Tax Information And Guide

1) Why would someone need a property tax attorney?

Tax Software To try to save money on your annual tax bill, usually with no risk to you except a small initial filing or preparation fee.

MSN Money moneycentral.msn. home.asp MSN Money's Tax Estimator hepls you prepare to file this year's taxes with information about tax law changes. A tax terms glossary helps you decide what forms you need to file, and tax attorney Jeff Schnepper answers questions you post in the Tax Corner message board. TaxSites.com www.taxsites.com A directory of tax and accounting websites, TaxSites.com provides links for state tax agencies, legal information, organizations, and governmment sites for each state.

Software Tax Benjamin Franklin said, "Nothing is inevitable except death and taxes." With cryonics, even death may not be inevitable; with a good property tax attorney or tax agent, payment of property taxes may be inevitable, but the amount of taxes due may not be inevitable.

There are numerous opportunities to save money on your personal taxes and personal property taxes. Buying or refinancing a home, contributing to a regular or Roth IRA, investing in higher education, personal property tax, or riding the Wall Street rollercoaster all present you with potential tax exemption breaks. If you become familiar with the rules and keep up with the annual tax and personal property taxes changes, you will be able to take advantage of all the tax exemptions and breaks available to you

Every Landlord Tax Deduction Let me qualify that. In the right hands-and in extremely rare cases-the liability for any taxes at all on some parcels may not be inevitable. I recently completely eliminated a $510,000 assessment on homeowners' association commonly-owned land. I was able to accomplish this simply by knowing the applicable law.

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Tax Help I've also just given you an answer to a variation of the question you asked, namely, "Why would someone need a property tax attorney, and not just a real estate broker, appraiser or accountant to appeal property taxes?" The answer, as implied by my earlier comment, is that attorneys are schooled in identifying and analyzing legal issues. Without exception, every property tax assessment and exemption decision is governed by specific legal regulations. Who better to evaluate and formulate a possible challenge to the validity of an assessment than an experienced property tax attorney?

Don't forget about state estate taxes. Depending on the state in which you live, you may owe state estate taxes even if your mom's estate isn't at the threshold for federal estate taxes. You'll probably want to hire a real estate attorney to help with the sale. For details about state and federal estate taxes, talk to an estate attorney or your tax preparer.

Help Tax 2) Can hiring a property tax attorney actually save me money?

DELOITTE Paperback, 2 March 2005 R42.00 This guide takes away the misery and anxiety of filling in your annual tax return, and even saves you money in the process. The title guides you step by step through each item in the official form... This guide takes away the misery and anxiety of filling in your annual tax return, and even saves you money in the process. The title guides you step by step through each item in the official form, explaining what is required and assisting you in filling out as much as you need to disclose.

Ernst Ernst Guide Guide Tax Not to be too lawyerly about this, but the answer is definitely "maybe." But seriously, as with any economic decision, ask yourself about the costs and the benefits.
Typically, a property tax attorney can be hired on a contingency fee basis. This means that if no tax reduction is obtained, no fee is due.

Tax Return Under these circumstances the decision whether to hire a tax appeal agent is a "no brainer"; the most you have to lose is a nominal initial filing and preparation fee. The most you have to gain is a tax refund. Tax refunds may range in size from a few dollars to over a hundred thousand dollars.

Return Tax In some taxing jurisdictions, once a legal or factual error is pointed out to the tax assessor or property appraiser, the correction can result in a benefit to the taxpayer for future years, as well. I recently had occasion to point out that a parcel of property was landlocked due to the taking of adjacent property by eminent domain. The county reduced the assessment by nearly 90%, resulting in thousands of dollars saved annually by the property owner.

Guide Guide Master Master Tax Each case must be evaluated individually. As stockbrokers say, "Past performance is not an indication of future results." Have your property tax attorney spend a few minutes with you evaluating the potential claims on each piece of real estate you own.

Tax Preparation 3) What is a homestead exemption and why should every home owner in Florida have one?

Preparation Tax A homestead exemption is a legal provision which exempts from real estate taxation a portion of the value of the permanent residence of the owner.

Employer Tax Guide Homestead property tax exemptions in Florida have two features. First, $25,000 of the assessed value is exempt from taxation. This feature alone sometimes represents annual tax savings of $600 or more.

Tax Services Second, annual increases in assessed value in years after the homestead is established at "capped" at 3%, or the cost-of-living, whichever is less. Some homes in Florida are actually assessed at less than half of their acknowledged value based on this feature alone. It doesn't take long to make a convert to the value of homestead exemptions. Most other states are not as generous as Florida when it comes to homeowner or homestead exmptions.
The homestead exemption can have a huge impact on individual tax assessments after years of being "capped." The cumulative effect statewide is so great that the Florida Legislature is considering various measures of "portability" of part of the homestead exemption benefit in order to keep long-time residents from feeling trapped in ownership of a residence. A portability measure would allow a homeowner to carry part of the capped value to another residence after the first residence is sold.

Services Tax 4) What is the impact of zoning on tax assessments and how can my property tax attorney address this issue?

Master Tax Guide To turn the question around, an essential issue which must be addressed in every potential tax appeal is "what is the impact of zoning on the tax assessment and how can my property tax attorney address this issue?"

Tax Attorney Zoning, or the highest and best use of the property under current land use and environmental regulations, is generally considered the most important factor in establishing the value of real estate. This is true in the sense that property consists not simply of dirt and bricks and mortar, but of sticks in the bundle of legal rights associated with the parcel.

Attorney Tax Consequently, a property tax attorney knowledgeable about land use regulations has a leg up on the competition. A prime example is a vacant parcel valued initially at over $8,000,000, on which I obtained a 75% property tax refund because I was well informed about the denial of rezoning of the land-because I had been the attorney who successfully represented the zoning authority on the appeal of rezoning denial more than 10 years before the tax assessment was prepared!

Guide Law Tax 5) What is the best way to choose a property tax attorney?

Tax Accountant The best way to choose a property tax attorney is the same as the best way to choose any other kind of attorney. Ask people you trust for a referral. Talk to more than one attorney. Inquire into the attorney's experience. Ask for names and phone numbers of clients. Go online and Google the attorney, visit his website and read his property tax blog. Comparison shop. Ask the attorney to evaluate your property and discuss the appeal process and potential issues. And don't underestimate the power of common sense-both the attorney's and your own.

Accountant Tax The hiring of a lawyer is an important decision that should not be based solely upon advertisements. Before you decide, ask the attorney to send you free written information about his or her qualifications and experience.

Circular Employer Tax Guide Consider contacting the state bar or bar association for a referral. For example, The Florida Bar has a Lawyer Referral Service (LRS). LRS provides referrals to attorneys who will conduct an initial one-half hour office consultation for $25. Or visit the Florida Bar Online Lawyer Referral Service.

Income Tax Like many other property tax attorneys who are accustomed to being retained on a contingency basis, my custom is to provide a short preliminary tax assessment review with no fee.

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About The Author:

Property Tax Daniel A. Weiss has over 25 years of property tax and local government law experience and is a principal with the Miami, Florida law firm of Tannebaum Weiss, LLP.
To contact me for a brief consultation without charge, phone me at 305-374-7850 or toll free at 1-866-374-7850 or email me at daw@twattorneys.com Or visit our website at www.tannebaumweiss.com.

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