“Property tax invoice set to be mailed” plus 3 more |
- Property tax invoice set to be mailed
- China May Unveil Property Tax in October to Reign Home Prices, Report Says
- China property tax may start from next year -media
- SC Tax Panel Focuses on Possible Property Tax Changes
| Property tax invoice set to be mailed Posted: 20 Sep 2010 05:08 PM PDT Updated: Tuesday, 21 Sep 2010, 9:58 AM CDT MOBILE, Alabama (WALA) - If you own property in Mobile County, you'll soon be getting a tax bill from the revenue commissioner. That little blue assessment card you received in the mail a few weeks ago was just a heads up on what to expect this year. Revenue Commissioner Marilyn Wood calls it the quiet before the storm. The staff is making sure all the assessment information is updated in the computer system before the 220,000 bills are printed. But many property owners have already let the county know they're not happy with their assessment. "There's approximately over 4,000 appeals as we stand right now," Wood said. The number of challenges have gone up over the past couple of years, and they may not all be processed before the bills are mailed out. "They say they've processed around 2,600, so they've got a lot more to go," Wood said. Despite all the challenges, many tax bills will be lower this year. "It's going to depend on the area you're in. Some areas went up, some areas went up 15 percent, some areas went down 15 percent. It just depends on what location you're in," added Wood. If you looked at your blue assessment card, you may notice your assessment is less this year, but Wood said the total taxes due to the county actually went up. "In fact, the revenue is not going down, the revenue has gone up about $10 million," explained Wood. The revenue commissioner said that's because there are more businesses in the county. Thyssenkrupp, for example, is one of the businesses paying more taxes. Now that the plant is producing steel, there's a lot more equipment and machines being used and taxed, and there are more buildings on site. "Like last year, say there wasn't any buildings completed, so they weren't taxed. This year some of the are 50 to 75 percent, maybe 100 percent complete, so that tax bill has gone up quite a bit," Wood said. The property tax bills will be in the mail October 1. If you challenged your assessment, Wood said the bill will show the original amount. Wood also said you will be contacted about any adjustments, and you will have the option to appeal. This entry passed through the Full-Text RSS service — if this is your content and you're reading it on someone else's site, please read our FAQ page at fivefilters.org/content-only/faq.php |
| China May Unveil Property Tax in October to Reign Home Prices, Report Says Posted: 20 Sep 2010 08:29 PM PDT China may announce property tax measures as early as the October National Day holidays to cool home prices, China Business News reported today, citing an unidentified person. The new tax, which will be extended to include residential property, is more likely to be implemented at the start of next year, the Chinese-language newspaper said. The government currently imposes a tariff on business-use real estate and exempts individuals' residential housing. The National Day holidays take place from Oct. 1 to Oct. 7. China's property prices in 70 major cities rose 9.3 percent in August from a year earlier, showing the need for the government to extend a crackdown on speculators and multiple home purchases. Real-estate developers should price homes "reasonably" or face tougher tightening measures, China Securities Journal reported today, citing Zhu Zhongyi, vice chairman of the China Real Estate Association. Property prices in urban China are "too high" and "difficult to accept," according to a third-quarter survey of urban households by the People's Bank of China released Sept. 19. The percentage of urban households that expect further house- price gains rose 7.2 percentage points from the second quarter to 36.6 percent, the report said. An index of Chinese property stocks rose 0.3 percent as of 10:34 a.m. local time and is down 30 percent this year. China Vanke Co., the nation's biggest listed developer, gained 1.7 percent to 8.21 yuan in Shenzhen trading, trimming this year's loss to 24 percent. Sales Recover China has since April raised the down payment and interest rates on second-home mortgages and restricted the number of new homes residents can buy in some cities to avert a property bubble. A recovery in property transactions even as price gains slow suggests policy makers will probably introduce further tightening measures, Credit Suisse Group AG analysts Jinsong Du and Ronney Cheung said earlier this month. Sales by value last month rose about 15 percent from July. By contrast, Jing Ulrich, chairwoman of China equities and commodities at JPMorgan Chase & Co., said Sept. 8 that China doesn't need additional measures because an increasing supply of affordable housing will damp prices. BNP Paribas yesterday raised its view on the Chinese property industry to "positive" from "neutral," saying in a report that the government will probably not introduce further measures to curb the real estate market as they focus on implementing existing policies. --Zhang Dingmin. Editors: Andreea Papuc, Philip Lagerkranser To contact the Bloomberg News staff for this story: Zhang Dingmin in Beijing at Dzhang14@bloomberg.net To contact the editor responsible for this story: Andreea Papuc at apapuc1@bloomberg.net This entry passed through the Full-Text RSS service — if this is your content and you're reading it on someone else's site, please read our FAQ page at fivefilters.org/content-only/faq.php |
| China property tax may start from next year -media Posted: 20 Sep 2010 05:54 PM PDT * Analysts doubt property tax could be ready soon * Property shares outperform broader Shanghai market * Government ramps up spending on affordable housing By Langi Chiang and Alan Wheatley BEIJING, Sept 21 - China may soon announce plans to introduce a property tax early next year to curb speculative buying, domestic media reported on Tuesday, but several analysts said they were sceptical it would happen. Speculation of a property tax has swirled for years, but the talk has intensified since the government rolled out a slew of curbs in April to brake fast-rising house prices. Property inflation has since slowed, but the measures have not fundamentally solved a problem that the ruling Communist Party identifies as a threat to social stability as more and more people are priced out of the housing market. "There are several proposals, but it's still unclear which one will be taken. But there is a high possibility that it'll be implemented on Jan. 1 next year," the China Business News cited an unidentified source as saying. The paper said an announcement could come during a week-long holiday starting on Oct. 1. However, a number of industry analysts poured cold water on the idea of a tax due to the technical obstacles to designing and collecting such a levy -- including who should be taxed, on what basis and at what rate. Moreover, China lacks a comprehensive home ownership registry. "The report is not reliable. There are a lot of aspects to a property tax. It couldn't be rolled out so soon," said Xiao Jian, a property analyst with Southwest Securities. He was doubtful that a tax could be ready in the next couple of years. The China Business News also cited a source close to the National Development and Reform Commission as saying that the economic planning agency had rejected an initial draft tax law from Shanghai. The city had not yet submitted a revised version. Other cities, including Shenzhen and Chongqing, have been considering a trial of the tax, according to media reports. TECHNICALLY IMPOSSIBLE Investors displayed no undue concern on Tuesday. The Shanghai stock market's property sector sub-index <.SSEP> was down just 0.04 percent at the end of the morning session compared with a 0.21 percent decline in the broader index <.SSEC>. However, with property transactions and prices showing some signs of a rebound, concerns about further restrictions have been weighing on the market sentiment in recent weeks. Those concerns have grown since the official Xinhua news agency and the People's Daily, the Communist Party's mouthpiece, called recently for the real estate curbs to remain in place. "If property prices pick up too fast in the next few weeks, Beijing will step up implementation of the existing rules and possibly take new tightening steps," said Chen Dong, a property analyst with BOC International in Shanghai. "However, it's still technically impossible to implement the property tax in the short term," he added. Ji Min, a central bank researcher, said in a co-authored article in the latest edition of the magazine China Finance that the way to rein in property prices is to increase mortgage rates. Many economists say another part of the solution to sky-high prices is to build more houses, and the government is doing just that. The housing ministry has ordered work on all affordable housing projects that are on the drawing board to begin by the end of this month, the China Securities Journal reported. [ID:nTOE68K00B] China has invested about 470 billion yuan in such subsidised housing so far this year, about 60 percent of its 2010 plan, the China Business News reported. That equates to full-year investment of about 780 billion yuan, double the estimates of many analysts earlier in the year and far exceeding Beijing's previous budget for affordable housing of 900 billion yuan in the period 2008-2010. The money spent on low-income housing is much less than the 1.99 trillion yuan invested in non-subsidised residential property in the first eight months of the year. For an analysis on affordable housing, click [ID:nTOE675065] For a factbox on affordable housing, click [ID:nTOE67F07B] This entry passed through the Full-Text RSS service — if this is your content and you're reading it on someone else's site, please read our FAQ page at fivefilters.org/content-only/faq.php |
| SC Tax Panel Focuses on Possible Property Tax Changes Posted: 21 Sep 2010 12:20 PM PDT COLUMBIA, S.C. -- A panel studying South Carolina's tax system heard complaints Tuesday about property taxes, especially the fact that rental properties are taxed at 6 percent while homeowners pay 4 percent. The state Tax Realignment Commission is looking at the entire tax system and has already approved recommendations it will make to state lawmakers about changing the sales tax and gasoline tax. Tuesday's public hearing was to gather information before it decides on recommendations about how to change the property tax system. Ron Harrleson, a property manager in Florence County, told the commission, "If I buy a property and rent it out, I can't rent it for what I need to rent it for because the taxes are so high. I think we need an equalization. We don't need the four/six percent disparity." Realtor Jay Rinehart says the disparity in property taxes might also be costing the state jobs. "It unequally burdens a business person. It unequally burdens a manufacturing facility that may bring in an excessive number of jobs," he said. But Mark Powell, a homeowner and investor from Anderson County, defended the different property tax rates charged to homeowners and rental properties. He told the panel, "Investment properties, they can go to their renters and they can say, 'My taxes went up. My taxes went up 200 bucks per property. I'm going to increase your rent 10, 20 dollars a month.'" Other landlords disagreed, though, saying in today's economy there's a limit to how much rent they can charge. South Carolina homeowners got a property tax reduction when Act 388 passed in 2006. It eliminated the school operating expenses from homeowners' property taxes in exchange for an increase in the state sales tax. However, there was no property tax reduction for rental properties. Columbia landlord Lowell Ingwersen told the panel, "The biggest inequity, I think, is that the renters are paying the 7 percent taxes, the sales tax, the landlord is paying 7 percent sales tax but gets no benefit whatsoever about that from it." TRAC Chairman Burnie Maybank says the commission will look at the 4 percent vs. 6 percent issue and the fact that property values have not gone down, despite the recession. "The public's consensus is that property taxes are continuing to increase, notwithstanding that the economy would say that they should be declining," he says.
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