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2024 FL PROPERTY TAX BILLS HAVE ARRIVED The 2024 Lee County tax notices were mailed & are now viewable at leepa.org & leetc.com. Discounts are available for early payment starting at 4% in November. Many owners will be unhappily surprised at their assessments & taxes, unfortunately, "Elvis has left the building" as the deadline for petitioning 2024 valuations was on 9-17-2024. Although disgruntled owners may still sometimes obtain relief from the Lee Co. Property Appraiser based upon a blatant CLERICAL error (ie a 100-sf patio assessed instead as 10,000-sf), typically assessment challenges are deemed to be based on "appraisal judgment" and such requests will now be declined as untimely. Hagen Law's standard advice to the countless # of owners who are now disgruntled is to try again in 2025. Calendar 7-1-2025, when the PA submits his '25 tax roll to the FL Dept. of Revenue, then contact the PA to obtain your 2025 valuation. If that 2025 value is unsatisfactory, contact Hagen Law to initiate a timely 2025 appeal NO LATER THAN the 2025 TRIM mailing in mid-August, 2025.

Exception from Speculation Tax: Ruling of the Federal Fiscal Court (BFH) of 26.09.2023 – Ref. IX R 13/23 If a property is sold within the speculation period of ten years, the capital gain must be taxed. Exceptions to the speculation tax can only occur if the owner either lived in the property themselves or if it was occupied by […]

Exception from Speculation Tax: Ruling of the Federal Fiscal Court (BFH) of 26.09.2023 – Ref. IX R 13/23 If a property is sold within the speculation period of ten years, the capital gain must be taxed. Exceptions to the speculation tax can only occur if the owner either lived in the property themselves or if it was occupied by […]

🏡✨ Navigating the Shifting Tides of Property Taxation! Explore our latest blog for insights on the recent updates in Capital Gains Tax, Stamp Duty Land Tax, and more. Stay informed to make the right moves in your property journey! 📖💼 #RSLLawInsights #PropertyTaxUpdates #UKRealEstate #PropertyLawBlog #PropertyLaw #PropertyDevelopment #PropertyPurchase #PropertyInvestment #UKProperty #LondonProperty #LondonSolicitors #RSLLaw

…..Taxes! Yep - it brings shivers to the spine! Are you? 🏡 an existing property owner…. 🏡 potentially leaping into the market…. 🏡 a seasoned property investor …. 🏡 first investment property buyer…keep up to date with the continued changing landscape on the property tax front! Don’t be afraid but be educated and budget for potential taxes. It might even start a discussion on the best location suited to YOUR property goals. Enjoy the read below 👇 #mortgage #propertyinvestment #mortgagebroker #finance #laurencullen

Yesterday the Commercial and Industrial Property Tax Reform Act 2024 (Vic) received royal assent. This Act introduces the Victorian government's new commercial and industrial property tax (CIPT), which commences on 1 July 2024. This is a significant change to the taxation of this type of property. In this Insight, Eleanor Kwak LLB, GAICD, Cassidy Smith and I consider some of the interesting features of the CIPT legislation that had not previously been announced. Landowners need to ensure they factor in the CIPT when evaluating future Victorian commercial and industrial investments. https://lnkd.in/gQH_uxYn

Significant changes to State Property Tax regimes are impacting a range of property stakeholders. We compare VIC, NSW and QLD stamp duty and land taxes and possible concessions. #propertytax #taxupdate #stampdutyreform #reiv #lendingsolutions #propertyfinance https://lnkd.in/gZayfn69

If you'd like to chat to our team of property tax experts about your property tax, get in touch with us today on 0161 832 4841 https://lnkd.in/eCvDYS7c #propertytax #landlords #propertyinvestors

Property tax decision tool Inland Revenue has updated its property tax decision tool. This tool helps determine if the sale of a property is taxable under land tax rules, including the bright-line test. Under the bright-line test, any profit from selling a residential property within a specific period—known as the bright-line period—is taxable, unless an exclusion or rollover relief applies. While the bright-line test generally does not apply to the sale of a person’s primary home, there have been changes to the criteria. As of 1 July 2024, the bright-line test now considers whether the sale of a property occurs within 2 years from the bright-line start date. The bright-line test can be challenging due to the complexities involved so seek advice. Inland Revenue’s next focus in the property area is speculators, those who frequently buy and sell property, to ensure they are complying with the tax rules. https://lnkd.in/gAmhhUz5

Understanding Section 54F: Key Takeaways from Kamla Ajmera vs. PR Commissioner of Income Tax Taxpayers often face confusion when claiming exemptions under Section 54F of the Income Tax Act. The recent Delhi High Court judgment in Kamla Ajmera vs. PR Commissioner of Income Tax (2024) sheds light on critical aspects of this provision. Here’s a quick breakdown of the case and its implications: 🔍 The Case: Mrs. Kamla Ajmera sold a plot of land and used the proceeds to purchase two flats in the same tower of a residential society, but on different floors and at opposite ends. She claimed exemption on long-term capital gains under Section 54F, arguing that the two flats should qualify as “a residential house.” ⚖️ The Verdict: The Court ruled against the assessee, holding that: • The term “a residential house” denotes a single unit. • Non-adjacent flats, incapable of being combined into one cohesive unit, do not qualify as a single residential house for tax exemptions. 📜 Key Observations: • The use of the article “a” in “a residential house” emphasizes singularity. • Past rulings allowed flexibility only where residential units were adjacent or practically integrated (e.g., Gita Duggal case). This did not apply here. • The 2014 amendment clarified that Section 54F benefits apply to “one residential house”, further narrowing interpretations. 💡 Taxpayer Takeaways: 1. Plan Investments Wisely: To claim Section 54F benefits, ensure that property purchases are structured to meet the “single residential house” criteria. 2. Understand Legislative Intent: Courts are increasingly emphasizing strict interpretations, especially post-2014. 3. Seek Clarity: When investing in multiple properties, consult tax experts to avoid disputes. This case is a reminder to approach property investments with clarity and compliance in mind. A little foresight can help you maximize tax benefits while staying within legal boundaries. #TaxExemptions #Section54F #IncomeTax #RealEstate #TaxPlanning #CaseLaw #Compliance