Real property – Talktalk China http://talktalkchina.com/ Sun, 08 May 2022 13:14:55 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://talktalkchina.com/wp-content/uploads/2021/10/icon-2-120x120.png Real property – Talktalk China http://talktalkchina.com/ 32 32 “Suspend Baguio Property Tax Increase” https://talktalkchina.com/suspend-baguio-property-tax-increase/ Sun, 08 May 2022 13:14:55 +0000 https://talktalkchina.com/suspend-baguio-property-tax-increase/ CITY OF BAGUIO: City Council passed a resolution asking Mayor Benjamin Magalong to suspend implementation of a steep increase in property taxes, as required by Baguio City’s Land Market Value Schedule (Ordinance 16 -2020). Under section 4 of the order, the implementation of the property tax increase will be “staggered over a two-year period so […]]]>

CITY OF BAGUIO: City Council passed a resolution asking Mayor Benjamin Magalong to suspend implementation of a steep increase in property taxes, as required by Baguio City’s Land Market Value Schedule (Ordinance 16 -2020).

Under section 4 of the order, the implementation of the property tax increase will be “staggered over a two-year period so that 70% is applied in the first year and 30% is applied in the second year. “.

Councilor Joel Alangsab and Councilor Fred Bagbagen, authors of the resolution, argued that the implementation of the property tax increase is inappropriate, given the impact of the Covid-19 pandemic on property owners .

Councilors said the increase in property tax is an additional burden not only for property owners but also for tenants since the former would consequently increase the rents of the latter.

According to the Market Land Values ​​Schedule, the assessment level for residential and agricultural land is set at 2% while the assessment level for land in the commercial, industrial, mineral and special categories is 7%.

Jeanine Chan, owner of Mountain Lodge, described the property tax increase as “exorbitant” and “unfair”.

Representing the Baguio Country Club, attorney Christine Angelica Elveña called on city officials to find ways to lessen the impact of rising real estate market values ​​on ratepayers.

In his presentation of samples of fair market value of properties in the city, Elveña claimed that 2,300% would be the highest possible increase in fair market value for residential properties, while 4,778% for commercial properties. Chan said the property tax paid by Mountain Lodge has increased from 65,000 pesos to 259,000 pesos per year.


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You bought real estate together, and now you want to go out. Partition is an option. | Lasher Holzapfel Sperry & Ebberson LLC https://talktalkchina.com/you-bought-real-estate-together-and-now-you-want-to-go-out-partition-is-an-option-lasher-holzapfel-sperry-ebberson-llc/ Tue, 26 Apr 2022 13:36:42 +0000 https://talktalkchina.com/you-bought-real-estate-together-and-now-you-want-to-go-out-partition-is-an-option-lasher-holzapfel-sperry-ebberson-llc/ It is not uncommon for family members, friends or business partners to jointly own commercial or residential real estate. With soaring real estate values ​​and Covid-19 allowing so many of us to work remotely, we’ve seen a surge in the number of partners (romantic and platonic) who have made the choice to work remotely. jointly […]]]>

It is not uncommon for family members, friends or business partners to jointly own commercial or residential real estate. With soaring real estate values ​​and Covid-19 allowing so many of us to work remotely, we’ve seen a surge in the number of partners (romantic and platonic) who have made the choice to work remotely. jointly purchase real estate, so they can have the space to work remotely.

With property in high demand and interest rates at their lowest in years, many have not taken the time to ask themselves the question: “what if I can’t stand living with this no one ?

Most people find themselves in a situation where they have purchased property with a long-time partner or friend without a prior shared ownership agreement that clearly spells out the terms of ownership. You may have been so busy writing the most attractive offer to purchase and admiring quartz countertops that you didn’t have time to think about how you would handle ownership disputes or buyouts. in case your partnership relationship breaks down.

In situations where you are unable to resolve shared ownership of real estate out of court, there are legal remedies available to help resolve ownership issues. A “partition in kind” occurs when real estate is physically divided between owners. These types of partitions tend to occur when the property in dispute is large enough to be practically divided. A partition works best when there is enough land to evenly or reasonably divide the property into two similar or reasonably similar parts.

However, an in-kind partition is not reasonably practical when the property in question is a townhouse or single family home with limited land. In such situations, you may be faced with a difficult decision as to whether a buyout of the other owner’s interest is possible or whether a compulsory private sale through an appointed arbitrator is best. way to end co-ownership and recoup your investment by capitalizing on current market trends.

[View source.]

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Real Property & Energy Solutions® Installs One of DC’s Largest Rooftop Solar Systems https://talktalkchina.com/real-property-energy-solutions-installs-one-of-dcs-largest-rooftop-solar-systems/ Wed, 06 Apr 2022 07:00:00 +0000 https://talktalkchina.com/real-property-energy-solutions-installs-one-of-dcs-largest-rooftop-solar-systems/ WASHINGTON, April 6, 2022 /PRNewswire/ — Real Property & Energy Solutions today announced the operation of a 54,000 square foot rooftop solar project at from washington Brookland neighborhood. One of the largest commercial solar installations of its type in the city, the system is located on an industrial property at 5760-5788 2nd Street NE. “As […]]]>

WASHINGTON, April 6, 2022 /PRNewswire/ — Real Property & Energy Solutions today announced the operation of a 54,000 square foot rooftop solar project at from washington Brookland neighborhood. One of the largest commercial solar installations of its type in the city, the system is located on an industrial property at 5760-5788 2nd Street NE.

“As a business owner, the economic value and environmental contributions of this solar installation were equally important factors in the decision to proceed with this project,” said Rusty Minkoff, a representative of the owner. “Real Property & Energy Solutions handled every aspect of the process and exceeded our expectations. As a result, we have a solar installation that will benefit the environment for years to come while simultaneously delivering compelling financial returns.”

The 842.4 kilowatt system includes more than 2,100 solar panels and generates electricity that provides local Pepco customers with clean, renewable energy for their homes. The system generates 1,164 megawatt hours of energy per year, which can power 150 homes per year. It also has the ability to offset 1.8 million pounds of carbon dioxide emissions each year.

The solar project provides additional environmental benefits to the 11 businesses on the property. The retrofitted roof helps maintain cooler interior temperatures during the hot summer months and thus reduces the amount of energy used by the building’s HVAC systems.

Tenants of the property include Hellbender Brewing Company, Gentle Giant Moving, Dolci GelatiBanville Wine Merchants and District Veterans Contracting.

“The project indicates a growing interest among commercial property owners in the DC area to lease unused rooftops and provide clean, renewable energy to their neighboring communities,” added Kyle WilliamsHead of Energy Sales at Real Property & Energy Solutions.

About Real Property & Energy Solutions®

Real Property & Energy Solutions provides customized energy solutions to commercial property owners, tenants and users in the washington d.c. subway station. We offer turnkey energy solutions, including solar panel design and installation, near-zero and net-zero benchmarking, and program monitoring and performance for clean energy programs Assessed by Commercial Property (C-PACE). Our team has over 20 years of experience merging real estate operations and sound financial practices, including consistent A+ ratings with the Better Business Bureau. For more information, visit our website.

For commercial inquiries, please contact Real Property & Energy Solutions at 301-795-1486 or [email protected].

MEDIA CONTACT:
Sam Kuhns
(202) 471-4228 ext. 122
[email protected]

SOURCE Real Estate and Energy Solutions

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New Tampa Real Estate NFT Sale Planned by Propy https://talktalkchina.com/new-tampa-real-estate-nft-sale-planned-by-propy/ Mon, 28 Mar 2022 13:00:00 +0000 https://talktalkchina.com/new-tampa-real-estate-nft-sale-planned-by-propy/ PALO ALTO, Calif.–(BUSINESS WIRE)–Propy, the real estate blockchain pioneer, has announced the launch of its latest real estate-backed NFT sale in the United States. The technology will be available to interested owners and brokers, and the company will sell a Tampa Condo on April 7. Anyone interested in purchasing must register on the waiting list. […]]]>

PALO ALTO, Calif.–(BUSINESS WIRE)–Propy, the real estate blockchain pioneer, has announced the launch of its latest real estate-backed NFT sale in the United States. The technology will be available to interested owners and brokers, and the company will sell a Tampa Condo on April 7. Anyone interested in purchasing must register on the waiting list.

Propy’s proprietary technological and legal framework allows real estate property to be represented as a non-fungible token (NFT). The purchase record is placed on the immutable blockchain and provides access to legal documents. This type of transaction minimizes costs for buyers and streamlines the buying process by allowing them to purchase a property in minutes. Propy plans to implement these types of sales globally, providing a unique framework for buying real estate using blockchain technology.

“At Propy, we have developed all the necessary smart contracts and a compatible legal framework that allows tokenizing any real estate in the United States,” says Natalia Karayaneva, CEO of Propy. “NFT sales reached $4 billion in December 2021 and real-world assets will soon be a significant part of that market.”

She adds that the company successfully helped sell a St. Petersburg, Florida property via NFT in February, and received more than 1,000 requests for future NFT sales across the United States.

This upcoming sale will take place on Propy’s NFT marketplace using the USDC token. USDC is considered a “stablecoin” and is “pegged” to the US dollar, so it doesn’t have the volatility of other cryptocurrencies. The starting price will be 185,000 USDC ($185,000).

Propy’s real estate transaction platform enables an end-to-end experience for agents, from the moment they get a listing through to closing the deal. The company uses bank-level security and secure integrations to handle deposit transfers. No bank details are stored on the platform and several checks are required before the transfer takes place. Once the transfer is complete, everyone involved in the process is automatically notified and payment can be tracked with 100% accuracy. Transactions can be processed in dollars, cryptocurrency or NFT.

In 2021, Propy facilitated the first-ever sale of an apartment via NFT in Ukraine and, most recently, a house in St. Petersburg, Florida. The company has been awarded as a Technology Pioneer by the World Economic Forum. Propy has also raised over $16 million in venture capital and is backed by the likes of Tim Draper and Michael Arrington.

About Propy

Propy, founded in Silicon Valley, is on a mission to revolutionize the process of selling residential real estate. The company’s blockchain innovation eliminates inefficiencies, streamlines everything from offering to title registration, records everything securely, and allows buyers and sellers to use traditional financing, cryptocurrency and NFTs. For more information, visit www.propy.com.

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Mezzanine Lender Can’t Stop Mortgage Lender From Foreclosing Real Estate | Schlam Stone & Dolan LLP https://talktalkchina.com/mezzanine-lender-cant-stop-mortgage-lender-from-foreclosing-real-estate-schlam-stone-dolan-llp/ Thu, 24 Mar 2022 07:00:00 +0000 https://talktalkchina.com/mezzanine-lender-cant-stop-mortgage-lender-from-foreclosing-real-estate-schlam-stone-dolan-llp/ On February 14, 2022, Judge Andrew Borrok of the New York County Commercial Division issued a decision in US Bank NA vs. 342 Prop. LLC2022 NY Slip Op. 30488(U), holding that in the absence of a control clause in an intercreditor agreement, a mezzanine lender had no basis to challenge the mortgage lender’s right to […]]]>

On February 14, 2022, Judge Andrew Borrok of the New York County Commercial Division issued a decision in US Bank NA vs. 342 Prop. LLC2022 NY Slip Op. 30488(U), holding that in the absence of a control clause in an intercreditor agreement, a mezzanine lender had no basis to challenge the mortgage lender’s right to foreclose on the property securing the mortgage, explaining:

The mezzanine lender was structurally subordinate to the mortgage lender position. Absent an intercreditor agreement (i.e. an agreement between the mortgage lender and the mezzanine lender) to the contrary, the mezzanine lender simply has no reason to challenge the mortgage lender’s right to seize the property. It is nature to occupy the mezzanine position.

It doesn’t matter that the borrower under the mezzanine loan documents could have breached the mezzanine loan documents by consenting to the foreclosure of the mortgage. The mortgage lender is not a party to this agreement and the mezzanine lender does not assert that there is an intercreditor agreement preventing foreclosure [*3] by the mortgage lender.

In other words, while the mezzanine lender may have negotiated the right to repay the loan or conduct a UCC sale, the mezzanine lender did not negotiate the ability to prevent the mortgage lender from foreclosing the property. He only negotiated the rights set forth in the Mezzanine Band Documents and the Intercreditor Agreement, including his ability to pursue remedies against the Borrower to the extent that the Borrower may be in breach of the Mezzanine Loan [**3] documents. He can do that.

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Loudoun County Supervisors Report Imminent Property Tax Rate Increase | News https://talktalkchina.com/loudoun-county-supervisors-report-imminent-property-tax-rate-increase-news/ Wed, 23 Mar 2022 23:30:00 +0000 https://talktalkchina.com/loudoun-county-supervisors-report-imminent-property-tax-rate-increase-news/ The Loudoun County Board of Supervisors is preparing to approve a property tax rate increase as part of its fiscal year 2023 budget, which has yet to be finalized. Supervisors signaled Monday that they would support a property tax rate of $0.89 per $100 of assessed value, about five cents above the equalized rate of […]]]>

The Loudoun County Board of Supervisors is preparing to approve a property tax rate increase as part of its fiscal year 2023 budget, which has yet to be finalized.

Supervisors signaled Monday that they would support a property tax rate of $0.89 per $100 of assessed value, about five cents above the equalized rate of $0.845. At the proposed rate, land shares would represent at least 51.5% of local tax revenue.

While the board has generally lowered the tax rate to the equalized rate every year for the past decade, Chairwoman Phyllis Randall (D-At Large) said last December that the rate increase helped fund a aggressive capital budget and increase county government and school division operating budgets through growing real estate and personal property portfolios.

The final budget should also establish a tax fund for disposable plastic bags.

Chair Phyllis Randall (D-At Large) said that since the start of the budget cycle, the board has been aware of the challenges, including inflation. She reiterated that point on Monday after the board scrapped several enhancement requests totaling nearly $6 million.

“We’re trying to accommodate the current growth in the county,” Randall said. “If you’re not funding current levels of civil service, that means you’re going to have less of the military that’s already here.”

The council is also operating under the new tax orientation with the aim of balancing the composition of general fund tax revenues.

Under the new policy, county officials said property tax revenue is expected to approach 60% of total local general fund taxes in coming years, according to a Feb. 9 news release.

For fiscal year 2023, no less than 51.5 percent of local general fund tax revenue is expected to come from property taxes, they said.

Supervisor Matt Letourneau (R-Dulles) said where the board ended up won’t make anyone happy.

“You have to be logical about how you see it,” Letourneau said, adding that just like the county’s LCPS will have increased operating costs, raises and new positions to fund.

“Of course, I wish we could have lowered the tax rate a bit more, but it was pretty clear from the start because of the separation between commercial and residential, and so many other factors that are there. came in, it was going to be tough to really make much progress on that,” he added. “Individual tax bills are going to vary dramatically from person to person because properties behave so differently and we’re going to have to explain it all.”

Supervisors Caleb Kershner (R-Catoctin) and Tony Buffington (R-Blue Ridge) voted against the motion directing staff to prepare the budget for a final vote on April 5. The two disagreed with the credit for Loudoun County Public Schools.

Last month, the school board passed a $1.6 billion budget, which includes a 5% average salary increase for employees, among other new initiatives. The budget represents an increase of 5.9% compared to the current one.

Kershner’s motion to cut the local transfer by about $12 million failed with a 2-7 vote. The board is expected to transfer $53.7 million, a shortfall of $21 million from at the request of schools.

Superintendent Scott Ziegler asked the board to fully fund the passed tax budget and increase county appropriations by $75.2 million for a total appropriation of $1,089,274,768, according to a March 18 memo.

The LCPS request has grown from $49.2 million last December to $75.2 million.

Ziegler wrote that the LCPS could face a shortfall of $14.1 million.

LCPS staff said if the council was able to fully fund demand, the system would be able to absorb whatever the state’s funding scenario, according to County Administrator Tim Hemstreet.

“I think we could have funded them significantly and still managed to reduce the tax rate [by] an extra penny or two, which is badly needed right now,” Kershner said.

Buffington added that he supports whatever the board has voted for county operations, but wants to cut $12 million from the county’s transfer to the school system “to fund teacher salary increases and nothing like that.” more”.

SPC has included in its budget investments for SPC employees, including an average salary increase of 5%, according to the Superintendent’s budget. The budget restructures the teacher pay scale to adjust for a market slump in mid-career pay.

In addition, the budget provides one-time, one-time pay increments and payouts for all eligible employees and cost-of-living increases.

Staff costs represent 90% of the budget.

Supervisors agreed that the superintendent’s memo made it difficult to justify the $75.2 million allocation when there was no analysis among state lawmakers on the budget amendments.

Some expressed frustration that no one from the school system was present.

More than a month ago, the two boards came together for an intense budget meeting in which Kershner blamed Ziegler for his administration’s handling of school safety issues, specifically handling two assault cases. .

Ziegler called the attacks on his character, integrity, and the school division “inappropriate” and an “ambush.”

The Supervisory Board must vote on the budget for the 2023 financial year at its administrative meeting on April 5.

The Virginia General Assembly is expected to return to Richmond for a special session on April 4, including to vote on the budget, which will determine how much state funding school systems will receive.

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China Steel: Announcement of acquisition of real estate on behalf of the subsidiary CPCC https://talktalkchina.com/china-steel-announcement-of-acquisition-of-real-estate-on-behalf-of-the-subsidiary-cpcc/ Wed, 16 Mar 2022 08:08:15 +0000 https://talktalkchina.com/china-steel-announcement-of-acquisition-of-real-estate-on-behalf-of-the-subsidiary-cpcc/ Declaration 1.Name and nature of the underlying asset (e.g., land located at Sublot XX, Lot XX, North District, Taichung City): 50% stake in the building and the land located at no. 973 land parcel, etc., Qiongdong and Yanbei Section, Yanchao District, Kaohsiung City. 2.Date of occurrence of the event:2022/03/16 3.Transaction unit amount (e.g.XX square meters, […]]]>

Declaration

1.Name and nature of the underlying asset (e.g., land located at Sublot XX,
Lot XX, North District, Taichung City): 50% stake in the building and the land
 located at no. 973 land parcel, etc., Qiongdong and Yanbei Section, Yanchao
 District, Kaohsiung City.
2.Date of occurrence of the event:2022/03/16
3.Transaction unit amount (e.g.XX square meters, equivalent to XX ping),
unit price, and total transaction price:
 (1)Transaction unit amount
    land: 2,056.73 square meters(about 622.16 pings)
    building: 75.1 square meters(about 22.72 pings)
 (2)Total transaction price: NT$ 91,693,910
4.Trading counterparty and its relationship with the Company (if the trading
counterparty is a natural person and furthermore is not a related party of
the Company, the name of the trading counterparty is not required to be
disclosed): USEC; group corporate relations
5.Where the trading counterparty is a related party, announcement shall also
be made of the reason for choosing the related party as trading counterparty
and the identity of the previous owner, its relationship with the Company
and the trading counterparty, and the previous date and monetary amount of
transfer:
 (1)Integrated development of group assets
 (2)Non-related party
 (3)2021/10/18
 (4)NT$ 91,693,910(50% of the property)
6.Where an owner of the underlying assets within the past five years has
been a related party of the Company, the announcement shall also include the
date and price of acquisition and disposal by the related party, and its
relationship with the Company at the time of the transaction:NA
7.Projected gain (or loss) through disposal (not applicable for
acquisition of assets; those with deferral should provide a table
explaining recognition):NA
8.Terms of delivery or payment (including payment period and
monetary amount), restrictive covenants in the contract,
and other important terms and conditions:
 According to the contract
 Restrictive covenants in the contract, and other important terms and
 conditions: None
9.The manner of deciding on this transaction (such as invitation to tender,
price comparison, or price negotiation), the reference basis for the
decision on price, and the decision-making unit:
 price negotiation; according to board of directors' resolution
10.Name of the professional appraisal firm or company and
its appraisal price:
 (1)V-Land International Appraisers Joint Firm
 (2)NT$ 92,701,968(50% of the property)
11.Name of the professional appraiser: Chun-Han Lin
12.Practice certificate number of the professional appraiser:
 (105)Kaohsiung City Real Estate Appraiser Practicing License No.000107
13.The appraisal report has a limited price, specific price,
or special price: No
14.An appraisal report has not yet been obtained: No
15.Reason for an appraisal report not being obtained: NA
16.Reason for any significant discrepancy with the appraisal reports
and opinion of the CPA: NA
17.Name of the CPA firm: ShineWay & Co. CPAs
18.Name of the CPA: Po-Han Wang
19.Practice certificate number of the CPA:
 Kaohsiung City CPA Association License No.0707
20.Broker and broker's fee: NA
21.Concrete purpose or use of the acquisition or disposal:
 Building residential properties for sale to increase the Company's revenue
22.Any dissenting opinions of directors to the present transaction: None
23.Whether the counterparty of the current transaction is a
related party: Yes
24.Date of the board of directors resolution:2022/03/16
25.Date of ratification by supervisors or approval by
the audit committee:2022/03/16
26.The transaction is to acquire a real property or right-of-use
asset from a related party: Yes
27.The price assessed in accordance with the Article 16 of the
Regulations Governing the Acquisition and Disposal of Assets
by Public Companies: NT$ 93,041,639
28.Where the above assessed price is lower than the transaction price,
the price assessed in accordance with the Article 17 of the same
regulations: NA
29.Any other matters that need to be specified: None
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2022 property assessment notices sent before March 15, 2022 https://talktalkchina.com/2022-property-assessment-notices-sent-before-march-15-2022/ Sat, 12 Mar 2022 08:00:00 +0000 https://talktalkchina.com/2022-property-assessment-notices-sent-before-march-15-2022/ March 12, 2022, 5:18 p.m. HST The Maui County Real Estate Assessment Division sends 2022 Real Estate Assessment Notices to property owners by March 15, 2022. The property assessment notice will indicate the assessed value of the land and (if applicable) improvements, the amount of exemptions allowed, the person who received the exemption and the […]]]>

March 12, 2022, 5:18 p.m. HST

The Maui County Real Estate Assessment Division sends 2022 Real Estate Assessment Notices to property owners by March 15, 2022.

The property assessment notice will indicate the assessed value of the land and (if applicable) improvements, the amount of exemptions allowed, the person who received the exemption and the classification assigned to the property.

Owners are strongly encouraged to read the document carefully. If you have any questions, contact the RPA Division office by calling 808-270-7297 or emailing [email protected]

If a property owner disagrees with the assessment, general class of land, or exemption listed on the Property Assessment Notice, an appeal may be filed with the Board of Review. The deadline to file an appeal is April 11, 2022.

The Assessment Notice gives property owners the option to receive a paperless electronic notice for the following year.

The tax notice is not an invoice. The payment of the first half of the tax bill for the 2022-2023 financial year will be posted no later than July 20, 2022.

Homeowners who do not receive a timely assessment notice or have questions may call the RPA Division office at 808-270-7297 or visit www.mauipropertytax.com to view the assessment and other information. in line.

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Nassau County Commercial Real Estate Tax Alert | Farrell Fritz, PC https://talktalkchina.com/nassau-county-commercial-real-estate-tax-alert-farrell-fritz-pc/ Thu, 10 Mar 2022 00:09:07 +0000 https://talktalkchina.com/nassau-county-commercial-real-estate-tax-alert-farrell-fritz-pc/ Annual Income and Expenditure Survey – ASIA-2021In accordance with Nassau County Administrative Code Section 6-30, the Nassau County Department of Assessment (“the Assessor”) requires the submission of 2021 financial data on a form called “ASIA-2021”. Below, we’ve highlighted the main issues and tried to anticipate common questions. New deadline – April 1, 2022Section 6-30 of […]]]>

Annual Income and Expenditure Survey – ASIA-2021
In accordance with Nassau County Administrative Code Section 6-30, the Nassau County Department of Assessment (“the Assessor”) requires the submission of 2021 financial data on a form called “ASIA-2021”. Below, we’ve highlighted the main issues and tried to anticipate common questions.

New deadline – April 1, 2022
Section 6-30 of the Nassau Code provides that your ASIA 2021 must be completed online no later than April 1, 2022. However, according to the assessor’s website, “based on the current deadlines for filing declarations of federal and state revenue, the Department of Assessment will accept ASIA 2021 filings until June 1, 2022”.

Electronic filing required
The county requires electronic (online) filing of ASIA-2021.

How can I file electronically?
Go to https://www.nassaucountyny.gov/ASIE2021.
ASIA questions or filing issues can be directed to 516-571-0996 or ASIE2021@nassaucountyny.gov

Can I file on paper?
According to the assessor, requests for permission to file a hard copy of your ASIA, rather than an electronic copy, must be submitted in writing to the Assessment Department no later than March 1, 2022. Your written request may be sent by post to:

Nassau County Assessment Department
Attn: ASIA Waiver
240 Old Country Road, 4and Ground
Mineola, NY 11510

As with any county mailing, please keep a copy and obtain proof of mailing.

Can I have more time to file?
According to the assessor, applications for filing permission after the April 1, 2022 deadline must be submitted to the Assessment Department and based on “good cause.” Follow the county’s online instructions for an extension.

100% owner-occupied property must be registered electronically
If you or a related entity are the sole occupier of a property you own, you do not need to submit income and expense data, but you must still file online. Simply check the owner occupied box, electronically sign at the bottom, submit and you’re done.

What about houses, apartment buildings, co-ops and class 2 condominiums?
The law specifically excludes residential properties (classes 1 and 2) from filing requirements.

What information is required?
2021 financial data must be provided.

Who completes this file?
Owner must complete ASIA-2021. We are not authorized to certify forms on your behalf.

Is there a penalty for not filing? Yes . . . But see the legal challenge below
The law provides that failure to file on time exposes the owner to a penalty of 0.25% of the “fair market value” of your property. If not filed by September 30, 2022, the penalty increases to 0.5%. The penalty may further increase to 0.75%. The law provides that the penalty will be perceived as a tax lien on this property.

Legal challenge. . . Still waiting
Challenges to the imposition of sanctions are still pending before the courts. Recently, the New York State Appellate Division returned one of the cases to the lower court for further deliberation. For added security, we recommend that you file and retain records to show that you have complied with the requirements of Section 6-30.

Keep a copy of everything electronically filed and print screens that show and confirm what was filed
It is important to have a record that your submission was completed before April 1, 2022.

[View source.]

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The deadline for saving on your property taxes is approaching – It’s time to check if your property tax assessment is inflated. | Buckingham, Doolittle & Burroughs, LLC https://talktalkchina.com/the-deadline-for-saving-on-your-property-taxes-is-approaching-its-time-to-check-if-your-property-tax-assessment-is-inflated-buckingham-doolittle-burroughs-llc/ Wed, 09 Mar 2022 08:00:00 +0000 https://talktalkchina.com/the-deadline-for-saving-on-your-property-taxes-is-approaching-its-time-to-check-if-your-property-tax-assessment-is-inflated-buckingham-doolittle-burroughs-llc/ Landlords and certain tenants can dispute the assessed value of their property for the 2021 tax year by filing a property tax assessment complaint before March 31, 2022 reduce their property taxes. For the first time, Ohio law allows certain commercial and industrial tenants, in addition to landlords, to file the assessment complaint if the […]]]>

Landlords and certain tenants can dispute the assessed value of their property for the 2021 tax year by filing a property tax assessment complaint before March 31, 2022 reduce their property taxes. For the first time, Ohio law allows certain commercial and industrial tenants, in addition to landlords, to file the assessment complaint if the tenant is liable for property taxes (for example, tenants on a triple net lease) and obtains the owner’s agreement. SB 57. For the 2021 tax year, the property is valued as of January 1, 2021 (i.e. the date of the tax lien).

There are several reasons why property value may be inflated, as property values ​​in Ohio are reassessed or updated by the county every three years, values ​​are automatically adjusted when property is transferred ( even if the sale price includes non-taxable personal or intangible property), or the property has been historically overvalued. Although some sectors of the real estate market have been strong during the pandemic, we have noticed that these perceived market gains appear to have been applied evenly to all types of real estate, resulting in unwarranted increases in value in many circumstances.

If you want to dispute the value of your property, taxpayers should start working with their attorney now to ensure the relevant information is available to achieve the most favorable outcome. This often includes the use of an appraiser to support the reduced appraisal. However, there may be other methods to support a lower appraisal even without getting an appraisal, especially if the property has recently transferred.

Landlords and tenants should not miss this opportunity to review their property assessments. Additionally, taxes can be challenged in situations where COVID-19 has specifically affected property values, such as industries hard hit by the pandemic, even if an assessment complaint had been filed during the assessment period. previous three-year evaluation. In northeast Ohio for 2021, properties in Sandusky County were reassessed, while values ​​in Cuyahoga, Lake, Lorain, Portage and Stark County were updated.

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