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Articles Tagged with homes

calculator-scientific

By Nathan Vinson, Attorney
English, Lucas, Priest and Owsley, LLP

Everyone who owns a home gets a bill from their local municipality for property taxes. It’s not a surprise that it’s coming. Most of us sigh, write the check (or let your mortgage holder do it) and move on, wondering what that money really does, anyway. (Short answer: it funds governments and schools.)

But every now and then, you get a property tax bill that makes you do a double-take because it is larger than you expected. There are a few reasons this can happen.

  • Your local government entity increased its tax rate.
  • Your property was recently re-assessed, and the value has increased.
  • A new tax referendum passed, increasing your rate.
  • Someone made a mistake.

You don’t have to accept the tax bill you’re sent if you truly believe the tax rate or assessment is wrong. You can protest – and I’ll walk you through how to do that.

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By Nathan Vinson, Attorney
English, Lucas, Priest and Owsley, LLP

exchange gifted property

If you receive a vacation home as a gift, you can exchange it for another property to avoid a big tax hit.

Receiving a home or significant piece of property as a gift may sound wonderful. And it is, in nearly every case.

But sometimes when you get a piece of property as a gift, it’s not quite what you want, or perhaps it is too much of a burden to handle. You may decide to sell it, or, you may find it more advantageous to do an exchange. That’s a strategy we recommend to clients on occasion to help avoid tax on a second home. That tax is usually at the more advantageous capital gain rate, but nevertheless, it is still tax dollars out of your pocket.

I’ll explain how it works.

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