Laws & Taxes

May 26, 2011 - (RealEstateRama) -- Assembly Speaker Sheldon Silver today unveiled legislation to provide real relief for hard working men and women across New York State by capping local property taxes at two percent while at the same time including important safeguards to ensure communities are able to provide critical services for their citizens. The legislation prohibits local governments and school districts from exceeding the two percent threshold on the total tax levy and requires a 60 percent vote to override the levy. "Our message to property owners who have struggled under the burden of soaring taxes is simple," said Speaker Silver (D-Manhattan).

May 26, 2011 - (RealEstateRama) -- In response to the recent Tax Foundation study, again demonstrating the regressive burden shouldered by New Jersey property taxpayers, League of Municipalities’ President, Mayor Chuck Chiarello of Buena Vista Township, issued the following statement:

Washington, DC - May 26, 2011 - (RealEstateRama) -- The National Association of Realtors® supports a secondary mortgage market model with some level of government participation that would protect taxpayers and ensure that creditworthy consumers have access to affordable mortgage capital in all markets at all times.

May 24, 2011 - (RealEstateRama) -- On May 25, NLIHC President and CEO Sheila Crowley will testify in support of the National Housing Trust Fund (NHTF) at a hearing of the House Financial Services Subcommittee on Capital Markets and Government Sponsored Enterprises (GSEs) titled, “Transparency, Transition and Taxpayer Protection: More Steps to End the GSE Bailout.” The hearing will be at 2 pm in room 2128 of the Rayburn House office building.

May 23, 2011 - (RealEstateRama) -- It's one of the most vexing -- yet explainable -- questions homeowners/property taxpayers face: How can it be that my home's value has gone down but my property tax bill has gone up?

Pearl River, NY - May 19, 2011 - (RealEstateRama) -- As an increasingly heated debate on property tax relief continues to focus solely on a tax cap, Assemblywoman Ellen Jaffee (D-Suffern) today announced she has introduced legislation (A7673) that creates an income-based tax “circuit breaker” as a viable alternative that actually lowers homeowners’ tax bills while protecting quality education.

May 19, 2011 - (RealEstateRama) -- In response to the announcement that hundreds of millions of previously unanticipated dollars are now available to address priority needs, League of Municipalities’ President, Mayor Chuck Chiarello of Buena Vista Township, issued the following statement

San Francisco, CA - May 18, 2011 - (RealEstateRama) -- Mayor Edwin M. Lee today introduced a proposed $248 million bond measure for the November 2011 ballot that will repave streets and eliminate potholes in neighborhoods throughout San Francisco and seismically strengthen and repair deteriorating bridges, overpasses and staircases, all without raising property tax rates and subject to independent oversight and regular audits. Recommended as part of the citywide Ten-Year Capital Plan to improve and invest in the City’s infrastructure, the Road Repaving & Street Safety Bond will also improve streetscapes for pedestrian and bicyclist safety, improve traffic flow on local streets and install sidewalk and curb ramps to meet the City’s obligations under the Americans with Disabilities Act. The measure is co-sponsored by Supervisors David Chiu and Scott Weiner with Supervisors John Avalos, David Campos, Eric Mar, and Ross Mirkarimi also signing on.

May 17, 2011 - (RealEstateRama) -- Loudoun County Treasurer H. Roger Zurn Jr. reminds taxpayers that the deadline for payment of the first half business tangible personal property tax is Monday, June 6, 2011.

Albany, NY - May 16, 2011 - (RealEstateRama) -- Governor Andrew M. Cuomo today continued his "People First Campaign" at Hofstra University, where he outlined his legislative priorities and told Long Islanders that their voices must be heard in order to get Albany to act on these key reforms.

May 16, 2011 - (RealEstateRama) -- Loudoun County Treasurer H. Roger Zurn Jr. reminds taxpayers that the deadline for payment of the first half real property tax is Monday, June 6, 2011. Payments postmarked after June 6, 2011, will incur a 10% late payment penalty. The penalty date will not be extended for bills where assessment questions have been filed with the Board of Equalization. Additional interest at the rate of 10% per annum will be assessed

Washington, DC - May 16, 2011 - (RealEstateRama) -- Congressman Don Manzullo (R-Egan) has unveiled legislation to require Fannie Mae and Freddie Mac to continue paying annual dividends back to the US Treasury to ensure the “ringleaders” of the housing crisis keep paying off their debt to American taxpayers.

Kansas City, KS - May 16, 2011 - (RealEstateRama) -- Officials from Kansas Housing Resources Corporation (KHRC), the Unified Government of Wyandotte County/Kansas City, Kansas and the Kansas Preservation Alliance celebrated the grand opening of Lowell School Apartments, a new affordable housing development serving the elderly and adults with disabilities. The historic rehab converted a vacant elementary school into 26 energy-efficient, loft-style apartments. Rents for the one, two and three bedroom units range from $450 to $650

Washington, DC - May 13, 2011 - (RealEstateRama) -- Representative Gary Peters and Representative John Campbell (R-CA) have introduced a bipartisan plan to reform the mortgage market - putting an end to taxpayer-funded bailouts while preserving access to affordable mortgages for middle class families.

BEDFORD, N.H. - May 11, 2011 - (RealEstateRama) -- At its recent meeting, New Hampshire Housing Finance Authority’s Board of Directors approved the commitment of nearly $3 million in federal tax credits that will be used to support construction of 21...

New York, NY - May 10, 2011 - (RealEstateRama) -- Today, Governor Cuomo begins a statewide tour in support of his legislation to enact a hard property tax cap in New York. The Governor is right - - soaring property taxes are driving middle-class families out of their homes and forcing businesses to flee the state.

Torrance, CA - May 9, 2011 - (RealEstateRama) -- Shelby Q. McMahon has joined the national real estate law firm Pircher, Nichols & Meeks as an associate. Based in the Los Angeles office, she focuses on various aspects of property transactions such as acquisitions, sales and financing.

ORLANDO, FL - May 6, 2011 - (RealEstateRama) -- With the state Legislature’s passage of HJR 381/SJR 658, lawmakers have made it clear today that they share the goal of Florida Realtors® in bringing fairness to Florida's property tax system. As Florida leaders seek ways to attract businesses, out-of-state buyers and investors to the Sunshine State, the appeal of a property tax incentive is a strong one.HJR 381/SJR 658 would, among other things, provide property tax relief to non-homestead owners and first-time buyers.

WASHINGTON, DC - May 3, 2011 - (RealEstateRama) -- Today, U.S. Representative Mike Quigley (IL-05), along with Reps. Tim Walz (MN-1) and Gary Peters (MI-9), introduced legislation to eliminate taxpayer subsidies for yachts. The Ending Taxpayer Subsidies for Yachts Act will amend a tax provision that allows boat owners to write off their mortgage interest payments if they classify their boats as second homes.

WALTHAM, MA - May 3, 2011 - (RealEstateRama) -- The Massachusetts Association of REALTORS® (MAR) reported today that the number of single-family homes and condominiums put under agreement in April went up for the third straight time compared to the month before. On an annual basis, both single-family and condominium pending sales were down from the same time last year, which was the final month for people to put a home under agreement to take advantage of the home buyer tax credit in 2010

New York, NY - April 28, 2011 - (RealEstateRama) -- Senate Republicans today renewed their call for the Assembly to act on the Governor’s property tax cap legislation in light of new data showing New Yorkers pay the highest property taxes in the United States.

April 26, 2011 - (RealEstateRama) -- Doug Lasher, Clark County Treasurer, stated that first-half property taxes are due on Monday, May 2 due to April 30 falling on the weekend. “If you have not received your 2011 first-half tax statement or have lost it, you can visit our web site at www.clark.wa.gov/treasurer or contact the Treasurer’s Office at 397-2252 for a duplicate statement.”

April 26, 2011 - (RealEstateRama) -- For too long, middle-class taxpayers have been stuck with the costs of paying for more and more government. In 2000, the average property tax on a median value home in Wisconsin was $2,110. By 2006 it had risen to $2,729. Today it’s $2,963. Without the property tax reforms in our budget, these middle-class tax bills would rise to $3,425 by 2013.

BISMARCK, ND - April 22, 2011 - (RealEstateRama) -- The Industrial Commission announced today that the North Dakota Housing Finance Agency (NDHFA) has granted conditional commitments for $2.9 million in Low Income Housing Tax Credits (LIHTC) for constr...

April 18, 2011 - (RealEstateRama) -- Earlier today in federal court in Minneapolis, a 49-year-old Champlin woman pleaded guilty to her role in a mortgage fraud scheme involving at least 200 properties—principally in north Minneapolis—and mortgage proceeds of approximately $35 million. Gayle Deann Claus pleaded guilty to one count of conspiracy to commit mail and wire fraud. Claus, who was indicted on June 15, 2010, along with two co-defendants, entered her plea before United States District Court Judge David S. Doty.

April 14, 2011 - (RealEstateRama) -- Loudoun County Treasurer H. Roger Zurn Jr. reminds taxpayers that the deadline for payment of the first half personal property tax is Thursday, May 5, 2011.

WASHINGTON, D.C. - April 14, 2011 - (RealEstateRama) -- The House and Senate are set to vote today on a budget deal that cuts nearly $40 billion from non-defense discretionary programs. Members of the Campaign for Housing and Community Development Funding (CHCDF), a coalition of 72 national affordable housing and community development groups, believe those cuts should not come at the expense of low income households who cannot afford housing or from communities that desperately need assistance. In reality, lawmakers have proposed exactly that by cutting HUD’s budget 6.4% below the FY10 funding levels.

TRENTON, NJ - April 121, 2011 - (RealEstateRama) -- Attorney General Paula T. Dow and Criminal Justice Director Stephen J. Taylor announced that six men were indicted today on charges that they stole more than $2.6 million from lenders by filing fraudulent mortgage loan applications.

New York, NY - April 121, 2011 - (RealEstateRama) -- Senate Majority Leader Dean G. Skelos, Assembly Minority Leader Brian Kolb and representatives of business organizations today urged the Assembly Majority to act on a meaningful property tax cap bill. The Senate overwhelmingly passed Governor Cuomo’s property tax cap legislation with bipartisan support earlier this year.

Las Vegas, NV - April 11, 2011 - (RealEstateRama) -- Question: There are many short sale properties on the market in Nevada. Is it legal for a buyer to place multiple offers on multiple homes?