Understanding Your Property Tax
All incentives boil down to assisting property developers with financing in some form or another. Lowering taxes is one. Another used to meet urban design ends is through tax increment financing. It is not a legal technique in most countries. In the United States, however, it is available in a number of states. In California it was made possible by a 1962 amendment to the state's constitution. The amendment allows property developers working in a precinct of a municipality that has a plan supported by its citizens, to benefit directly from the increment in property taxes that accrue due to the improvements made by them within that area. This increase in tax revenue is ploughed back into further improving and or maintaining the area well. The coordinating frame - the development plan and controls - for the continued development of the area can then be publicly funded (see the description of Glendale in Chapter 8).
The machiya are usually located on lots averaging about five meters wide by about 20 meters deep, purposely kept narrow because property taxes were determined by the amount of street frontage. These homes usually had a shop or workroom in front, with private areas in the back An earthen-floored long corridor, called a tori-niwa. extends from the entrance all the way to the back of the house providing access to all the rooms. There may also be another earthen floor area called a doma, reserved for cooking or other chores. Other rooms are raised on a plinth, and people are expected to remove their shoes before entering. Honored guests or customers may be ushered to a more formal room in the central part of the house, located next to a tiny elegant garden (tsubo-niwa or senzai) that brings light and air to the adjoining rooms. Formal rooms are often decorated with fine woods, coffered ceilings, as well as some elements of the aristocratic Shoin style.
Along the river and stretching for 21 city blocks was constructed with the funding available. It was budgeted to cost about 1940 US300,000. It, however, cost about 430,000 funded partially by a city bond issue of 75,000, a 1.5 cents per 1000 assessed value property tax on local owners and a WPA grant of 335,000. The development ultimately comprised 17,000 feet (about 5 kilometres) of walkways, 31 stairways leading down to the walkways from 21 bridges and 11,000 trees. Today, tall cypresses and dense foliage make for a tropical garden like atmosphere. To unify the project visually, Hugman used a local sand-coloured stone throughout. Figure 10.23 shows the state of the project in 1993.
NewYork City faced such a situation during the mid-1970s. The city's fiscal crisis precluded most capital spending. Political gridlock prevented serious regulatory reform. At the same time the rate of housing deterioration and abandonment had reached alarming proportions. The city administration had to develop a strategy that would prevent further deterioration. The author, at that time Deputy Commissioner of Housing in charge of J-51 and other housing rehabilitation programs, proposed a strategy with one technique that seemed most likely to succeed incentives that were sufficiently generous to induce private investment in the existing housing stock. Consequently, the Housing and Development Administration proposed to revise the city's little-known J-51 Program. It provided a twelve-year exemption from any increase in real estate tax assessment due to physical improvements and a deduction from annual real estate tax payments of a portion of the cost of those improvements. The problem...
You will want to locate the name, address and phone number of the owners of your selected properties. Go down to the property tax assessor's office (or often you can do this by phone) and ask for the records on the three properties you have selected. Your property ownership map will come in handy again, identifying the owner or the tax account number right on the map. Give this information to the clerk and ask for the records. Generally the assessor's records are public and you have a right to see these records. You can review the history of the property and see what the assessor's office now thinks it's worth. You also can get a good idea of what improvements (buildings) are on the property and what special conditions, such as views, the assessor's office has already identified. Sometimes you can get copies of the property tax records to add to your file for the site.
Empty buildings are a wasted resource. They do not yield any rental income or property taxes. They are more prone to vandalism, occupancy by squatters, premature deterioration and intruder damage than occupied buildings. They take up valuable urban space, which could be redeveloped for more appropriate uses. In housing they are often a symptom of poverty and social depravation. In non-residential buildings they are indicative of blight and economic recession.
In current real estate markets, chances are good that a straw bale home will receive a lower resale value estimate than its frame-walled equivalent. However, low appraisals do not necessarily mean lower resale prices. Home buyers looking for a strong, unique, and super-insulated house may decide that the attractions of a straw bale house are worth more to them than its appraisal indicates. As a side beneft,lower official appraisals often mean lower property taxes.
Syracuse officials, eager to stimulate tourism, initially welcomed Destiny. In 2000, the city extended a 1988 agreement with Pyramid, keeping the center off property-tax rolls through a payment-in-lieu-of-tax (PILOT) arrangement, and developed a similar PILOT plan, worth up to 200 million, for Destiny. PILOT deals allow private developers to build on public land without holding the title. The city now claims that Pyramid broke its PILOT agreement for Destiny last summer by switching from private financing for the project's first phase to a county bond-sponsored loan package worth over 300 million. Other financing is planned to come from private sources as well as county, state, and federal bonds. After the city said its PILOT agreement expired at the end of last December, Pyramid sued.
Deferred taxation A form of property tax assessment that permits eligible land to be assessed only at its value for agriculture and not for its fair market value in development (highest and best current use) within the limits of its zone or legally allowable development. Taxes are based generally on how much money the land can produce in crops or livestock, instead of its speculative value for development. Taxation is only deferred until the owner converts its use to one that is nonagricultural, at which point landowners must pay some or all of the taxes that are excused. Taxes will usually assess the difference between taxes paid under differential assessment and taxes that would have been due if the land was assessed at fair market value.
This growth has not been evenly distributed. In 1998, growth in Atlanta's suburbs was 100 times the growth in the city. From the mid-1980s to the mid-1990s, Atlanta's property taxes increased 22 percent, vehicle miles traveled jumped 17 percent, and ground-level ozone, measured by number of days with unhealthy concentrations in the ambient air, rose 5 percent (Nelson, 2000 U.S Department of Housing and Urban Development, 2000 Bullard et al., 2000 Benfield et al., 1999).
Extending a building has a number of consequences. The value of the property may increase but not necessarily by the amount of money being spent on the extension. Some lay people make the mistake of equating cost and value. The former is determined by production factors such as labour rates and prices of materials. The latter, in the short run, is determined by the market (i.e., by demand). Additionally, a building that is enlarged is likely to have a higher council or other property tax rate levied against it.
Where Can I Get Property Tax Consulting Course
The best part is you do not have to wait for Property Tax Consulting Course to come in the mail, or drive to a store to get it. You can download it to your computer right now for only $179.00.