indirect product cost
property taxes
In Michigan if there is delinquent taxes on a home and property and an outsider pays the taxes do they take over title to the home and property.
Real estate taxes are commonly referred to as property taxes. However, property taxes can be one of two types: real property taxes (land and improvements to land like structures and accessory or outbuildings) and personal property taxes (vehicles, business and industrial equipment, etc.). Tax laws within each state in the United States define what is real property and what is personal property for tax purposes.
Yes real estate taxes are also referred to as property taxes.
Excise Taxes.
no
Payment of property taxes in arrears means that the taxes are actually assessed, or considered payable and due, when the year that they cover is past or almost over. An example of this is if your taxes are due/payable in October but the taxes are for the period of January to December of the same year.
The seller is responsible for all property taxes assessed for the period through the date of sale. The buyer is responsible for all property taxes thereafter. Remember in most states that property tax is paid in arrears which means you are paying for a time period of 3-6 months prior to the current date. On a HUD 1 closing statement those time periods and costs are clearly shown.
The government will file a lien against your property. You usually have a set time period to repay the back taxes after that happens. If you don't, then the government can foreclose on your house.
Paying the taxes alone, no. If others are named on the deed, you'll need to work with them, period. All named individuals own the property equally. The court doesn't care who pays the taxes as long as they're being paid. Stop paying the taxes, and all of you risk losing the property.
Check to see what the period of redemption is in your state. You may have a year to redeem the property by paying the taxes and associated costs and interest.
Federal, state, and local government properties (city, county, and regional authorities) are exempt from property taxes. These exemptions are described in the tax laws of each individual state.
Property taxes
Property Taxes
Generally, property taxes owed to the town take priority. As the life tenant you should have paid the property taxes if you wanted to remain in possession of the property. You could pay the back taxes, interest and costs and redeem the property within the statutory period of redemption. However, if the taxes remain unpaid the land can be successfully taken and the life estate would be wiped out.You should consult a local real estate attorney to determine if you have a right of redemption.
Property taxes are on real estate only. The IRS imposes charges on buildings, structures, land or houses that are permanently attached to the ground. These charges are called "real estate tax" or "property tax".
Property taxes are taxes on the value of owned property. Sometimes they are classified as either specific or ad. Property Specific taxes are of a fixed amount based on a number, or standard of weight or measurement. Ad property taxes are based on a fixed proportion of the value of the property with respect to which the tax is assessed.