The back taxes owed on a home are found in listings of homes scheduled for tax foreclosure at the county courthouse, in local newspapers or posted online by the local county government, according to Jeannine Mancini for SFGate. Lists of these homes can also be located by contacting the county tax collector's office.
Each state has its own set of rules and differing fees and penalties for nonpayment of real estate taxes, notes Marie Huntington for The Nest. When homeowners fall behind on taxes, their county government can sell their homes at auction. The county tax collector must place a lien against the property before it can be sold. Bidding for the home starts with the amount of back taxes owed plus fees, court costs and interest. In many cases, the successful bidder is able to acquire the property for significantly lower than market value.
Some states grant the successful bidder full rights to the property, while others grant ownership of the lien and require the bidder to foreclose and evict the delinquent taxpayers himself. Some states have a redemption period that gives the delinquent taxpayer the right to pay off the tax debt and retain ownership of the home for a specified time period after the tax sale, explains Huntington.Learn More
Bonuses are taxed at high rates because the money raises your tax bracket and is taxed at the higher rate during that pay period. Alternatively, the Internal Revenue Service allows your employer to withhold a flat rate on the bonus for taxes.Full Answer >
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As of 2015, there is no inheritance tax on the property of decedents that lived in the state of Wisconsin. There are no estate taxes imposed either, though a federal estate tax is imposed on estates valued at $5,430,000 and higher in all states, according to about.com money experts.Full Answer >
The largest portion of local government tax revenue in the United States comes from residential and commercial property taxes. Overall, local governments obtained more than 75 percent of their fiscal year 2010 tax revenues from property taxes, as reported by the U.S. Census Bureau. During that same fiscal year, New Hampshire was the state whose local governments relied most heavily on property taxes, with New Jersey and Vermont in second and third place, respectively.Full Answer >