Laws & Taxes

April 8, 2011 - (RealEstateRama) -- In July 2010, the Loudoun County Treasurer’s Office was among the first in the Commonwealth of Virginia to offer individual taxpayers the opportunity to receive their personal property tax bills electronically. Since that time, more than 12,000 citizens have registered and received their personal property tax bills through e-mail.

April 7, 2011 - (RealEstateRama) -- Montgomery County homeowners who have a limited income or are at least 70 years of age may be eligible for property tax credits that will limit the amount of taxes they must pay. One application will determine eligibility for three programs -- the Maryland Homeowners’ Property Tax Credit Program; the Montgomery County Supplemental Property Tax Credit; and the Montgomery County Senior Property Tax Credit.

San Francisco, CA - April 7, 2011 - (RealEstateRama) -- The Federal Reserve, Office of the Comptroller of the Currency, and Federal Deposit Insurance Corporation have drafted consent decrees with the nation’s largest mortgage servicers that would purportedly improve their foreclosure practices. These legal agreements represent an inadequate attempt by regulators to address illegal servicing practices that have caused countless people to lose their homes.

New York, NY - April 4, 2011 - (RealEstateRama) -- Fried Frank's renowned real estate practice has been shortlisted for The Chambers USA Awards for Excellence 2011. Chambers USA Awards for Excellence honor law firms and lawyers for their pre-eminence in key practice areas and the caliber of their achievements over the previous 12 months.

New York, NY - March 24, 2011 - (RealEstateRama) -- Nassau County Executive Edward P. Mangano today submitted a revised financial plan for Fiscal Year 2011 that protect homeowners and employers from a 21.5% property tax increase. The plan includes reductions through layoffs, the elimination of vacant positions, furloughs and by freezing wages and longevity pay

WASHINGTON, D.C. - March 23, 2011 - (RealEstateRama) -- The IRS today released information on processing issues that are impacting a small percentage of tax returns involving repayment of the First Time Homebuyer Credit (FTHB), primarily involving 2008 home purchases. While most of these returns are processing normally, the IRS recognizes the hardship caused by delayed refunds, and it has assigned additional staff and resources to address the issues promptly.

March 17, 2011 - (RealEstateRama) -- Due to the change in accounting rules applied by the Nassau Interim Finance Authority (NIFA), Nassau County Executive Edward P. Mangano today announced major budget cuts for 2011 that protect homeowners and employers from a 21.5% property tax increase. The County Executive detailed over $121.2 million in budget cuts that include $60.5 million in employee-related spending reductions, $40 million in across the board budget cuts and $20 million in lower tax refund liability than projected by NIFA

March 17, 2011 - (RealEstateRama) -- Norfolk Commissioner of Revenue Sharon McDonald has begun notifying veterans and veterans groups that guidelines have been established that disabled veterans will have to follow to apply for property tax relief on their homes. McDonald’s office will administer the program.

SALT LAKE CITY, UT – March 17, 2011 – (RealEstateRama) — For more than 20 years, the Pamela Atkinson Homeless Trust Fund tax campaign has encouraged the citizens of Utah to pledge a donation on their tax return to the fund. This year,...

LANSING, MI - March 17, 2011 - (RealEstateRama) -- Owners of historic commercial properties are encouraged to attend a workshop on maximizing the use of Federal and State Historic Preservation Tax Credits on, Thursday, March 24. The workshop will be presented by the City of Owosso, Owosso Main Street/DDA, the Michigan Historic Preservation Network/National Trust for Historic Preservation and the State Historic Preservation Office.

WASHINGTON, D.C. - March 17, 2011 - (RealEstateRama) -- This week, the House of Representatives voted to terminate the Neighborhood Stabilization Program, saving $1 billion of taxpayer money. The Neighborhood Stabilization Program was created in the 2008 Fannie Mae and Freddie Mac bailout bill and allocated federal taxpayer dollars to state and local governments to purchase, renovate, rebuild, and resell abandoned and foreclosed property.

SPRINGFIELD, IL - March 17, 2011 - (RealEstateRama) -- A Springfield, Illinois real estate agent, Darlene M. Adkins, 65, today entered pleas of guilty to concealing assets in a bankruptcy proceeding and making a false statement to a bank, as announced by Jim Lewis, U.S. Attorney for the Central District of Illinois. Sentencing is scheduled for July 18, 2011

WASHINGTON, DC - March 17, 2011 - (RealEstateRama) -- Members of the Building Owners and Managers Association (BOMA) International will bring their message to lawmakers around the country the week of March 20 as part of BOMA’s annual National Issues Conference. As part of an industry that supports one million jobs in the United States and contributes $118 million to GDP in office building operating outlays alone, BOMA members will meet with their Representatives and Senators to explain the critical role commercial real estate plays in a thriving economy and to gain support for key industry issues. Because of the new Congressional work schedule, the conference, which usually takes place in Washington, D.C., will be held locally around the U.S while lawmakers are in their home districts.

LANSING, MI - March 16, 2011 - (RealEstateRama) -- Owners of historic residential and commercial properties are encouraged to attend a workshop on maximizing the use of Federal and State Historic Preservation Tax Credits on Tuesday, March 22. The workshop will be presented by the State Historic Preservation Office (SHPO), the Michigan Historic Preservation Network (MHPN), the National Trust for Historic Preservation (NTHP), and Preservation Saginaw.

March 16, 2011 - (RealEstateRama) -- "The first of three bills before me today is Introductory Number 26-A, sponsored by Council Members Vann, Comrie, Brewer, James, Mark-Viverito, Arroyo, Williams, Gennaro, Ferreras, Lander, Dickens, Dilan, Gentile, Jackson, Greenfield, Barron, Sanders, Rivera, Levin, Foster, Seabrook, Rose, Eugene, Koslowitz, Chin, Gonzalez, Nelson, Reyna, Rodriguez, Van Bramer, Mealy, Mendez, Wills, Crowley, Palma, Cabrera, Vacca, Ulrich, Koo and Koppell. Introductory Number 26-A extends the City's authority to sell liens on delinquent tax, water, and property related charges until 2014

LINCOLN, NEB. - March 16, 2011 - (RealEstateRama) --The recently-released 2006-2010 CDBG Investments and Impacts brochure contains eye-opening statistics related to Nebraska’s strategic use of Community Development Block Grant (CDBG).

HARRISBURG, PA - March 15, 2011 - (RealEstateRama) -- Commonwealth Cornerstone Group, a nonprofit corporation created by the Pennsylvania Housing Finance Agency, has secured $28 million in new markets tax credit (NMTC) allocations from the U.S. Treasury Department's Community Development Financial Institutions Fund.

Washington, DC - March 15, 2011 - (RealEstateRama) -- “Owning a home offers myriad benefits throughout the year, but some of the financial advantages of home ownership are most apparent at tax time,” said NAR President Ron Phipps, broker-president of Phipps Realty in Warwick, R.I. “As many of today’s hard-working American families are feeling a financial squeeze, the tax benefits that can come from owning a home can be a welcome relief.”

WASHINGTON, D.C. - March 15, 2011 - (RealEstateRama) -- As the April 18 federal income tax filing deadline approaches, many American home owners are realizing the financial benefits of homeownership—savings that can add up to tens of thousands of dollars over several years."The mortgage interest deduction is one homeownership tax incentive that has been part of the tax code for nearly 100 years," said Bob Nielsen, chairman of the National Association of Home Builders and a home builder from Reno, Nev. "Incentives such as this have helped millions of American families be able to afford a home of their own."

West Hartford, CT - March 9, 2011 - (RealEstateRama) -- The Connecticut Real Estate Investors Association, or CT REIA, in association with Al Aiello, is announcing the March 2011 CT REIA monthly meeting for real estate investors. This event will take place on Monday March 21, 2011, from 5:30pm to 9:00pm at the Crowne Plaza Hotel, 100 Berlin Road, Cromwell, CT. This event is free for CT REIA members, and $30 for not-yet-members.

March 7, 2011 - (RealEstateRama) -- Doug Lasher, Clark County Treasurer, announced that a Property Tax Foreclosure Auction will be conducted on Friday, March 18, 2011, at 9 a.m. in the 6th Floor Hearing Room, Clark County Public Service Center Building, 1300 Franklin Street, Vancouver, Washington. Lasher stated, “As of March 7, there are 13 parcels subject for sale this year; however, this number may be reduced if payment is made by 5 p.m. on Thursday, March 17.”

MOUNT CLEMENS, MI - March 4, 2011 - (RealEstateRama) -- Macomb County Executive Mark Hackel announced today that a popular housing rehabilitation program is back in operation after a brief hiatus.

March 3, 2011 - (RealEstateRama) -- Doug Lasher, Clark County Treasurer, announced that first-half 2011 property statements have been mailed. Property statements include property tax levy amounts and special assessments. There were 108,796 statements mailed. “Taxpayers whose taxes and assessments are not paid through a mortgage company and have not received their statement within ten days should visit the web site at www.clark.wa.gov/treasurer or call the Treasurer’s Office at (360) 397-2252.” Taxpayers are responsible for paying their first-half property taxes by Monday, May 2, in order to avoid interest and penalties.”

WARREN, MI - March 3, 2011 - (RealEstateRama) -- State Senator Steven Bieda (D-Warren) announced today he has made available a taxpayer’s guide to property tax assessment to assist Macomb County residents. The guide, posted on Senator Bieda’s web-site at www.senate.michigan.gov/Bieda, focuses on taxpayer rights and explains the assessment appeals process

WASHINGTON, D.C. - March 3, 2011 - (RealEstateRama) -- The National Association of Home Builders (NAHB) urges members of the House of Representatives to show their support for homeownership and the mortgage interest deduction by co-sponsoring H. Res. 25."This resolution acknowledges the importance of homeownership to individual households, the economy and the nation," said NAHB Chairman Bob Nielsen, a home builder from Reno, Nev. The resolution also states that the mortgage interest deduction "may well be the most important component of housing-related tax policy in America today" and should not be further restricted, he said

March 2, 2011 - (RealEstateRama) -- Missouri Housing Development Commission (MHDC) has approved 28 applications from developers for the construction of new affordable housing developments and the rehabilitation of existing properties. MHDC administers the federal and state low-income housing tax credits and federal HOME monies to developers who provide affordable housing, designed to serve low- and moderate-income populations in the state of Missouri.

February 28, 2011 - (RealEstateRama) -- The Hampton Office of the Assessor of Real Estate has assessed all real property in the City of Hampton based on the fair market value as of January 1, 2011. The total taxable value of all property is $11,022,740,100 (down 1.7 percent from FY2011)

WASHINGTON, DC - February 24, 2011 - (RealEstateRama) -- U.S. Sen. Sherrod Brown (D-OH) today announced that $28 million in tax credits were granted to the Cincinnati Development Fund (CDF) and $18,000,000 in tax credits were granted to the Cincinnati New Markets Fund. The tax credits were provided by the U.S. Department of Treasury’s Community Development Financial Institutions (CDFI) Fund New Markets Tax Credit (NMTC) program. NMTC allocations will allow for economic and community development that fosters job growth in the Greater Cincinnati Area.

ATLANTA, GA - February 23, 2011 - (RealEstateRama) -- State Representative Brett Harrell (R-Snellville) today announced the introduction of House Bill 291, legislation prohibiting nontax fees from appearing on property tax bills.

WASHINGTON, D.C. - February 23, 2011 - (RealEstateRama) -- The National Housing Law Project, the National Low Income Housing Coalition, the National Law Center on Homelessness and Poverty and the Housing Justice Network have petitioned the Federal Housing Administration (FHA) to stop forcing lenders to give misleading and deceptive information to tenants in foreclosed homes – information that leads tenants to forego rights guaranteed to them by the federal Protecting Tenants at Foreclosure Act (PTFA)