What is real estate tax?

Real estate taxes are charged against assets owned by an individual or business. In most countries they are administered at local level and fall into two categories; Real estate taxes and personal real estate tax. Real estate tax relief is any program that reduces or eliminates the burden of real estate tax. Some states or provinces also have the provisions on limits or exemption from the taxpayer's assets, which does not meet the age and requirements of programs, but who is the survivors of someone who qualified. The credit may also be available for a younger taxpayer without disability that meets stricter maximum income limits.

In the US, real estate tax must not be charged from the property owned by churches or other registered non -profit organizations, unless this property is held only for income production. For example, the property in which the church is located cannot be taxed but a cinema that is regularlyOpen to the public, because the means of producing income may be subject to real estate tax, even if it is owned by the religious order. Historical properties listed in the national register of historical places may also be exempt from real estate tax, depending on the state and local laws of the region.

Some states, such as Colorado and Pennsylvania, offer real estate tax relief in the form of real estate tax / rent for people who meet a certain age, disability or reception limits. Many districts can also reduce real estate taxes on the basis of age and longevity in the home or freeze the amount of real estate tax when the resident reaches the specified age. Other countries may eliminate real estate elimin from the personal resident of the disabled veteran on the basis of the extent and cause of the disability.

real estate tax is also charged from personal assets such as vehicles, inventory and works of art. In general, these are taxes from ad valorem , kTeré is charged annually and based on the value of the property. Locations can offer relief on real estate tax for antique vehicles providing the owner pays a multi -year license fee, which will then become a lifelong license. Vehicles that have been modified with lifts on a wheelchair of other affected accommodation can also be eligible for reduced real estate taxes.

Relief on real estate tax can come in the form of a deduction of income tax. The deduction is the amount that is deducted from gross income before the income tax calculation. In the US, if the individual gives his deductions, he is able to deduct the amount paid for real estate and personal real estate taxes. Temporary programs of real estate tax relief were unacclone, which allowed those who did not doubt, added some of the real estate taxes paid this year by their standard deductions.

Personal real estate tax is evaluated at the inventory and all business assets owned by companies in some locations. Provisions onThe relief of the personal real estate tax exempt or limiting part of these taxes can be used to stimulate the local economy during the economic decline. The regions can also offer the motivation of real estate tax for businesses considering moving to this area.