Tax

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The Property Tax Inheritance Exclusion

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Summary

Ownership Changes Trigger Higher Tax Bills. Under California’s property tax system, the change in ownership of a property is an important event. When a property changes hands the taxes paid for the property typically increase—often substantially. Local government revenues increase in turn.

Special Rules for Inherited Properties. While most properties’ tax bills go up at the time of transfer, three decades ago the Legislature and voters created special rules for inherited properties. These rules essentially allow children (or grandchildren) to inherit their parent’s (or grandparent’s) lower property tax bill.

Inheritance Exclusion Benefits Many but Has Drawbacks. The decision to create an inherited property exclusion has been consequential. Hundreds of thousands of families have received tax relief under these rules. As a result, local government property tax collections have been reduced by a few billion dollars per year. Moreover, allowing children to inherit their parents’ lower property tax bill has

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Tax Tips For Selling Your Florida House!

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Are you thinking about the tax consequences for selling a Florida house?

Selling real  estate often means big sale proceeds. Unfortunately, huge portions of your cash may need to be paid to the government. The tax implications of your home sale may be the determining factor on whether you should sell at all.

Think ahead. You don’t pay taxes immediately upon the sale. Tax obligations are due in April. If you spend the proceeds before tax season, you could find yourself unable to pay the tax debt.

Get all the tricky issues straightened out before you conclude the sale.

This blog tackles a few tax tips regarding selling your Florida property, including the “Capital Gains Tax Exemption”, reporting issues, the first-time homebuyer credit, and selling cost deductions. For specific questions, of course, consult with a qualified accountant or the state/federal taxing agencies.


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County of Hawai`i Real Property Tax Office

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COUNTY OF HAWAI`I Real Property Tax Office


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Aloha and welcome to the County of Hawai`i ’s
Real Property Tax Assessment Website
The Hawai`i Real Property Tax website was designed to provide quick and easy access to real property tax assessment records and maps for
properties located in the County of Hawai`i  and related general information about real property tax procedures.
Learn how a Short-Term Vacation Rental, Long-Term Rental, or Agricultural Use Benefit
will affect the Homeowner Exemption and Homeowner Tax Rate.  Click here for details
 

Disclaimer
This site was designed to provide quick and easy access to real property tax assessment
records and maps for properties located in the County of Hawai`i and related general information
about real property tax procedures. Listed information does not include all of the information
about every property located in this County. Information and answers to the most commonly
asked questions from members of the general public have been provided. The

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Long Branch offers tax breaks for home, small business improvements

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Regina Egea, president of Garden State Initiative, offers five suggestions for reducing property taxes in NEw Jersey.

Wochit

LONG BRANCH – Home and small business owners can get a tax break on improvements to their dwellings in a new tax plan the city adopted Wednesday. 

The plan, called “Fairer Long Branch,” was introduced in February and then had to be reviewed by the Planning Board. The City Council vote was pushed back further due to the COVID-19 pandemic.

The timing of the plan, which comes at a moment when tax revenue may be lost due to COVID-19 social distancing measures, didn’t deter the city from passing it.

“We’ll go through with it. I think ultimately, it will encourage people to improve their properties,” Pallone said.  

The council voted 5-0 for the plan in a meeting that was live-streamed.

Long Branch: Upgrade your home or business, get a tax break

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Energy Tax Credit: Which Home Improvements Qualify?

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Updated for Tax Year 2019


OVERVIEW

Taxpayers who upgrade their homes to make use of renewable energy may be eligible for a tax credit to offset some of the costs. Through the 2019 tax year, the federal government offers the Nonbusiness Energy Property Credit. The renewable energy tax credits are good through 2019 and then are reduced each year through the end of 2021. Claim the credits by filing Form 5695 with your tax return.


Residential Renewable Energy Tax Credit

Equipment that qualifies for the Residential Renewable Energy Tax Credit includes solar, wind, geothermal and fuel-cell technology:

  • Solar panels, or photovoltaics, for generating electricity.  The electricity must be used in the home.
  • Solar-powered water heaters.  The water heated by the system must be used inside the home, and at least half of the home’s water-heating capacity must be solar. (Solar heaters for swimming pools and hot tubs do not qualify.)
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