Tag: Taxes

Tax Reform and Real Estate

If you’re paying any attention at all, you know that tax reform is one of countless issues being discussed in Washington DC right now. Whether you like what the House and Senate are proposing, or whether you don’t, the fact is that what’s on the table as “reform” has some serious deficiencies, and will be vigorously debated in the next several weeks. As a primer, I wanted to highlight the differences between the House and Senate bills. As of this writing, the House has passed its’ version, on November 16 2017, with the Senate set to begin floor consideration after Thanksgiving. …

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I Received A Tax Bill! Do I Pay It?

If you own a home in Montgomery County, whether you’re in a town like Blacksburg or Christiansburg, or in the County itself, you very likely received one of these green forms in the mail recently. It looks like a bill, it smells like a bill … but is it a bill? It depends. Taxes in Montgomery County are paid semi-annually, so twice a year the County will send out these notices requesting half of your annual real estate taxes to be paid in the next month. In this case, the amount is due June 5, payable to the Montgomery County Treasurer. If …

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Real Estate Taxes in the New River Valley

In the last several weeks, we’ve been doing a lot of candidate tours for various colleges at Virginia Tech looking to hire new folks. Invariably, as we’re showing these prospective hires all that the New River Valley, the question always comes up – “what are real estate taxes like?” Ah, taxes. We all love them, right? Of course not, but we’re lucky to have relatively low taxes compared to other areas of the country. However, they’re a part of the equation when making your mortgage payment every month. These amounts will vary from locality to locality, and in some cases a …

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New River Valley Real Estate Taxes

Taxes – if you own a home, you’ll always have real estate taxes to pay. And while real estate taxes in the New River Valley are relatively low compared to other areas of the country, no one likes to pay them. However, they’re a part of the equation when making your mortgage payment every month. These amounts will vary from locality to locality, and in some cases a municipality will have TWO rates – one rate will be for the City or Town, and the other rate will be for the appropriate County. Feel free to use the phone numbers …

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What is “Land Use”?

Lately, I’ve been working with a few buyers who have been looking for land; specifically, multi-acre parcels of land. Many of those properties have been zoned Agricultural, while others might have some sort of Residential zoning, but in a few cases, we’ve seen properties that have had the term “Land Use” attached to their record. So what is Land Use in Montgomery County? Land Use in Montgomery County was established in 1978, and allows for the deferment of real estate taxes on land that is agricultural in nature, at rates that are based on a value that’s less than the tax assessed …

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New River Valley Real Estate Taxes

Several inquiries recently have asked about property taxes in the New River Valley, so I thought this would be an appropriate repost. Ah, taxes; and real estate taxes have certainly been a part of the discussion in Montgomery County lately (see here and here). If you’re going to own a home, however, they’re a part of the equation when making your mortgage payment every month.  These amounts will vary from locality to locality, and in some cases a municipality will have TWO rates – one rate will be for the City or Town, and the other rate will be for …

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Real Estate Tax Rates in the New River Valley

Ah, taxes; and real estate taxes have certainly been a part of the discussion in Montgomery County lately (see here and here). If you’re going to own a home, however, they’re a part of the equation when making your mortgage payment every month.  These amounts will vary from locality to locality, and in some cases a municipality will have TWO rates – one rate will be for the City or Town, and the other rate will be for the appropriate County.  Feel free to use the phone numbers below to contact the taxing authority if you have questions.* The good …

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There Simply Isn’t a 3.8% Real Estate Tax

It’s been written here before. It’s simple, really – don’t make more than $200,000 (or $250,000 if you’re filing jointly).  But since you shouldn’t be restricted to how much you make – and if you make that much, congratulations! – here’s the deal. Remember that little health care debate that raged in 2010?  Part of that bill had a provision that applied a 3.8% tax on unearned income for high-income taxpayers; that  tax has been mistakingly labeled as a real estate transfer tax, and it’s simply not true.  The truth is: If your total income for 2013 is less than …

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Why Real Estate Taxes Won’t Kill Real Estate in Montgomery County

Montgomery County real estate taxes are going up. The Board of Supervisors voted to raise the real estate tax to $.87 per $100 of assessed value, retroactive back to January 1st of this year.  It doesn’t stave off losing some positions within the school system, but apparently it’s all the Supervisors could stomach. The increase is expected to help fund debt service on new high schools for Blacksburg and Auburn and the renovation of Auburn Middle School, among other needs. Earlier this month, county schools Superintendent Brenda Blackburn warned of possible staffing cuts and school consolidation if the county did …

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I Received A Tax Bill – Now What?

This afternoon, I received an email from a recent first-time buyer, who asked: ‘Tis the season! When you purchase a home, you have the option of either establishing an escrow account, or not establishing one.  From an earlier post: When you establish an escrow account with your lender, each month your mortgage payment is divided in to four parts:  (1) Principal, (2) Interest, (3) Taxes and (4) Insurance. Principal pays down the amount of the loan. Interest is the interest on your loan. Taxes are your real estate taxes (take the yearly tax amount and divide by 12 and you’ll know your monthly …

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