Do you suspect that your tax bill might be too high? There is something you can do about it! If you are seeking Property Tax reduction through a Property Tax appeals process you want a trained tax reduction specialist from 1-800-LAW-FIRM. Our tax reduction team is on your side. When Real Estate Tax reduction with professional legal representation through a Real Estate Tax Appeal
is your goal, be confident your legal consultant is the best expert
available. Real Estate Tax Consultants understand your rights and goals
as a property owner. Our tax reduction team will work with you and
advocate for you to assure that your tax appraisal is correct and fair.
Showing posts with label Property Tax Reduction. Show all posts
Showing posts with label Property Tax Reduction. Show all posts
Thursday, 14 June 2012
Wednesday, 23 May 2012
Utilizing Federal Tax Deductions to Offset Property Tax Payments
Appealing traditional property tax assessment is one successful way of lowering tax payments. However, payments can also be lowered by claiming property tax deductions
on federal income tax returns. According to the Internal Revenue
Service, state and local personal property and real estate tax
expenditures may be deducted from federal income tax returns. This means
that if an individual makes $100,000 annually, and pays $5,000 in
property taxes, he or she is only taxed based on an income of $95,000.
This explains the immediate impact of claiming a property tax deduction on one's annual federal return.
Whether a property is meant to be a rental or investment, short-term or long-term residence, it is essential that all those affected by unfair assessors and prodigious tax codes know their rights and responsibilities. Paying one’s fair share, and nothing more, ensures that all taxpayers feel equally responsible to their local communities.
No one likes to pay taxes. Nonetheless, it is the law for individuals and businesses to contribute to the strength of a local, state, and national economy. Real estate and personal property taxes are paid based on the value of a parcel of land and the buildings that sit on it. Property values are linked to the size, quality, and location of the land and its buildings. An accurate assessment of personal or commercial property is essential to ensuring the payment of one's fair share in property taxes. Contact the expert attorneys at 1-800-529-3476 or visit our website www.1800lawfirm.com to learn how you can benefit from the success of America's Most Trusted Legal Network.
Whether a property is meant to be a rental or investment, short-term or long-term residence, it is essential that all those affected by unfair assessors and prodigious tax codes know their rights and responsibilities. Paying one’s fair share, and nothing more, ensures that all taxpayers feel equally responsible to their local communities.
No one likes to pay taxes. Nonetheless, it is the law for individuals and businesses to contribute to the strength of a local, state, and national economy. Real estate and personal property taxes are paid based on the value of a parcel of land and the buildings that sit on it. Property values are linked to the size, quality, and location of the land and its buildings. An accurate assessment of personal or commercial property is essential to ensuring the payment of one's fair share in property taxes. Contact the expert attorneys at 1-800-529-3476 or visit our website www.1800lawfirm.com to learn how you can benefit from the success of America's Most Trusted Legal Network.
Tuesday, 28 February 2012
Double Taxation for Leasehold Improvements
Some business property is being double taxed but the owners don't
know it! If you own or lease a restaurant, store, or office space with
leasehold improvements there is a good chance that the personal and real
property is subject to double taxation.
Real property includes all land, buildings, and fixtures. All improvements on leased property must be considered real property. However, leasehold improvements can be taxed as personal property even if those improvements are technically real property so long as the underlying real property assessment does not include value for the leasehold improvements. This is where the costly double taxation can occur.
Many real property assessments already include value for leasehold improvements. Cost calculator methods are used to value commercial and industrial buildings and these methods often have added or assumed items covering the leasehold improvements. Assessors also typically add value to the real property assessment when new construction items are added. Therefore, a review of your personal property statements and the underlying real property assessments is vital to avoid double taxation.
Coordination between the leasee and the landlord also can result in tax savings to both as the personal property tax deduction rates are often lower than real property rates and the real property item costs are sometimes lower than the acquisition costs of the leasee. Analysis of the property and coordination of the parties can result in the most effective and tax saving challenge.
Contact me today if you feel that your leasehold improvements are being unfairly taxed!
Real property includes all land, buildings, and fixtures. All improvements on leased property must be considered real property. However, leasehold improvements can be taxed as personal property even if those improvements are technically real property so long as the underlying real property assessment does not include value for the leasehold improvements. This is where the costly double taxation can occur.
Many real property assessments already include value for leasehold improvements. Cost calculator methods are used to value commercial and industrial buildings and these methods often have added or assumed items covering the leasehold improvements. Assessors also typically add value to the real property assessment when new construction items are added. Therefore, a review of your personal property statements and the underlying real property assessments is vital to avoid double taxation.
Coordination between the leasee and the landlord also can result in tax savings to both as the personal property tax deduction rates are often lower than real property rates and the real property item costs are sometimes lower than the acquisition costs of the leasee. Analysis of the property and coordination of the parties can result in the most effective and tax saving challenge.
Contact me today if you feel that your leasehold improvements are being unfairly taxed!
Personal Property Statements: Don’t make This Costly Mistake!
Urgent! Personal property statement deadlines have already passed, but make sure you didn't make a costly mistake!
If you have assessable commercial or industrial personal property you were probably required to file a 2012 Form L-4175 by February 1, 2012. Many taxpayers make the costly mistake of attaching tax asset detail sheets to the personal property statements. These sheets typically include acquisitions costs and dates and provide a basis for completing your personal property statement. However, the sheets often include information for income tax purposes that should not be disclosed to the assessor! Leasehold improvements that are already taxed as real property and are listed on the tax asset detail sheet only for income tax depreciation purposes can be caught by the assessor and entered into your personal property assessment, resulting in double taxation. Sometimes it is necessary to include support for Section M of the personal property statement, the leasehold improvements section. But you should limit the supporting documents to the items that you must disclose in Section M to support the return and not include the entire tax asset detail sheet. Avoiding this problem requires detailed analysis of your personal property statements and asset details. Contact me and I can help you avoid address this problem and avoid it in the future!
If you have assessable commercial or industrial personal property you were probably required to file a 2012 Form L-4175 by February 1, 2012. Many taxpayers make the costly mistake of attaching tax asset detail sheets to the personal property statements. These sheets typically include acquisitions costs and dates and provide a basis for completing your personal property statement. However, the sheets often include information for income tax purposes that should not be disclosed to the assessor! Leasehold improvements that are already taxed as real property and are listed on the tax asset detail sheet only for income tax depreciation purposes can be caught by the assessor and entered into your personal property assessment, resulting in double taxation. Sometimes it is necessary to include support for Section M of the personal property statement, the leasehold improvements section. But you should limit the supporting documents to the items that you must disclose in Section M to support the return and not include the entire tax asset detail sheet. Avoiding this problem requires detailed analysis of your personal property statements and asset details. Contact me and I can help you avoid address this problem and avoid it in the future!
Urgent! Homeowners!
Don't miss the 2012 March Board of Review! If you own residential
property you must appeal your assessment to the 2012 March Board of
Review prior to appealing to the Michigan You will be receiving or have
already received a Notice of Assessment, Taxable Valuation (including Leasehold Improvements) and Property Classification.
This notice states "THIS IS NOT A TAX BILL" in bold letters on the
upper right hand corner. The lower half of this notice states the time
and place for the Board of Review. Non-residents have the legal right
to appeal property taxes by letter. Pay close attention to the notice because some jurisdictions require residents to appeal in person!
We appeal hundreds of properties to the March Board of Review in numerous jurisdictions every year. If you contact us with sufficient time before the scheduled meeting, we can handle the Board of Review protest for you and ensure that your rights don't vanish! Contact us today.
We appeal hundreds of properties to the March Board of Review in numerous jurisdictions every year. If you contact us with sufficient time before the scheduled meeting, we can handle the Board of Review protest for you and ensure that your rights don't vanish! Contact us today.
Welcome to my Michigan Property Tax and Michigan Tax Tribunal Blog!
Welcome to my Michigan property tax appeals
blog! I formerly served as a Judge with the Michigan Tax Tribunal and
will share my knowledge and insight in my blog posts. I will be making
regular blog posts concerning various Michigan property tax issues and how to appeal your property taxes
to either the local board of review or the Michigan Tax Tribunal.
Through the years I have gained a considerable amount of experience and
have achieved significant tax savings for many clients. My blog will
include posts concerning residential, commercial, and industrial real
and personal property taxes and tax appeals. Follow my blog and contact
me for all of your property tax needs!
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