I would prefer only serious answers only please. This is for the state of Texas.
2006-09-08 06:44:55 · 8 answers · asked by Anonymous in Politics & Government ➔ Law & Ethics
i know what grantee is. Just need to know is this the property taxes that I would have been paying at the end of the year that the county and school district charges?( which I have been paying for years anyway.
2006-09-08 06:58:56 · update #1
These are being willed to me. One house taxes were deferred for some time.
2006-09-13 15:20:49 · update #2
Again do not tell me what a Grantee is. The taxes if thats the way it is here will be $10,000 plus
2006-09-16 06:15:45 · update #3
added value ad valorum
legalese for we got you sukka.
things like this are added to documents to deny you defenses if you protest.
another way to say increase in property values, increase in tax.
2006-09-08 07:08:01 · answer #1 · answered by elmo o 4 · 0⤊ 2⤋
In Texas taxes are assessed in late fall and due in January. This means Real Estate taxes. They are based on the value of the property as determined by the county assessor. (Ad valorem refers to the value of the property.) The taxes are set by the collector by dividing all taxable property values in the jurisdiction into the budget. Yes, our taxes are high here, but we have no income tax.
Be careful that no taxes are due from prior years, but normally at your closing current year taxes are prorated between buyer and seller according to how long the seller owned it versus the new buyer. The escrow agent also reports in the title search whether prior years' taxes are paid. This sounds like the seller has not paid any taxes due so far, so you will be paying the whole amount plus penalties. Normally, you would get a proration from the seller.
As a side issue, if the property type is changing, such as from farm to residential, other taxes may become due. Hopefully, you are just buying a residence and not changing property type.
2006-09-13 13:54:12 · answer #2 · answered by t_e_sumner 3 · 0⤊ 0⤋
It means that the grantee has to pay all of the taxes based on the value of the property (the definition of ad valorem), but not any flat-rate taxes such as certain amounts per parcel.
2006-09-08 07:48:16 · answer #3 · answered by James 7 · 0⤊ 0⤋
Grantee means the receiver of a grant (gift). So, the person to whom the property was given agrees to pay the taxes.
An "ad valorem" tax is one proportionate to the value of the property. Most property taxes are based on their appraised value.
2006-09-08 06:54:33 · answer #4 · answered by coragryph 7 · 1⤊ 0⤋
Use findlaw to find a real estate attorney to speak with...if you are unable to find the specific information from the websites listed below.
In Tennessee each county elects a Property Assessor and Trustee...the property assessor determines the value of the property upon which a formula will be applied to determine how much property tax is owed each year. The payment of property tax is made to the County Trustee. Since each state may differ in specific terminology...check out the specific county agencies using the second website listed below:
It appears to me as if the person "Grantee" will be responsible for any and all property taxes for the current year.
The excerpt below is from wikipedia...
Ad valorem tax
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An ad-valorem tax is a tax based on the value of real estate or personal property.
Ad-valorem taxes can be property tax or even duty on imported items. Property ad-valorem taxes are the major source of revenues for state and municipal governments.
An ad-valorem tax is typically imposed at the time of a transaction (a sales tax or value-added tax (VAT)) but it may be imposed on an annual basis (property tax) or in connection with another significant event (inheritance tax or tariffs). The alternative to ad-valorem taxation is a fixed-rate tax, where the tax base is the quantity of something, regardless of its price: for example, in the United Kingdom, a tax is collected on the sale of alcoholic drinks that is calculated on the quantity of alcohol contained rather than the price of the drink.
Ad-valorem taxes are important to customs brokers importing goods into the United States of America.
Ad-valorem can also be assessed on other property, such as cars for example, as is the case in the states of Georgia and Kentucky.
Ad-valorem is used frequently to refer to property values by County Tax Asessors. The Central Appraisal District (CAD) sends certified values ad-valorem to the County Tax Asessor who determines the final tax rate to be imposed on the property.
Ad valorem is Latin for "According to value".
2006-09-08 07:00:03 · answer #5 · answered by Anonymous · 1⤊ 0⤋
Just that - Grantee, whom ever that may be, is to be liable for all taxes due and payable for the current year.
2006-09-16 03:39:01 · answer #6 · answered by Anonymous · 0⤊ 0⤋
No. For the previous 2 years, component of your position tax has been deductible no matter if you took the std deduction - that's lengthy gone for 2010. advert Valorem taxes have purely been deductible in case you itemize.
2016-11-06 22:03:10 · answer #7 · answered by ? 4 · 0⤊ 0⤋
Could be2
2006-09-12 13:38:19 · answer #8 · answered by Anonymous · 0⤊ 2⤋