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Property Tax Law Questions

In the United States if an individual owns property, they will be paying property taxes. Some individuals may have their taxes incorporated into their mortgage payments, while others may receive a tax statement toward the end of the year. Even though many homeowners may know that they have property tax, they may not completely understand what property tax is and what it means to them. Below are questions that other individuals have asked the Experts about property tax, that have been answered.

What is the statute of limitations for property tax in the state of Illinois?

The statute of limitations, in the state of Illinois, according to Sec. 20-190 is 20 years if the taxpayer is in arrears for any reason other than that of an administrative error. The action taken for collecting the delinquent taxes, such foreclosure of the tax lien must be initiated within the 20 years that follow the taxpayer becoming delinquent on the property tax.

How are property taxes calculated when a house in bought in the middle of the year?

The buyer would have to pay the property tax for the year that they bought the house. Since property taxes are billed after the fact, which means that the property taxes are due on or after the period of assessment has ended. If a home is sold in the middle of the assessment period the individual that sold the home will pay a pro-rated part of the property tax for the portion of the year that they owned the home. The individual who bought the home will be responsible for the portion of the year that they owned the home.

In the state of New Jersey if a person owns a multiple unit home, how much of the property taxes can the individual use as a deduction?

If an individual owns a multiple unit, and they live within that unit, then only the amount of property tax for that unit is able to be used as a tax deduction on the individual’s income taxes. The taxes for each unit should be the same that is unless the assessor for the local area has made the determination that the units are not the same in size. If they are not equal in size then the taxes will vary for each unit.

If an individual pays two years of property taxes, is the total of both years able to be deducted on the individual’s taxes?

An individual is able to use two years worth of property taxes as a deduction on their taxes. The taxes must be paid in the year that the income taxes are being filed. Also the interest on taxes that are paid are deductible on schedule e, unlike the interest paid on the mortgage of the property which is not deductible on an individual’s income tax return.

If an individual pays more than one year of property tax they will be able to use the property tax as a deduction upon their income tax return, as long as the payment is made in the same year as the tax return. Property Tax laws can vary from state to state, which can cause many questions to arise. Any questions regarding property tax can be directed to the Experts.

Ask a Tax Professional

Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: General
Satisfied Customers: 572
Experience:  10 years experience
16356563
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Tax Professionals are online & ready to help you now

Wallstreet Esq.
Tax Attorney
Satisfied Customers: 570
10 years experience
Wendy Reed
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Mark D
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MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Recent Property Tax Laws Questions

  • Hi I have two questions. 1. I own a rental. I have been

    Hi
    I have two questions.
    1. I own a rental. I have been deducting the mortgage interest on this. Is there any other tax benefits by this rental?
    2. I am eligible to draw social security in full at 66 years and 2 months which will be april 1, 15. I am also still working fulltime. Is it a good idea to draw social security atarting in April?
    I am a joint filer with my spouse.
    Thanks.
    Jay
    Jay
  • My mother died and left an apt bldg. The estate sold the bldg.

    My mother died and left an apt bldg. The estate sold the bldg. at a gain of $500k. Does the gain get taxed on the 1041 or on our individual returns?
  • Hi-I am a company of one and have an S corp INC in Delaware

    Hi-I am a company of one and have an S corp INC in Delaware and live in New Mexico. I offer consulting in states other than NM. If I start paying myself a salary through the Delaware Inc. would I pay my state withholding tax to New Mexico or Delaware?
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