Quote:
Originally Posted by Bob K
My understanding is that you pay tax on each property owned. If you own them in your name and not a corporation then the the first $150,000 (USD) of assesed value is not taxed or is exempt from property tax. All value above that amount is taxed. If the property is owned by a corporation then then taxes are owed on the entire assesed value. Remember assesed value is usually much less then market value and is determined by the government land office.
Bob K
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This is my understanding as well. For those that don't pay their annual property taxes, does the govt catch up to them at the time of sale or does this liability get transferred to the new owners upon sale?