Laws & Taxes

BISMARCK - December 28, 2010 - (RealEstateRama) -- The Industrial Commission of North Dakota has approved the 2011 Low Income Housing Tax Credit (LIHTC) Qualified Allocation Plan, making more than $2.4 million worth of federal tax credits available to developers of affordable housing

WASHINGTON, DC - December 28, 2010 - (RealEstateRama) -- The Justice Department today announced a $1.25 million agreement with Warren Properties Inc., Warren Village (Mobile) Limited Partnership and Frank R. Warren to settle allegations that the defendants violated the Fair Housing Act by refusing to grant a tenant’s requests for a reasonable accommodation. This settlement is the largest ever obtained by the department in an individual housing discrimination case.

SAN BERNARDINO, CA - December 28, 2010 - (RealEstateRama) -- San Bernardino County Assessor Dennis Draeger announced today that property tax relief will be available for victims of last week’s devastating floods that have ravaged San Bernardino County. According to news reports, many structures have either been destroyed or suffered extensive damage as a result of flooding in many areas of San Bernardino County

WASHINGTON, DC - December 22, 2010 - (RealEstateRama) -- Congressman Charles B. Rangel joined a bipartisan majority Tuesday in passing legislation that will improve a federal housing program for those with disabilities.

SPRINGFIELD, IL - December 22, 2010 - (RealEstateRama) -- Economic and seasonal factors and a residual tax credit effect impacted home sales in November while prices held steady for three consecutive months with half of Illinois counties reporting posting a median price increase or no change from a year ago. According to the Illinois Association of REALTORS® latest report, statewide total home sales (single family and condominiums) were down 3.5 percent year-to-date January through November 2010 with 95,973 home sales posted compared to 99,494 home sales for the same period in 2009. For the month of November home sales totaled 6,884, down 34.5 percent from 10,505 home sales in November 2009

WASHINGTON, D.C. - December 17, 2010 - (RealEstateRama) -- At its December 16th, 2010 meeting, the CHFA Board of Directors approved the Resolution Authorizing for Public Comment Purposes Amendments to the Low-Income Housing Tax Credit Procedures

December 14, 2010 - (RealEstateRama) -- Concerned that a significant number of already-expired public employee contracts would not be subject to the proposed two percent cap on arbitration awards to public employee unions, Assemblyman Declan O'Scanlon introduced today a measure clarifying that the cap would apply to contracts that expired before the cap begins on Jan. 1

ANCHORAGE, AK - December 14, 2010 - (RealEstateRama) -- Monday, December 13, 2010 - Alaska Housing Finance Corporation (AHFC) announced the award of $26 million in federal tax credits to Cook Inlet Housing Authority (CIHA) for the redevelopment of Loussac Manor, a 50-year-old public-housing site in Anchorage. AHFC had relocated the former tenants from the 62-unit complex this summer, and the demolition of the site is currently underway

December 10, 2010 - (RealEstateRama) -- Assembly Republican Declan O’Scanlon, R-Monmouth and Mercer, released the following statement regarding an announcement by Governor Christie of a bipartisan agreement on arbitration reform which is a key component of the governor’s property tax reform Tool Kit package:

December 9, 2010 - (RealEstateRama) -- Assembly Republican Leader Alex DeCroce, R-Morris and Passaic, released the statement below regarding today's announcement by Governor Christie of a bipartisan agreement on arbitration reform which is a vital element of the governor's property tax reform Tool Kit package:

WASHINGTON, DC - December 8, 2010 - (RealEstateRama) -- PrimeLending, a national mortgage lender with 168 offices in 32 states at the end of 2009, has agreed to pay $2 million to resolve allegations that it engaged in a pattern or practice of discrimination against African-American borrowers between 2006 and 2009.

AUSTIN, TX - December 8, 2010 - (RealEstateRama) -- Texas State Representative Bill Callegari (District 132, Katy) announced the introduction of legislative packages to lower the state's spending cap and, separately, limit home property tax appraisals.

December 3, 2010 - (RealEstateRama) -- Loudoun County Treasurer, H. Roger Zurn Jr. reminds taxpayers that the deadline for payment of the second half real property tax is Monday, December 6, 2010. Payments postmarked after December 6, 2010 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

Saint Paul, MN - November 26, 2010 - (RealEstateRama) -- Property tax levies will increase an average of 2.6 percent statewide if proposed local tax levies are adopted later this year, the Minnesota Department of Revenue announced today. This compares to last year’s 3.1 percent increase and an average change of 5.3 percent over the past three years

November 23, 2010 - (RealEstateRama) -- U.S. Sen. Bill Nelson, in a speech to the Chamber of Commerce of Southwest Florida in Fort Myers today, proposed Congress use money from so-called congressional earmarks to help reinstitute the homebuyers tax credit as a means of addressing the state and country’s sagging real estate markets. The program provided an $8,000 tax credit for qualified first-time homebuyers and a $6,500 tax credit for repeat buyers. In the first quarter of this year, the tax credit led to a six percent increase in all home sales and a forty-two percent increase in the sale of new homes. But the program expired earlier this year. Following are excerpts of his prepared remarks

November 22, 2010 - (RealEstateRama) -- With only 39 days left until the state’s new hard property tax cap takes effect and with no meaningful property tax reform legislation again on today’s General Assembly Board list, Assembly Republicans said Assembly Democrats are inaccurately portraying to the public their legislative efforts in advancing Governor Christie’s property tax reform Tool Kit

ATLANTIC CITY, NJ - November 18, 2010 - (RealEstateRama) -- Frustration boiled over at the League of Municipalities conference this morning, as local officials had a chance to address state lawmakers and a cabinet official on Gov. Chris Christie’s “tool kit” measures meant to help them curtail property taxes.

November 18, 2010 - (RealEstateRama) -- December 31 is the deadline to file for Urban Revitalization Tax Exemption on eligible properties which received property improvements during calendar year 2010. All residential property owners within the corporate limits of the City of Sioux City that made improvements to their property in 2010 are encouraged to apply for the tax exemption.

November 17, 2010 - (RealEstateRama) -- After meeting with mayors and other local officials at the New Jersey State League of Municipalities' annual convention, Assemblyman Domenick DiCicco said the need for property tax reform has never been more urgent.

November 15, 2010 - (RealEstateRama) -- Assembly Republican Conference Leader Jon Bramnick said Monday’s scheduled Assembly committee hearings are more noteworthy for bills that are not listed on the panels’ agendas instead of the items that will be considered. Six committees will convene, but none will be evaluating any of the property tax reform legislation contained in the Tool Kit.

November 15, 2010 - (RealEstateRama) -- Assembly Democrats have cancelled four committee meetings on Monday, while the other six will consider 19 bills, none of which deals with the property tax reform measures contained in Governor Christie’s Tool Kit. Assembly Republican Leader Alex DeCroce, R-Morris and Passaic, said today it can’t be any clearer that the majority party does not believe that the issue of property taxes is the number one priority of New Jersey taxpayers.

COLUMBUS, OH - November 11, 2010 - (RealEstateRama) -- Todd M. Gongwer, of Columbus, Ohio, was sentenced today to two years in prison for conspiring with convicted Columbus area home builder Thomas Parenteau to commit a mortgage fraud scheme in which the pair defrauded banks into lending more than $10 million to Gongwer, his nominees and unqualified borrowers, the Justice Department announced today. Gongwer was also sentenced for committing tax evasion by using bank accounts of others to hide the income that he earned from ReMax Affiliates from 2000 through 2005

Washington, DC - November 11, 2010 - (RealEstateRama) -- Fully half of metropolitan areas tracked in the third quarter continued to show modest home price increases from a year ago, despite a sharp decline in home sales after the deadline for the home buyer tax credit, according to the latest survey by the National Association of REALTORS®.

SPRINGFIELD, IL - November 10, 2010 - (RealEstateRama) -- More than half of Illinois counties reported gains in the median home sale price during the third quarter of 2010 compared to a year ago despite the post-tax credit slowdown in sales activity. According to the Illinois Association of REALTORS® (IAR) third quarter 2010 report, Illinois home sales (which include single-family homes and condominiums) totaled 24,628 in the third quarter, down 24.9 percent from 32,776 home sales in the same period a year ago. The third quarter statewide median home sale price was $154,000, down 6.1 percent from $164,000 in the third quarter of 2009. The median is a typical market price where half the homes sold for more, half sold for less.

November 8, 2010 - (RealEstateRama) -- Noting that Assembly committees are considering nearly 40 pieces of legislation today, none of which deals with Governor Christie’s property tax reform Tool Kit that will provide sustained relief to taxpayers, Assembly Republican Leader Alex DeCroce and Conference Leader Jon Bramnick said it is disgraceful that Democrat leaders continue to waste valuable time by failing to consider the key parts of the Tool Kit package.

November 5, 2010 - (RealEstateRama) -- Assemblymen John Amodeo and Vince Polistina, both R-Atlantic, said today that taxpayers should be outraged that none of the proposals to fix New Jersey’s broken property tax system are scheduled to be heard by an Assembly committee on Monday

November 5, 2010 - (RealEstateRama) -- Assembly Republican members Alison Littell McHose and Gary Chiusano, both R-Sussex, Morris, and Hunterdon, issued the following statements regarding Monday’s Committee hearings in which Democrat leaders again failed to post property tax reform Tool Kit legislation:

November 5, 2010 - (RealEstateRama) -- With four Assembly committees cancelling their meetings on Monday and no property tax reform Tool Kit legislation under consideration by the remaining panels, Assembly Republican Domenick DiCicco, R-Gloucester and Camden, today said Democrats continue to ignore their responsibility to provide relief to homeowners who pay the highest property taxes in the country.

November 5, 2010 - (RealEstateRama) -- Assembly Democrats are doing nothing to help property taxpayers and local officials deal with senseless court-ordered affordable housing mandates and other property tax drivers when a hard property tax cap is set to begin in less than two months, Assembly Republican Whip David Rible said today.

FRESNO, CA - November 5, 2010 - (RealEstateRama) -- United States Attorney Benjamin B. Wagner announced that a federal grand jury returned a four-count indictment today, charging Brian Keith Cortez, 47, of Fresno, with evading the assessment of income taxes.