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Transfers of tangible personal property for cash or the promise to pay cash (sales) are often subject to sales tax, with exceptions. [7] Sales tax does not apply to transfers of real property, though some states impose a real estate transfer or documentary tax on such transfers.
Get ready for higher property tax bills: The value of all properties in Monroe County rose by more than $1.6 billion in the last year, or about 10.5%. The value of a person’s property is one of ...
Derisma (2013) claimed that “using state taxes to fund public education has the potential to create funding insecurities. To begin, state tax revenues are largely generated from income and sales taxes. Income and sales tax revenue are not stable sources and have the propensity to drop in times of recession” (p. 122). [13]
State-level incentives consist of the 1) Renewable Energy Property Tax Exemption and 2) Indiana Sales Tax Incentive for Electrical Generating Equipment. The renewable energy exemption states that the assessed value of any wind system installed after December 31, 2011 is eligible for property tax exemption pending the completion of state form 18865.
If you own a home, chances are you pay property taxes on a regular basis—either through an escrow account set up by your mortgage lender or directly to your local government.
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