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homes

10.20.2016

What to do if you don’t agree with your property tax amount

By Nathan Vinson, Attorney English, Lucas, Priest and Owsley, LLP Everyone who owns a home gets a bill from their local municipality for property taxes. It’s not a surprise that it’s coming. Most of us sigh, write the check (or let your mortgage holder do it) and move on, wondering what that money really does, anyway. (Short answer: it funds governments and schools.) But every now and then, you get a property tax bill that makes you do a double-take because it is larger than you expected. There are a few reasons this can happen. Your local government entity increased its tax rate. Your property was recently re-assessed, and the value has increased. A new tax referendum passed, increasing your rate. Someone made a mistake. You don’t have to accept the tax bill you’re sent if you truly believe the tax rate or assessment is wrong. You can protest – and I’ll walk you through how to do that. Read More

07.14.2016

Exchange gifted property to avoid a tax hit

By Nathan Vinson, Attorney English, Lucas, Priest and Owsley, LLP If you receive a vacation home as a gift, you can exchange it for another property to avoid a big tax hit. Receiving a home or significant piece of property as a gift may sound wonderful. And it is, in nearly every case. But sometimes when you get a piece of property as a gift, it’s not quite what you want, or perhaps it is too much of a burden to handle. You may decide to sell it, or, you may find it more advantageous to do an exchange. That’s a strategy we recommend to clients on occasion to help avoid tax on a second home. That tax is usually at the more advantageous capital gain rate, but nevertheless, it is still tax dollars out of your pocket. I’ll explain how it works. Read More