Tagged: tax

Reform America's Broken Housing Finance System 12

Reform Our Broken Housing Finance System

Hensarling Lays Out Principles for Housing Finance Reform, Expresses Support for Bipartisan Approach “I stand ready to negotiate….with any other stakeholder that shares my belief that America deserves a sustainable housing finance system, and deserves one now.” WASHINGTON – House Financial Services Committee Chairman Jeb Hensarling (R-TX) today outlined reforms to fix America’s broken housing finance system. During a speech at a conference on the future of the U.S. housing market, Chairman Hensarling said he would work on a bipartisan basis to come up with a reform package provided it included certain key principles. He also pointed to a proposal authored...

Tax Reform & Appraisers Responsibility to Verify Data - AppraisersBlogs 12

It’s All About the Details…

The National Association of Realtors is encouraging all members and citizens to contact their representatives concerning tax reform. Congress is considering many tax reforms including the elimination of the mortgage interest deduction. See their website for further details on how the middle class can be impacted. Excerpt from NAR Tax Reform Call for Action: I urge you to oppose any tax reform plan that would weaken the tax incentives for owning a home, such as the mortgage interest deduction. Additionally, please do not let a tax reform plan increase taxes on middle-class homeowners through the elimination of the state and...

Tax Appeal Work 8

Tax Appeal Work & Appraisers

Taxing the System – Tax Appeal The Department receives a number of appraisal complaints related to property tax assessment appeals each and every year. While most originate with assessors and boards of review, some come from appellants themselves. The most frequent complaint involves alleged undervaluation and advocacy on the part of the appraiser. The local assessor or board of review will allege that the appraiser deliberately omitted more relevant sales by “cherry-picking” distressed sales or choosing sales from inferior locations. Appraisers are not hired guns by counsel. Advocacy is a career-killer. Unlicensed practice is the next most frequent complaint. There...

Stop the Housing Tax for Transportation -Taxing us out of our homes - Flickr - Riley Kaminer 2

Stop the Housing Tax for Transportation

Hidden tax on homeowners The California Association of Realtors® in conjunction with the National Association of Realtors® has published a widespread “Call to Action”, Stop Congress From Taking Money From Future Homeowners. I have already contacted my Congress Member and received a reply. In a nutshell, the bill being discussed is a hidden tax on homeowners. Whether on a refinance or on a new purchase, anyone with a mortgage of about $400,000 could expect to pay an additional $8,000 for federal transportation infrastructure funding through an add on mortgage tax included in their monthly payment! For decades the Federal Highway...

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Tax-Related Appraiser Liability Claims

In the last several years, we have seen more negligence claims relating to appraisals performed for tax purposes, especially appraisals for conservation easements, charitable deductions, and estate or gift tax.  The IRS is particularly focused at this time on scrutinizing appraisals of conservation and preservation easements submitted for the purpose of substantiating a charitable deduction by the property owner/tax payer.  Here, the property owner is generally proposing to record an easement over his property to protect a natural aspect or preserve historic features like a building facade.  The easement typically will be donated to and held by a charitable organization,...

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Over 275 Websites for Property Assessment and Valuation

Selected Internet Resources for Property Assessment Administration and Tax Professionals Property tax consultant Richard Sanderson has had more than 30 years experience in property tax administration and has valued some of the most complex properties for tax purposes over the years.  He has just compiled and released a 24 page resource guide for property assessors, appraisers, tax professionals, and others interested in property valuation and tax policy. Entitled “Selected Internet Resources for Property Assessment Administration and Tax Professionals” the guide includes more than 275 websites that are very useful to: Academics in the field of local government administration and tax policy...

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