governmental action that causes a reduction of at least 25 percent in the market value of the affected private real property. (KHOU.com, TX)
