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Propety Property Tax Relief – Financial Assistance For Real Estate Owners

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Propety Property Tax Relief – Financial Assistance For Real Estate Owners

Propety is a unique property tax settlement program established in Pennsylvania. It offers tax relief to commercial and industrial property owners. Propety was designed for owners of large, expensive properties that were damaged or destroyed by hurricanes, fires or other disasters. Under the terms of the plan, the property owner may recover the difference between the commercial property tax bill and the assessed value. Propety benefits may be awarded in a number of different forms including:

Property taxes are often a major expense for local governments. In many areas, property taxes are assessed at 100% of the property value. Due to this high assessment, property taxes can force large amounts of debt onto local governments, especially those who rely heavily on income from taxes. Many residents also do not see the benefit in paying property taxes as they see them as a form of income which is deducted at tax time.

In order to offset the effects of their tax bill, municipalities across the state have developed a number of strategies to recoup some of their losses. Among these strategies is the “special assessments”. In order to qualify for special assessments, a property owner must prove that his or her property taxes are actually higher than the assessed value of the property. In order to meet this challenge, property owners can seek tax relief based upon the difference between the assessed value and the special assessment amount. This can allow property owners to save a significant amount of money on their property taxes.

Propety offers both corporations and unincorporated businesses the ability to take advantage of special assessments. Corporations can receive reductions up to 25% of their property tax bills based upon meeting their requirements. Unincorporated businesses can save even more, as many unincorporated businesses are ineligible for corporate breaks under the federal tax code. In addition, the Propety program allows property owners to deduct interest on mortgages paid during the year. Propety is not a tax rebate; it is a tax relief.

The Propety program is currently available in 14 states. Alabama, Arkansas, California, Colorado, Florida, Hawaii, Illinois, Kansas, Kentucky, Maryland, Massachusetts, Minnesota, New Jersey, New Mexico, New York, North Carolina, Oregon, Pennsylvania, and Utah. Propety offers tax relief to residents of these states in order to encourage investment in their states. Property owners have to meet specific property tax filing requirements before being eligible for this tax relief. Qualifying owners can receive a number of rebates including:

For those individuals who own multiple properties or those who have a large capital gain with a tax liability, Propety can provide a significant tax reduction. Propety offers tax relief to commercial and investment properties as well as to owners of mobile homes and vacant land. Business owners can reduce the tax burden by making improvements to their business and by providing employee health benefits. Those who own real estate can get significant tax relief by converting commercial properties into residential properties. Those who own rental properties can reduce the tax burden by including amenities such as swimming pools and outdoor eating facilities.

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