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Karla, Certified Public Accountant (CPA)
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In California School Bonds are issued and paid for with a property

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In California School Bonds are issued and paid for with a property tax assessment on a Ad Valorem basis. They apply to just the school district within the county and not necessarily for all residents within the county. The vaious county assessors assess the value and thus the tax, not the school districts. Do these qualify as deductible property taxes under IRC 164? The regs (1.164-4) state "the real property taxes deductible are those levied for the general public welfare by the proper taxing authorities at like rate against all property in the territory over which such authorities have jusrisdiction" Thanks for any help as well as cititiations you might be able to provided
Submitted: 3 years ago via Cornell Legal Info Institute.
Category: Tax
Expert:  Karla replied 3 years ago.
Hello and thank you for using Just Answer.

The definition of Ad Valorem according to Investopedia is a tax based on the assessed value of real estate or personal property. Ad valorem taxes can be property tax or even duty on imported items. Property ad valorem taxes are the major source of revenue for state and municipal governments. Municipal property ad valorem taxes are also known as "property taxes". So if you apply this definition, all property taxes are Ad Valorem.

We can further apply school bonds to the IRC 1.164-4 that you cite. The California school bonds are approved by the voters in the school district affected by the bonds, so this meets the general public welfare standard. Also, the voter approval gives the property tax assessors the proper taxing authority.

I hope this has helped answer your question.
Karla, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 141
Experience: Over 17 years performing accounting, tax and consulting service for individuals and small business.
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