Realty Tax Consultant

The Daily Journal – News: Real estate tax deadline nears. June 08, 2009, 7:05 am Comment on this story. Iroquois County Treasurer Mindy Kuntz Hagan announced that the deadline to pay the first installment of real estate taxes without penalty is Tuesday. …

Deadline nears for Orange County “informal” property tax appeals … – Deadline nears for Orange County “informal” property tax appeals. April 29, 2009 · 3 Comments. 4/30/09 update: I’ve simplified this info into easy steps to determine if you should file an appeal and posted it on our other real estate …

Economic Development Marketing: Deadline nears for plant closing … – McCloughan said the city would offer any tax incentives allowed by law, including a 50 percent discount on personal property for 12 years. City officials would not speculate on what Noble employees earn. Kitchens said manufacturing jobs …

Southlake Colleyville Grapevine: Deadline for property appraisal … – Deadline for property appraisal protests nears. By SCOTT PRICE Wednesday, May. 20, 2009. The deadline for most property owners in Tarrant County to protest their appraisals with the Tarrant Appraisal District is June 1, 2009. Fort Worth- based attorney Ryan E. Ray said many people do not take advantage of their opportunity to have the tax value of their home or other property reduced. He said this can save people a lot of money. Ray said last year he assisted a Colleyville …

Deadline nears for DP tax exemption :: EDGE San Francisco – A deadline is fast approaching for registered domestic partners whose California property taxes were reassessed between 2000 and 2006, either due to the death of a partner or a breakup, to apply for an exemption and have their tax bill

Protest High City Municipal Property Tax Notices

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…

The budget is one of two topics in the City Council’s work session, which will be part of Monday’s special meeting.

In his Jan. 15 memo to the mayor and council, City Administrator Joe Helfenberger said the proposed 2009/2010 budget “would increase the city’s portion of the property tax rate by 6.47 cents per thousand dollars of assessed valuation before the rollback.”

“After you factor in the state-ordered residential rollback, the average residential property taxpayer will see a 1.4 percent increase in the city portion of their property tax bill,” Helfenberger said.

Affordable housing assistance from city may be on its way – I am kinda wondering if the stock markets are set for another tumble in the near future. A few things: Air Canada is looking for an emergency loan to stave off bankrupcty. Oil seems to be in a another mini bubble. …. Norm, “’Pushing the price of lots down’ would just shift the entire burden to the tax payer.” True. But doesn’t the city’s latest proposal essentially do the same thing? “The money will be paid back to the city through property taxes over four or five years …

Taxes and Conservatives 2 – Supply Side | The Conservative Brotherhood – I remember eras of prosperity in the fifties and sixties when tax policy was other than it is now. The gap between the rich and the middle class and poor was much narrower than it is today. And I grew up in what was then the norm, … Conversely, if taxes are lowered then investments will be made to increase GDP, because the lesser tax obligation and the rising GDP will again reach equilibrium at 19.5%, with an increase in employment to complement increased production and …

For example, a residential property taxpayer with a home valued at $100,000 would expect to pay $9.06 more in 2009 than in 2008.

The proposed budget emphasizes targeting city resources toward street, sewer and bridge improvements, according to the city administrator.

“The budget also targets cutting costs through improved efficiencies such as additional automation,” he said. “At the same time, the city is seeking opportunities for tax base expansion, such as potential annexation of the airport/beltway area.”

Several “catastrophic health insurance claims” triggered an unbudgeted 10 percent increase in health insurance rates on July 1, 2008, and will require another 10 percent increase in those rates on July 1, 2009, to keep the fund solvent, Helfenberger noted.

The council will also discuss some Cedar Creek Golf Course issues.

Smart City Memphis: Pay Raises Raise Questions – If a majority of Council members believe that city government has $11 million to spare, we’d suggest that it should be used to reduce the tax rate about a dime. Alternately, City Council should have treated the three percent raise was a one -time bonus, so that it would not be … This year’s budget hearings began with such promise, but deteriorated into some grand-standing that is always expected with such a process and the racial divide that we hoped had finally passed. …

More meetings, no answers on state budget fix | Clout Street … – Wait until AFTER your tax hike is rejected to do this? It would have been much healthier if it were done before the proposed increase. He wonders why nobody supports it. Posted by: NRBovee | Jun 1, 2009 3:37:04 PM … The fault lies with the state for not only not living up to it’s commitment to contribute, but to their nasty habit of robbing the funds of billions of $’s to balance the budget, always with the promise that the money would “be there” when we needed. …

Duval taxpayers group protests new city fees | Jacksonville.com – It’s seems to me, that alot of this crap could wait until the economy showed improvement at least. This crap is contributing to the bad economy and causing more strain rather help. If I wasn’t imagining things, I would think our …. 6/10/ 2009 at 9:48 am There’s always somebody who goes against the norm. Like really, who in the hell enjoys 100% tax increases. It never fails some sadist comes out of the woodwork. Sure I agree we should have to pay our fair share, …

During the meeting’s action portion, council members most likely will vote on:

• Appointing Bankers Trust Co., N.A., of Des Moines, to serve as paying agent, note registrar and transfer agent; and, approving other agreements related to $4.8 million in general obligation capital loan notes.

• Approving the tax exemption certificate and authorizing Heffernan to sign on behalf of the city for $4.8 million in general obligation capital loan notes and levying a tax to pay the notes.

• Authorizing the mayor to submit a Community Development Block Grant Neighborhood Stabilization Program application.

http://www.ottumwa.com/local/local_story_024003935.html

The deadline to pay property taxes without a penalty is nearing, and most Henderson County homeowners have beaten the cutoff date.

Those who don’t have their money in by the January 31 deadline will be charged a seven percent penalty in February, according to information from Henderson County Tax Assessor/Collector Milburn Chaney’s office.

County collections are now at 63.68 percent and have been running about a percentage point above last year’s pace. In October, Chaney’s office sent out bills totaling $65,748,757.28 for all entities served by the county tax office. To date $47,482,332.82 has been remitted by taxpayers.

Though the county offers a small discount for early payment, Chaney said, most of taxpayers take care of their obligation in January.

After February, the penalty will increase by two percent each month through July, when the rate tops out at 18 percent. After July, an attorney’s fee will be added to the cost.

Aside from going to the Tax Office in the Henderson County Courthouse Annex on Prairieville Street, homeowners can also make credit card payments on the upgraded county Web site. In 2008, the county entered a contract with NET Data to update the software and make it possible to view property tax information without going to Chaney’s office.

There are just a few days left for Jackson County property owners to pay their property taxes without a penalty.

The deadline for property tax payment is Wednesday, Dec. 31, according to Revenue Commissioner Ron Crawford.

Crawford said the Revenue Commission Office will be open Monday, Dec. 29 from 8 a.m. until 6 p.m., Tuesday, Dec. 30 from 8 a.m. until 4:30 p.m. and Wednesday, Dec. 31 from 8 a.m. until 4:30 p.m.

If you mail in your payment, it must be postmarked by Dec. 31 to avoid penalty.

Crawford added that property owners can also make their payments online at www.jacksoncountyrevenue.com. Paying online will actually allow owners an extra day without penalty if they pay before midnight on Jan. 1.

Crawford said his office was slightly ahead in receiving payments as compared to last year.

“That’s pretty good considering folks tend to wait until the last week,” he said.

Property taxes became due on Oct. 1. Taxes not paid by Dec. 31 become delinquent. By February, a citation fee is sent out. In March, the revenue office advertises a tax sale for three weeks.

Crawford said the actual tax sale takes place at the end of April.

Deadline to contest property tax valuation nears – Delaware Gazette – Deadline to contest property tax valuation nearsDelaware Gazette, OHThe March 31 deadline for Delaware County residents to contest the most recent property tax revaluation is approaching, Delaware County Auditor George Kaitsa said.

Becoming delinquent on your taxes, you become subject to a $2 per day, penalty per parcel, plus interest.

Crawford also said anyone looking to apply for a Homestead Exemption must do that by Dec. 31.

A Homestead Exemption is a tax break a property owner may be entitled to if he or she owns a single-family residence and occupies it as their primary residence on the first day of the tax year for which they are applying.

A Homestead Exemption must be requested, it is not automatic.

The following are the four types of Homestead Exemptions:

1. Regular Homestead is available to all citizens of Alabama who own and occupy a single-family residence; including manufactured homes, as their primary residence and use this property for no other purposes. The amount of the exemption is $4,000 in assessed value for state taxes and $2,000 in assessed value for county taxes.

2. Homestead Exemption 2 is for persons over age 65 whose adjusted gross income is less than $12,000 on their last State Tax Return. This exemption is for all State taxes and County taxes up to $5,000 in assessed value. Those who are permanently blind are entitled to this exemption also.

3. Homestead 3 is an exemption from all property taxes for person over age 65, who have a net taxable income of $7,500 or less on their last Federal Income Tax Return. Also, persons who are permanently and totally disabled, regardless of income, are entitled to this exemption. To prove disability, you must furnish a statement from two different sources. (Physicians’ letters, Veterans Administration and Social Security are all acceptable.)

4. Homestead Exemption 4 is for persons over 65, regardless of income. This exemption is for the total assessed value of state tax and up to $2,000 of assessed value of county tax.

http://www.athensreview.com/local/local_story_023192445.html

Property tax deadline nears in Bradley – Local property owners have until Saturday to make their tax payments without a penalty.

New property tax deadline nears – The 2008 property taxes will be come delinquent on March 1, 2009. This change was necessary to better coordinate the property tax files and the administration of the city’s tax freeze and state tax relief program on a basis consistent …

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The state could raise taxes by as much as $1.75 billion to help deal with its gargantuan budget hole.

That includes potential temporary sales tax increases to the tune of $1.5 billion and delaying the permanent repeal of Arizona’s $250 million equalization rate. Real estate groups and chambers of commerce want that property tax repealed, but that could be put off for two or three years because of the budget deficit.

Tim Lawless, state president of the National Association of Industrial & Office Properties, wants the equalization rate repealed, but is open to delaying it considering the state’s financial crunch.

“We’re certainly open to this as a fallback,” Lawless said. Even if the repeal were delayed, it would raise the property tax bills of businesses and homeowners for a couple of years, he said.

“It still would be a short-term tax increase,” he said.

The state faces a $4.5 billion budget deficit for the current and next fiscal years, and lawmakers are looking at spending cuts as well as tax options to deal with the crisis.

The equalization rate was repealed temporarily in 2005 and is slated to be reinstated at the end of this year without further action. Its permanent erasure has the backing of the Arizona Chamber of Commerce & Industry and other business and real estate organizations. The tax is assessed on both residential and commercial properties.

Advocates of a permanent repeal say the return of the equalization rate would amount to a significant property tax increase on businesses and homeowners, and would hurt the already strained economy.

Coke — Greater Fool – The Troubled Future of Real Estate – If you are making a buck for something you do more than once a year you could be faced with taxes (RC treats it like a business). Espeacially big items like houses. They can even tax you on the part of the land over 1/2 Arc. or so (you have …. Escalating energy costs and increasing property taxes, combined with rising real estate values, are creating cash-poor, house-rich retirees. Although governments could put their resources into lowering energy and tax burdens for …

Rendell suggests raising Pennsylvania income tax – PennLive.com – Make no mistake- Rendell and others like him want everyone on welfare. It guarantees permanent power for them. If people can no longer be self sufficient, they have no choice but to depend on government for everything which not only feeds thier power hungry egos but it means they ….. ELIMINATE ALL PERSONAL PROPERTY TAX GO TO A 9 % SALES TAXE WITH LIMITTED EXCEPTIONS.1 car per tax paying adult, primary residence, and most food (EXCLUDE ICE CREAM, SODA, CHIPS, CANDY ETC) …

A Fisherman’s Observations on Laguna Beach’s Vote for a State … – 3) If the City wants to establish a reputation as a leader in marine conservation, it should not be so transparently motivated by money: it is not a given that property values would rise, it should extend the sewer, and it should …. It is a mistake to think that it exposes them for anything except the information that people are willing to document, publish, and publicize. If people don’t hear about it at all, well … if a tree falls in a forest and no one hears it, …

No Agreement

The tax increases would take the form of statewide referendums asking voters for temporary increases for two or three years. The state sales tax also could be expanded to food, which currently is not taxed at the state level.

In addition, the state might eliminate a host of tax exemptions for service providers and professional service firms and raise the state sales tax rate from 5.6 percent to 6.6 percent.

The sales tax increase could raise as much as $1 billion a year, and expanding the sales tax base to include food and other exempted sales could bring in $500 million.

A plan forwarded by the Children’s Action Alliance seeks to extend the state sales tax to services offered by hairdressers, nail salons, auto and home repair providers, pet groomers, trade schools and others. The alliance also wants the equalization rate to be reinstated, arguing that children’s health, education and welfare programs will be cut without increased revenue.

Those opposed to increasing sales and other taxes to solve the budget deficit say doing so during a recession will further strap consumers and business.

“Raising taxes in a down economy is a huge mistake,” said Sean Noble, CEO of Noble Associates, a Phoenix-based political consulting firm.

RedBankGreen » COUNCIL OK’S TAX APPEALS ‘UNDER DURESS’ – You all made a big mistake. Posted by: JM on May 12, 2009 at 3:04 pm | Permalink. The abstainers were ‘hired’ to make decisions and vote. Recusals are for legitimate cause such as conflicts of interest but abstentions are a cop-out. Posted by: Observer on May 12, 2009 at 3:46 pm | Permalink …. And three, they need to stop raising the property taxes for several years to make it a more affordable place to live which is the reason NJ keeps losing residents to other states. …

bubbleinfo.com » Blog Archive » Five Stages of Buyers’ Grief – Instead of raising taxes to lower the deficit, the Fed would monetize it by printing money to buy Treasurys. That would scare Chinese and other foreign investors we rely on to buy our bonds and finance our deficits. They might resort to panic selling. … I don’t think the state matters that much in the big scheme of things. Demoralizing, yes, but they’re going to raid local municipalities for property taxes. Just like they did in previous recessions. …

Money Matters: Bankrupt Mortgage Companies Bouncing Property Tax … – Elaine Meinel Supkis More and more homeowners are in trouble because bankrupt mortgage dealers and holders are going bankrupt and not paying property taxes or are using bad checks to pay this! … Ohhhhhh……far from making me feel good, this news is hair raising. Apple made the mistake of discounting their phones too quickly and ran into the honest ire of earlier purchasers! Their profit margin has been hammered by the need to refund a lot of money. …

“Government shouldn’t rely on taxpayers, who are also struggling, to fix the problem when government should be tightening its belt,” he said. “Families don’t have someone to bail them out, so they shouldn’t be expected to bail out government that has been on a spending binge.”

Cutting deals

There still is support in the Arizona Legislature to repeal the $250 million equalization rate, Lawless said. Those familiar with early budget haggling say there could be plenty of trade-offs as the state looks to balance its hemorrhaging books, including business interests agreeing to accept the sales tax increases in exchange for a permanent repeal of the equalization rate.

Oregon bills raising business, personal taxes win final approval … – So, the platitudes about only the rich paying taxes is a big LIE. I’m for a smarter government and a more equitable tax structure here in Oregon but I don’t think that day is coming any time soon because of the uninformed people and their weird views on … Secondly, if the state would severely limit the State Income tax – say a flat 5%, and offer a reduction in property taxes, you could implement a sales tax and get revenue off of your second-largest industry, tourism. …

Tommy Devine’s Cosmos Report: Instant Karma – After all that Springfield had been put through by the Albano’s and the Keoughs and the Phillips and the sleazes and incompetents of every stripe, they didn’t deserve a tax hike on top of it. I thought it was mean of the Control ….. Big mistake – almost as big a mistake as sending him a picture of me in the nude. It was a very PG rated nude picture, you could’ve run it in a family newspaper, but it was none the less obvious that I was naked. I did this insane thing as a …

London Ontario Real Estate Diagnosis: Ozzie Jurock: Why I Will … – Even if you could barely hear thunder and see lightning, it was almost impossible to make a big enough mistake. If you paid too much, it only meant that you had bought a little too soon. The clock and the calendar made you into a …. Mr. Jurock ignores the costs of carrying the asset – chiefly property taxes and maintenance and financing costs in the event they were incurred. Consider that the present value of $895000 on a $13105 investment 48 years ago is just a shade …

Myths and mistakes investors often make – Rather, the boost to household discretionary income from lower mortgage bills (as interest rates fall) and tax cuts or stimulus payments to households during recessions eventually offset the fear of unemployment for the bulk of people still employed. As a result they eventually … This is generally true over the long term and at various points in the economic cycle, but at cyclical extremes it is usually very wrong and constitutes another big mistake investors make. …

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TAX REFORM The Legislature failed, yet again, to fundamentally change how Pennsylvania pays for its schools in its fourth attempt at property tax reform in nearly 20 years. There’s slots to be angry about.

RANTER’S NOTE: Tuesday is election day in Pennsylvania. To better prepare you for pushing the electronic buttons in a new-fangled voting booth, I’ve decided to look at an issue each day that you might want to factor into your decisions.

Pennsylvania’s method of taxing property to pay the bulk of school districts costs is arguably the worst in the nation and has been getting worse for decades, according to G. Terry Madonna, director of the Center for Politics and Public Affairs at Millersville University.

“No issue quite intimidates politicians, as does the subject of tax reform. They fear it and the wrath of voters should reform be perceived as a tax increase,” Madonna wrote in an opinion piece five years ago that’s still posted on his Web site at the college.

It’s as true today as when he first wrote it.

The state is supposed to pay half of all school district costs. The 501 districts are supposed to pick up the other half with local property taxes, and to a lesser extent, various income taxes.

But as education costs have risen, the state’s share of paying them has dropped every year. It’s now down to about 36 percent, the Philadelphia Inquirer reported in January. Only Connecticut and Nebraska contribute a smaller share.

Meanwhile, Pennsylvania annually ranks among the highest states in education costs in the nation as new contracts to pay unionized teachers – which account for as much as 60 percent of a school district’s annual costs – continually push their average pay higher. The National Education Association now reports Pennsylvania’s average teacher salary to be $53,258, while the national average is $47,808.

Pennsylvania is the only state in the nation that does not either restrict its school boards ability to tax or spend, or leave it up to local voters to decide.

“The inevitable result: local property taxes have been going up steadily, and in some cases, sharply, year after year as local school districts are forced to cover more and more education costs,” Madonna wrote in 2002. “Politically, state officials are winners by ‘exporting’ the problem to local government, but policy wise education funding is a mess. It’s a classic example of good politics making bad policy.

“… Pennsylvania’s population is aging at the same time education costs are rising. The increasing share of education costs are being borne by the property tax at the exact time that aging local tax payers on fixed incomes are less able to pay.”

In Pennsylvania, county commissioners set the assessment rates on property while schools have no limit on how their tax rates, known as millage, are applied to those assessments. A mill is a tax of $1 for every $1,000 of a property’s assessed value. For example, a homeowner whose house is assessed at $100,000 and taxed at 30 mills would pay $3,000 in property taxes annually.

Despite complaints from taxpayers, many county boards have put off expensive reassessments of the property within their borders for decades – even though over time it produced unfairness in the way newer properties are taxed – in the hope that statewide reform would one day become law and shift the burden away from property taxes entirely.

In 1987, then Gov. Bob Casey tried to do just that.

Casey proposed an amendment to the state Constitution shifting the local tax base from property owners to wage earners. His bill swiftly passed in the Legislature. But the state’s Constitution requires that any change in the method of taxing residents must first be approved by voters before it can become law.

The popular governor championed the change, but even he could not prevent the referendum from being shot down in flames – by a four-to-one margin.

“Since then our state political leaders have seemed timid if not downright skittish about the issue,” Madonna wrote.

Ten years went by before lawmakers tried again.

In 1997, the Legislature passed Act 50, known as the Homestead Exemption Act. It permitted increases in the earned income tax in exchange for reductions in nuisance taxes and property taxes.

But a year later, only three districts opted to enact it, because the law required districts to get voter approval in a referendum if they wanted to raise taxes in future years.

The issue was shelved again until 2004, when the Legislature passed a bill, S.B. 292 later known as Act 71, legalizing 61,000 slot machines in 14 parlors across the state in exchange for an estimated $1 billion a year in new tax revenue.

The measure was not put to a statewide referendum. Instead, legislative leaders, who took millions of dollars in campaign contributions and lobbying gifts for years from gambling interests, hid the bill from public view.

They merely slid its 145-pages into an unrelated two-paragraph bill before they brought it to the floors of both the House and Senate for votes without any public comment late at night before adjourning for the July 4 holiday weekend.

Anti-casino groups sued, seeking to overturn it. Although the slots bill’s passage appeared to violate the normal Constitutionally-required process, the state Supreme Court upheld it.

Common Cause, a bipartisan group advocating good government, is now suing legislative leaders alleging they and Supreme Court justices have been acting in collusion in exchange for a pay raise for all judges in the state. The raise was passed last year along with pay hikes for the legislators and executive branch employees. But voter outrage forced the Legislature to repeal all of the raises four months later.

At the same time the slots bill was passed, the Legislature introduced and voted on Act 72, the Homeowner Tax Relief Act. School districts that “opted in” under the act would get a share of the state’s $1 billion from slot machines, if they enacted a 0.1 percent Earned Income Tax (EIT), which in turn would pay for local property tax relief. Each district’s share of the slots money would then be used to further reduce property taxes.

The measure promised to curtail property taxes, not eliminate them. But under it, the average property tax bill statewide would be reduced “by an average of $330″ a year, Gov. Ed Rendell predicted at the time.

However, to get the slots money, the districts also had to promise that if they needed to raise taxes more than the rate of inflation in future years, the final decision would be put to each district’s voters in a referendum.

Fearing their future taxing power would be sapped, only 111 of the 501 school districts in the state opted to take the slots money and put their future budgets potentially at the whim of voters.

Act 72 “is a mess,” Senate President Pro Tempore Robert Jubelirer, R-Altoona, told the Pittsburgh Tribune-Review last year. “There’s no other way to put it.”

The trouble is, property-tax relief was the main justification for legalizing the slot machines, which are expected to begin generating revenue next year. So lawmakers tried tax reform again two weeks ago with H.B. 39.

That bill is similar to Act 72, only this time the school districts are not given any way of opting out.

Each school district would get a share of the slots largesse, but with a catch – they are required to put a referendum on the May 2007 primary ballot asking local voters if they want to switch up to 25 percent of their school district’s property tax revenue to either an earned income and net profits tax or a personal income tax.

If voters approve, the district would then be limited in how much it could raise the new income tax based on the increase in statewide wages as calculated by the state and federal labor departments.

By law, the new tax could only climb as fast as taxpayers might be able to pay it.

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Chamber lists recommendations on Draft REITS Regulations

Taxation of income of real estate investment trusts (REITS) on the lines of mutual funds, permission to investment in housing development activities, exemption of capital gains tax on the sale of assets of REITS and VAT ability of stamp duty payable by a REIT are among the 15-point recommendations by FICCI on the Draft (Real Estate Investment Trusts) Regulations issued by the government.

FICCI suggested that taxation on REITS income should be such that the income gets taxed only once till the stage of its distribution to the end investor. In a Mutual fund if it is dividend, the fund pays the dividend distribution tax and there is no tax in the hands of the investors. A similar tax structure should be worked out for REITs as well. Further, it feels that there should be no Capital Gains Tax on sale of assets of REITS.

A FICCI note has pointed out that among the various classes of real estate, the one which is most needed in India today, is housing. Middle Income Group housing is developed and sold by the developer to individual home owners. This asset class, partly due to the prevailing tenancy laws, is not held by real estate developers for giving out on rent. Section 51 (1) & (2) stipulates that investment should only be in income-generating real estate. This would mean that funds from REITS cannot be employed for residential housing at all. In other words, REITS will only promote commercial buildings and give no assistance whatsoever to promote Housing.

The chamber has therefore recommended that Section 51 be amended so as to allow REITS to invest in housing development activities as well, and not be restricted to income-generating real estate only.

The following are the other recommendations by FICCI:

? The stamp duty payable by the REIT should be considered VATable. All assets covered under REIT should pay duty on the incremental sale value.
? The cash flows for the REITs up to 90% needs to be distributed and not the profits made on account of accrued gains.
? Dividend by way of bonus issue may be considered.
? The concept of non income generating assets needs to be defined since there is a limit of 20% on non income generating assets.
? The real estate property covers the purchase and leasehold rights. The rights under the license agreement are not covered. It is suggested to cover the license agreements as well.
? If the intention of the legislation is to prevent money from REITS being invested in speculative land holdings, this can be achieved by inserting a stipulation that wherever REITS invest in vacant land, construction must commence within 6 months of receipt of all approvals pursuant to such investment.
? Increase in exposure of REITs to single project and all projects of the group as a whole to say 30% and 40% respectively should be allowed.
? Clarification is sought on the role of the `credit rating agency` and `appraising agency. It is suggested to have guidelines for them.

Apart from the recommendations on the draft REITS regulation, FICCI has called upon the Union Finance Minister to do away with the service tax on rental income from commercial property in the ensuing Budget. While rental income needs to be made tax free, FICCI has called for a duty drawback scheme could be introduced for developers on account of creating affordable housing stock. The excise duties paid on raw materials such as cement, steel could be paid back. It has also underlined the need for fixing a timeframe by the Central Government in awarding environmental clearance for real estate projects, and that the project completion certificate be given only after obtaining the environmental clearance certificate.

http://www.myiris.com/newsCentre/newsPopup.php?fileR=20080211152948121&dir=2008/02/11&secID=livenews

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It has been said that “Now is the best time for a condo /Condominimum”   .  Is that so you may well ask ?   Here is such an expert “commentary”: 

 Think about a condo:

There’s a surplus of inventory in the condominium market, so your realtor should be able to negotiate a good deal for you when it comes to buying a condo, Linda says. If you’re buying as an investor, rather than a first-time homebuyer,  you will want to consider leasing out your suite for the next four to five years before selling, she explains. “It’s been suggested that the condo markeBuy and sell your house successfully with 10 tips from a real estate professional.

There are more than a number of factors as to why there is a surplus of this product:

First of all – a house is a house is a house.  A lot of investors got snapped up in all the whirlwind about the baby boomers retiring.  Its all about lifestyle etc etc etc.   Who needs the work of a house ?  Boomers are going to sell their houses and enter the condo market .  So the logic went.

Again a house has its benefits.  On top of that many people do enjoy the yard work and assorted responsibilties of a house after all.  On top of that the management “service”  that is so tightly controlled for costs – in many ways becomes its own business.  Its like the civil service – the larger the budget , the more justifiable is the whole effort.  On top of that the management service can not only justifty itself but takes its charges one way or another in relation to the total budget of the operation.  On top of that if the condo management service was rewarded for efficiencies and costs savings – then the owners might well ( or will balk)  at the charges and costs in relation to costs.

Foreclosed Condos in Florida – Florida is one of the worst affected by foreclosures. Foreclosed condos in Florida are of special headache to the borrower, lender, condo association and the community.

Empty condos not the problem downtown — it’s lack of room for families – That has been seen as the smoking gun to prove the truth of Vancouver’s most famous story about itself — that all of our downtown condos are dark at night because there’s no one living there. They’re all owned by offshore investors just …

First tenants of Aspen Lofts condos in Boise tout the spacious … – People are moving into the 17-story, 32-foot-wide building at 851 W. Front St. — official name, Aspen Lofts — and doubts about the feasibility of the site have dwindled like an aggressive stock-market portfolio. Inside the Aspen Lofts …

Las Vegas Condos | HaveInfo.com – The other recent tendency, however, that sweeps the city’s real estate market has been condo building which has occurred as a real boom. A lot of famed developers are focusing now on Las Vegas condos market. For example, casinos like …

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Next there may well be a lot of condos on the market.  Many of the above investors who planned prudently on cashing in on the trend – are in a situation thanks to the economic downtown and stock market meltdown of having to liquidate assets.  You may well be in the driver’s seat if you are buying a condo for your own use.

However this current economic situation may not be the best for your real estate purchases as well. Its a two edged sword.  You may well find that the tenants adjoining you who are you neighbors – and that you carefully evaluated – may well vacate as welll and be replaced by the new owners by not the same calibre of property owners.

Condo purchasers – tread lightly and gently in 2009.

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Alberta Canada can be an excellent place for Canadians to invest in quality diversified property.  To many Canadians the only opportunities may seem to be the more staid ones.  RRSPs bank accounts, GICs.  If real estate investments are to be made then it is the major centers – Toronto, Montreal and Vancouver – with perhaps Victoria British Columbia thrown in the mix.  Not always so.  Think of Alberta.  Why? Why not?

      The Calgary-Edmonton Corridor is a region that extends roughly 260 kilometers along Highway 2, from Edmonton in the north, through Red Deer, and south to Calgary.

The Corridor is home to more than 2.2 million residents, and $87 billion in annual real output and about 7% of Canadian real GDP.

The Calgary-Edmonton Corridor is Canada’s Western Tiger. Over the past decade, the region has registered explosive real economic growth and population increases.  If you think about it – sure oil is somewhat down now.  Yet over the last few years Canada had almost a stellar performance.  The Canadian dollar was almost at par.  Why was this?

        It used to be that the “east” of Canada was the powerhouse.  Ontario and Quebec were kings both in income, wealth and population.   Yet if you think of it – what generally drove the powerful Ontario economy.  It was manufacturing, especially focused on the auto industry.  That is not so now.  The North American auto industries are in a tailspin now begging for corporate bailouts.  If it’s not Alberta that was the driving force in the Canadian economy what was it for the most part? 

          Hence an investment in Alberta is a solid investment for Canada and your portfolios.

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Today, the Corridor is the only urban region in Canada to rival U.S. metropolitan areas in terms of both productivity and standard of living. Businesses and individuals have flocked to the region in recent years to take advantage of the considerable market opportunities, low taxes and business costs and vast wealth of natural resources that the Calgary-Edmonton Corridor has to offer.

This only tells part of the story. Compared with other major North American urban areas, the Calgary-Edmonton Corridor stacks up extremely favorably in virtually any measure of quality of life, enjoying low crime and poverty rates, a high-quality education system, and a clean environment. Add to this the long list of recreational and cultural options and there is little wonder why the Calgary-Edmonton Corridor has been able to create that buzz that other urban areas around the continent can only aspire to.

Given all of its assets, the Corridor enjoys enormous potential not only to widen its economic lead within Canada, but to become the region that stands out as the most prosperous and best place to live in all of North America.

Advertiser: News | Firm real estate market positive sign – Between them John Locke, (left) of Royal Lepage and Doug Barnes of Home Finders Real Estate have close to 35 years experience in selling properties throughout the area. Both said the real estate market here remains firm despite the weak … “A healthy mix of first time buyers and retirees returning from Alberta are driving the housing market right now,” he said. “While it’s hard to predict where the market is heading new home sales are hopefully going to remain strong. …

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Affordability and job security most important factors for first … – Mr Soper continued, “The significant response differences from region to region show how closely the residential real estate market is tied to broader economic trends and consumer confidence. … Alberta’s urban centres continue to be popular with first-time buyers, who make up nearly a third of home sales in both Calgary and Edmonton. Condominiums and detached bungalows are the most popular choices for first-time buyers in Edmonton, where lower housing prices and low …

Real Estate Blog – Alberta real estate news article for Grande … – Print Story – canada.com networkFriday » February 22 » 2008Friday » February 22 » 2008Ignorance a great pitfall in real estate investmentExpert recommends research and cautionRay TurchanskyFreelanceWednesday, February 13, …

Edmonton,Alberta real estate ground report – Commercial real estate looks poised to implode if you ask me. Lots of spare capacity, tons of new buildings just coming online now. Without significantly higher oil spurring industry growth, this capacity won’t be filled.

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When purchasing a condo in 2009 it may seem “like the best of times”.

Yet all is not what it may seem notes Las Vegas noted real estate industry expert M.L. Labovitch.  The economist M.L. Labovitch notes that with the current downturn in the economy – that a “lot of people ( read investors or even condo/home owners) got hurt”.  As a result the earning attributed in a prospectus for a condomium project or even a private property sales may well be inaccurate if not off by a mile.

Many of the stated funds on the books may well be not collectable , if not imaginary.  Tenants / owners may well not of paid their fees and common element fees for some time .  These funds and revenues may be on the books as a sure thing but may well not be substantiated.  On top of that the tenant assosciation or condo management service may face reclamation and service costs in order to collect on these bad bills and debts.

One thing you can be sure .  At the end of the day / month / year it will be the current property owners who absorb these property costs and losses .  If not maintained or if the city / municipality taxes are unpaid – both will have to be funded by those property owners remaining.

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Growing tension among county leaders appears to have killed one plan to fix aging schools, and may jeopardize other efforts to land more money for expanded schools and roads.

Unfortunately, I think that the friction is starting to build,” County Council Chairman Cathy Vitale, R-Severna Park, said, referring to the rift between the governing styles of the council and County Executive John R. Leopold. “When the legislative branch and the executive branch are at odds over issues, that’s one thing, but I’m most concerned when the discussion goes in a different direction than the issue.”

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