Wed, 22 Sep 2021 23:05:52 +0000 en-US hourly 1 Historic home prices to hit homeowners in next year’s property tax Wed, 22 Sep 2021 17:47:49 +0000

The San Francisco suburb of Marin County and Fairfield County in Connecticut are also in the top 20.

Last year, the country’s median property tax bill rose from $ 194 to $ 2,353. Although the increase reflects an increase in the value of the property and therefore improves the wealth of the owner, the individual generally does not realize such gains until the property is sold or refinanced. But tax collection doesn’t wait for either of these events, and the bills still have to be paid.

“Unlike paper gains on stocks which don’t have tax consequences until you sell them, paper gains in real estate have more immediate financial consequences in the form of property taxes,” said Danielle Hale , Chief Economist at

While no one really likes taxes, property taxes are usually the most dreaded due to the high amount owed and the fact that they are presented in a tangible bill from state and local governments. This is different from income tax, which is typically paid through payroll deductions and can often result in an annual refund due to an overpayment.

Property taxes are based on an opaque estimate of home valuation, as the prices of similar homes can vary widely and they don’t settle until market forces decide on a price. Additionally, property taxes tend to lag behind as they are based on a home’s value in the previous year.

This was problematic a dozen years ago, when many homeowners had to pay property taxes on property values ​​considerably higher than those in the current market due to the 2008 recession.

This year and next year, many homeowners will face a different problem. While many jurisdictions limit the increase in property taxes that a local appraiser can impose, rapidly rising house prices will likely mean that a higher tax bill is always ahead.

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Your questions: Income tax – Capital gains on the sale of an apartment to be displayed in ITR in the year of the sale Tue, 21 Sep 2021 20:15:00 +0000 Alternatively, if the difference is substantial, you can contact the bank and have the details corrected.

By Chirag Nangia

I bought an apartment in December 2020 using the capital gain accrued from my previous sale of a property. How can it be displayed in my ITR?
—PK Ramesh
To benefit from the exemption provided for in article 54, capital gains realized on the sale of real estate must be reinvested in new residential accommodation within 2 or 3 years. However, since the deadline is long and capital gains must be declared in the year of the sale, the funds must be parked in the Capital Gain Account Scheme and the exemption applied.

Thus, the details of the sale of the property and the subsequent investment in a new home (cost of the new property, date of purchase or construction / amount of unused capital gain deposited in the Capital Gain Account Scheme) must be disclosed in the income tax return for the year in which the capital gain is realized (i.e. the year of the sale). No disclosure is required on subsequent purchase
of property.

VRS, PPF and bonuses received at retirement are not reflected in Form 16 A / B. How can I display them in ITR and get an exemption?
—G Pradhan
In the hands of civil servants, gratuities and receipts for retired FPs are tax-exempt. In the hands of non-government employees, the gratuity is exempt subject to the limits prescribed in the Information Technology Act and PF receipts are tax-exempt, if they are received from a recognized PF after rendering continuous service of at least five years.

Even though the amounts are not reflected on Form 16A, they must be disclosed on the income tax return. Details should be provided by selecting the appropriate category under the “Exempt Income” tab under the salary item of the corresponding RTI form. If disclosed as such, the ITR utility will not include it in taxable income.

There is a difference between interest and TDS on FD received and displayed in Form 26 AS. What number should I take to deposit my RTI?
—Arun Bansal
In the event that the income declared in the 26AS form does not correspond to the amount actually received, it is prudent to declare the higher of the two amounts to avoid any request from the tax service. Alternatively, if the difference is substantial, you can contact the bank and have the details corrected.

The writer is director, Nangia Andersen India. Send your questions to

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Here’s how Columbus businesses achieved tax incentive deals in 2020 Tue, 21 Sep 2021 18:16:56 +0000

COLUMBUS, Ohio (COLUMBUS BUSINESS FIRST) – Companies whose property tax bills were reduced under the Columbus Incentive Agreements have not collectively downsized, but have failed to meet new business creation goals. jobs due to the coronavirus pandemic, according to the city’s development ministry.

However, the city is still in the lead, as the payroll for these jobs was well above estimates. This means more income tax, which accounts for 80% of Columbus’ income, compared to 6% of property tax.

Income tax withholding in 86 enterprise zone and community reinvestment zone agreements that were active in 2020 totaled $ 20.7 million in jobs retained and $ 4.4 million in new ones. Part of this money comes out of city coffers if a worker lives in a suburb that also has income tax.

Employers reported 8,800 jobs that predated their incentives or moved to the new site, more than the 8,000 pledged, according to this year’s Tax Incentive Review Board’s annual report, sent to city council on Monday.

But they achieved 58% of the new employment targets: 3,700 out of the 6,400 promised. The total may be low due to late or missing employer reports.

Rogue Fitness has pledged to create 90 new jobs at its head office and factory in Milo-Grogan, in addition to moving 337. Last year, it created 805 jobs.

Other companies that have far exceeded their offers: UPS created 417 jobs when it pledged to create 25; NetJets Inc. created 173 new jobs out of a pledged 19, and Micro Center 51 jobs out of five pledged.

Employers collectively spent $ 1.3 billion on construction and other property improvements, more than the $ 1.16 billion pledged, at the end of 2020.

The review recommended the dissolution of a single deal: Benderson Development Co. has yet to begin construction of the planned $ 8 million light industrial buildings on Tussing Road. The developer might look for a new incentive when they are ready to move forward with the project.

Another incentive was already dissolved in May, for “The Fort”, a more than a century old fire engine factory that Fortner Upholstering rehabilitated in 2019 to house its own complementary businesses. The Franklin County auditor revised how the property’s value was calculated prior to the transaction, so there is no increase to which the abatement can apply.

Neither company recognized any savings from the incentives.

Board members accepted the report’s recommendations, which also ask the Development Department to send follow-up letters on 19 transactions to remind them of the reporting requirements. One of these agreements could be dissolved depending on the response.

Some incentives do not yet register job creation as construction is still underway. CoverMyMeds, for example, has created hundreds of jobs over the past two years, but the property tax incentive is tied to the Franklinton headquarters which opened this summer.

Any savings will flow to the new owner, Virginia real estate investment company Golden Eagle Group Inc., which bought the first of the two buildings for $ 120 million this spring. CoverMyMeds, owned by McKesson Corp., pays $ 8.6 million in annual rent, according to a regulatory filing.

Separately, CoverMyMeds raised a cumulative amount of $ 318,000 as a 2019 incentive based on a percentage withholding income tax on new jobs in the city. At the end of 2020, the software maker added 620 of the 1,030 new jobs planned. It had two offices downtown before the move, and remote workers living in the city count towards the deal. Overall, it has over 1,500 employees statewide and working remotely.

Here’s how property tax incentives work:

  • Homeowners pay 25% of their property taxes, if any, for terms of 10 or 15 years in exchange for real estate investment and employment commitments. Before a change in state law in 1994, tax breaks did not require such promises.
  • School districts and other tax entities such as libraries always collect property value before improvements, and agreements may include some form of sharing of schools’ income from income tax.
  • The city is also required to share with schools any new withholding net of income tax after the first $ 1 million per year from a single project, which would be the 2.5% tax after the first $ 40 million. dollars in payroll added. The only one who comes close is Snape.

Columbus City schools saw their collections reduced by $ 3.2 million in fiscal 2020, offset by $ 890,000 in payments in lieu of taxes, due to incentives in the city, County of Franklin and Hamilton Township, according to the district’s annual report. Property tax collections totaled $ 324.5 million, or about a third of its budget.

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Bank mortgage offers lost momentum in July following property tax hike Tue, 21 Sep 2021 16:00:00 +0000
  • By Kao Shih-ching / Journalist

Total mortgage loans offered by the country’s banks continued to grow in July, albeit at a slower pace following changes to the Income Tax Act (所得稅 法), which entered effective July 1, according to data compiled by the Financial Supervisory Commission last week.

The revised “integrated tax on income from real estate and land transactions” is 45 percent on gains from the sale of the property within two years of purchase, and 35 percent on sales made within two years of purchase. two to five years after purchase.

The new tax rates apply to individuals and institutions.

Previously, the tax rate was 35 percent for sales made within one to two years of purchase and 20 percent for transactions made two or more years after purchase. These only applied to individuals.

While some analysts expected the new tax regime to cool the country’s overheated real estate market, global mortgages offered by local banks still rose by NT $ 43.2 billion (NT $ 1.56 billion). dollars) to reach NT $ 8.41 trillion at the end of July, according to commission data.

However, the growth rate fell 46% from NT $ 80.7 billion in June.

It was also the second smallest monthly increase after NT $ 26 billion in February, data showed.

“Some investors rushed to close their deals in June to avoid higher tax rates,” a commission official said last week. “As a result, there were fewer transactions in July and fewer newly offered mortgages. “

Likewise, construction loans, an indicator of the confidence of real estate developers in the sector, recorded a monthly increase of NT $ 35.1 billion from the previous month to reach NT $ 2.99 trillion at the end of the year. at the end of July, down 21% from an increase of NT $ 44.6 billion. in June, the data showed.

The ratio of non-performing home loans to all home loans remained stable at 0.11% in July and the ratio of non-performing home loans fell by one basis point to 0.12%, the data showed.

The Bank Act (銀行 法) states that a bank’s outstanding mortgage and construction loans cannot exceed 30 percent of its deposits and financial obligations.

In July, seven local banks saw their ratios exceed 28% and one bank reported that its ratio exceeded 29%, prompting a warning from the commission, the official said.

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Income Tax Service conducts research in West Bengal Tue, 21 Sep 2021 12:18:00 +0000

New Delhi [India], September 21 (ANI): The income tax service conducted a search and seizure of 25 premises linked to a leading group engaged in the manufacture of steel products, the finance ministry said on Tuesday. .

According to an official statement, 25 premises comprising eight residences, nine offices and eight factories, spread across Kolkata, Durgapur, Asansol and Purulia and other parts of West Bengal were covered by the operation on Friday.

“The search operation detected a huge amount of incriminated documents and digital evidence from different locations. underreporting of actual production, cash purchases of scrap metal, several documents for land purchases and sales among others, “the statement from the Ministry of Finance said.

The ministry said evidence was also found regarding the use of unrecorded income in the form of unsecured loans and the sale of shares of fictitious entities through an overlay of unrecognized income.

A large number of property documents belonging to one of the members of the group, showing land and property held under different names, were also seized. The total amount of this incriminating evidence concerning the manufacturing group exceeds Rs 700 The operation led to the seizure of unrecorded cash amounting to Rs 20 lakh while 2 lockers remain to be operated, “he said.

During the search operation, a provider of accommodation entries, which provided entries to the wanted group, was also covered.

“From its secret back office, a large number of incriminated documents relating to the provision of hosting entries through modes such as the sale of shares in shell companies, unsecured loans of shell entities, the false invoicing, etc. several hundred crore rupees, “the statement read.

Evidence of more than 200 companies / entities with more than 200 bank accounts managed from the premises of the entry operator has been found, he added.

Based on a preliminary review of these documents, the Ministry of Finance said that it appears that these bank accounts and entities were used as channels to channel unrecorded income from many beneficiaries. (ANI)

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Representatives Ilana Rubel, Lauren Necochea and Sally Toone: Our property tax crisis requires solutions, not scapegoats! Tue, 21 Sep 2021 07:02:21 +0000 By representatives Ilana Rubel, Lauren Necochea and Sally Toone

Idaho State House of Representatives

We couldn’t believe our eyes when we read a recent editorial from the GOP leadership of Idaho House, the local government scapegoat for the property tax crisis created by the GOP lawmakers themselves. We need to set the record straight. While the county officials send you the bill, don’t blame the couriers. The breathtaking number on this bill is not due to overspending by local government – it is because of the disastrous policy adopted by GOP lawmakers.

First, GOP lawmakers ended the annual adjustment to homeowners’ exemption that kept pace with house prices, causing the property tax burden to shift dramatically from commercial properties to homeowners. So even though county budgets did not increase by a dime, lawmakers increased the property tax on your home every year. Meanwhile, many companies have seen their property tax bills go down while yours go up. GOP lawmakers have increased the exemption slightly this year, but not enough to address the damage they have inflicted on homeowners by ending the indexed exemption.

Second, they have severely underfunded schools, with the lowest investment in education per student in the country. This has forced voters who want adequate schools to pass bonds and levies, further raising property taxes. Want to fix the school roof before it collapses? Better to pass an obligation – the legislature will not help. Do you want full-time kindergarten? Or enough operating funds to stay open five days a week? Better to impose a tax – the legislature will not help.

Third, for 14 years, GOP lawmakers stopped all efforts to increase property tax assistance for low-income seniors and veterans. This year, they authorized a tiny increase in the amount of aid for some, but financed it by expelling 4,000 people from the program.

Fourth, they denied the local government their share of the Internet sales tax. You buy a shirt from Target, 11% of the sales tax collected goes to the local government. But if you buy that same shirt on Amazon, GOP lawmakers have blocked the local government from receiving the taxes collected. As sales have moved online, this has affected local governments’ sources of revenue and made them more dependent on property taxes.

Finally, the GOP bill, shamefully touted as “property tax relief”, limits the taxes that can be collected on the basis of new developments, preventing growth from paying for growth. Thus, existing owners must either pay more property taxes to make up for the deficit (as happened in Meridian, which was forced to increase property taxes by this legislation) or suffer cuts in government services. essential premises such as police, firefighters and paramedics. Cities like Caldwell and Ketchum, which were already operating on tight budgets, were forced to stop new construction, exacerbating the housing crisis in the state.

For years, GOP lawmakers have blocked every bill offering significant relief, such as capping assessment increases, reinstating indexed exemption, treating Internet sales tax the same as regular sales tax; and increased tax assistance for low-income seniors and veterans. The result has been the rise in property taxes which push people out of their homes.

A recent study by the Idaho Office of Performance Evaluations found that it is not the “spending counties” that are causing the problem. The counties’ populations have grown by 39% over the past 20 years, but their budgets have only grown by 27%. The counties have extremely meager budgets that are underutilized in relation to population growth.

Rather than admitting to causing the problem or trying to fix it, GOP lawmakers are pointing fingers at innocent local government officials. You deserve the truth, and we hope you respond by electing lawmakers who will work to lower your property taxes while preserving vital local services. Idahoans need leaders who deliver real solutions, not scapegoats.

Ilana Rubel is the Minority Leader in the Idaho House of Representatives, Lauren Necochea is the Deputy Minority Leader, and Sally Toone is the Minority Caucus Chair.

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Business News | Stock market and stock market news Tue, 21 Sep 2021 05:04:45 +0000

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In one of the most important recent OTS deals, Matix, an ammonia and urea producer founded by Nishant Kanodia, son-in-law of group co-founder Ravi Ruia, settles all the debt with creditors such as SBI, IDBI Bank and others.

Matix Fertilizers & Chemicals Settles Rs 4,500 Crore Debt With Non-NCLT Lenders

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