Chapter 15 Real Estate Principles

"In 2004, property tax collections in the U.S. exceeded $300 billion. Property taxes are responsible for approximately 72% of all local tax revenues, representing the most important tax revenue source for local governments" (as cited in Shan, 2010, p.195).

Illinois has a similar program to the Mills Act enacted where the primary tax incentives are given in the form of a property tax assessment freeze. Homeowners of historic structures listed on the National Register can have property taxes frozen for eight years if at least 25% of the market value of the property is spent on a rehabilitation project. The assessed value of the historic property is frozen at the same level as it was the year rehabilitation began. Over a four-year period, the valuation of the property is brought back to market level. Unlike federal incentives, the Property Tax Assessment Freeze Program is available only for homeowners and not for income producing properties.

Property tax is a charge on property that the owner is responsible for paying. The tax is constructed on the value of the property one owns and is often estimated by local or municipal governments. When paying a property tax bill, the money goes to a number of important programs, city employees, police officers, firefighters, and public works departments also receive pay. The property tax money is used to pay for parks, traffic construction, street lights, sidewalks, and public transportation. Imposing a cap on property taxes would not only impact communities but it will also create several major problems. Cities would be affected and unable to hire employees in the public safety, since salaries and other benefits would be increased. A cap would reduce job establishment and damage the state's economic growth. The cap would also create more traffic problems by limiting

Facing tough budget decisions in advance, various cities, and county have two options: raise taxes or reduce services. Furthermore, there has not been a tax increase in a long period, county officials have alleged. They recognized this day would come. The administrator distressed and diagnosed the circumstances where they provide the primary inspection and repairs.

| (TCO A,B,C) The revenue a property is expected to generate after adjusting for operating expenses, but before providing for debt service or income tax consequences, is ______________ .

1. The most probable price which a property will bring in a competitive and open market under all conditions requisite to a fair sale is:

Real Estate Property Taxes – this includes whether or not the taxes for the current year have been paid or not, if there are any delinquent taxes on the property from previous years, and if there are any tax deeds on the property.

First of all, Property Taxes, Revenues and Interests are worth-based taxes paid on various types of property (e.g. residential and commercial real estate, motor vehicles, farm machinery, etc.). The body charged with tax collection is responsible for taxing authority appraises the

Buying or selling a house or an apartment is one of the biggest decisions of a person’s life. And when selling or establishing a price for real estate, people seek out real estate agents to do the dirty work. A real estate agent has to convince a prospective homeowner that he or she is trustworthy and knowledgeable. In many ways, the agent acts as a counselor to individuals and families about to embark on a huge commitment. Real estate agents have a thorough knowledge or real estate market in their community. They

In ten Years I see myself finishing college at Duke or at The United States Air Force Academy, and getting involved in real estate, particularly flipping homes and selling them. I want to live in Colorado because it has nice weather and I have family that lives in Colorado. I want to get into flipping homes because they make good money buying and selling houses. Finishing college and getting involved in real estate is important to me because I want to buy a mansion when I'm older. I also want to buy lots of sports cars. The satisfaction of becoming a Real Estate Mogul is that I love fixing all kinds of stuff and I love building things that look good in houses. Right now in school, I need to get all PR’s and AD’s so that I get

With over a million lawyers in the US focusing on different areas of law, you might wonder if any given lawyer has trial experience.

With the permission of the seller, Broker A submits a listing to MLS inviting cooperating brokers to help find a buyer. This is an offer of:

For the past several years, the housing market has been mutually beneficial for both buyer and seller. The cost of real estate has risen but has maintained or gained value. People who have owned their home for quite awhile are seeing astronomical amounts of money to be made off the sale of their home, and so the market has been inundated with housing for sale. It leads us to wonder whether this boom is heading for the crash. Is now still a good time to buy? If so, what type of property will continue to gain value? Will new buyers end up stuck in their home as the value drops? As a homeowner, I am nervous about the state of the real estate market. This is not the house my family wants to call its home forever, but could we get stuck here? Yes, we could. If the housing market drops, then so will the amount of money we could potentially make off the sale of this house. If it drops enough then it would be possible to end up owing money upon the sale. Unless you are independently wealthy, you hope to make money off the sale of the home to help finance the purchase of the next home. Real estate agents will tell you that now is still a good time to buy. While it is speculated that the market will drop within the next year or two, if you are willing to sit on your new purchase for several years, an upswing will occur again. There is never any guarantee that you will recoup the money paid for and put into a home. If you intend to purchase a home soon, it would be a good idea to

as well as the mechanics of commercial real estate leasing. The asset types we will consider

In term of Real Estate Law, the law recognizes two classifications of property which are real and personal. Real property relates to land and those things that are more or less permanently attached to the land, such as homes, office buildings, and trees. Personal property refers to all other things, such as automobiles, furniture, computers, bank accounts, stocks, and bonds. Real property includes rights to the airspace above the surface of the property, mineral rights to minerals located beneath the surface, and water rights for water located on or beneath the surface of the land. A fixture is an article of personal property, such as an air conditioning unit or a dishwasher, which has been installed in or attached to land or a building and, on attachment, is regarded