Tuesday, March 23, 2010

“Thai govt extends some property tax measures (Reuters via Yahoo! Philippines News)” plus 3 more

“Thai govt extends some property tax measures (Reuters via Yahoo! Philippines News)” plus 3 more

Thai govt extends some property tax measures (Reuters via Yahoo! Philippines News)

Posted: 23 Mar 2010 05:03 AM PDT

BANGKOK, March 23 - Thailand's government on Tuesday extended some property tax breaks, launched as part of its economic stimulus package, for two months to the end of May to help homebuyers.

"There are around 10,000 homebuyers who may not be able to complete house transfers ," Prime Minister Abhisit Vejjajiva told reporters after a weekly cabinet meeting.

The house transfer and mortgage registration fee each will be maintained at 0.01 percent before returning to 2 percent and 1 percent from the end of May.

However, the cabinet will not renew tax breaks for property firms because businesses are recovering in line with the economy, according to Finance Minister Korn Chatikavanij.

The special business tax, which is now at 0.11 percent, will increase to 3 percent, when the tax scheme expires on March 28.

The property measures are part of the government's stimulus package aimed at reviving an economy which pulled out of its first recession in 11 years in the second quarter of last year.

Shares in leading property firms rose on Tuesday after the news, with condominium developer LPN Development <LPN.BK> rising 4.2 percent at 7.5 baht and Asian Property <AP.BK> up 1.9 percent. The main stock index <.SETI> was up 1.32 percent.

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Property tax incentives extended (The Nation - Thailand's English news)

Posted: 23 Mar 2010 03:08 AM PDT

The government's tax incentives for the property market, which are part of the government's stimulus package, will originally come to an end on March 28. They will now end on May 31.



He said that the extension would allow over 10,000 homebuyers may not be able to complete the transfers within the original deadline.

 Earlier, the Cabinet denied the extension, citing that property companies have enjoyed hugely from the incentives.

 It is estimated that for the house price of every Bt1 million, buyers' cost will rise by Bt20,000 when the incentives are over. The transfer and mortgage registration fee is now 0.01 per cent and will return to 2 per cent in June. The special business tax will also rise from 0.11 per cent to 3 per cent.

 

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Madison City Council puts brakes on request to put property tax referendum on ballot (The Huntsville Times)

Posted: 23 Mar 2010 04:50 AM PDT

By Yvonne T. Betowt, The Huntsville Times

March 23, 2010, 6:43AM
Bill Holtzclaw.jpgMadison City Council President Bill Holtzclaw

MADISON, AL - Earlier this year the Madison City Council asked the Madison County state legislative delegation to attempt to place a proposed property tax referendum on a ballot this fall.

The property tax would replace a half-cent sales tax to pay for operation and maintenance of the city's new high school.

But a recent letter sent to council members by Rep. Mike Ball, R-Madison, informing them of Senate Bill 442 forced them to step back to review the bidding. If passed, it would result in enough money for the City of Madison to pay for the operations and maintenance of the new school, so it would be a waste of time and money to hold a property tax vote.

SB 442, known as the "BRAC Bill," would reroute 100 percent of state income tax from new employees moving to Alabama to areas affected by BRAC, such as Madison. It could possibly even replace the need for the $36 million federal stimulus money for the new school on County Line Road.

However, the bill has been returned to committee, according to City Council President Bill Holtzclaw. With less than two weeks remaining in this legislative session, he doubts it will make it out of committee again.

"We are asking the Legislature to take no action (on the property tax request)," Holtzclaw said. "We want to wait and see what the BRAC bill does. If it fails and they go into a special session, we'll address it again."

The council passed a half-cent sales tax last fall that was implemented in January with an intent of letting voters decide whether they want to pay for the operation via a sales tax or 8-mill property tax.

Holtzclaw also gave an update on the school-qualified bonds that were originally said to be at zero percent interest. Because of the market, some schools receiving the bonds were being charged interest;  however, due to a lack of interested buyers, Congress has allowed the bonds to be reshaped to resemble Build America bonds with little or no interest.

"It has put us in a far better position than we thought," Holtzclaw said of the bonds.

In a non-school related item, several homeowners in eastern Madison turned out Monday night to ask City Council to intervene in the proposed Slaughter Road widening project by the City of Huntsville to prevent traffic from being detoured through their neighborhoods.

But city officials had already done their homework and answered most of their questions before any of the homeowners appeared before the council. Huntsville does not plan to reroute traffic or close Slaughter Road during the widening project.

"We're being as proactive as we can," said Council Member Tommy Overcash whose district encompasses the neighborhoods that could be affected by the project. "We are continuing to monitor the Huntsville design and time line in hopes of minimizes the impact to the areas that include Rainbow, Nale and Carter roads."

But citizens still are concerned about speeders through their neighborhood and asked council to help slow the vehicles down before someone is injured or killed.

 

 

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Planet Election Guide: Property tax hike (Telluride Daily Planet)

Posted: 23 Mar 2010 06:57 AM PDT

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