Real estate and property tax

Technology

Vertex Property Tax Reference Joins CCH State Tax Offerings

CCH, a Wolters Kluwer business, announced on Monday that the company had acquired the Property Tax Reference from Vertex Incorporated. The product will immediately be rebranded CCH Property Tax Reference as it joins CCH’s authoritative and popular line of state tax online, print and CD-ROM products for tax, accounting and compliance professionals.“CCH is committed to providing professionals with the most authoritative, comprehensive research resources available,” Angela Darrow, CCH product manager, said in a prepared statement.

Sales of New Homes Down; Number of Unsold Homes Increasing

Sales of new homes fell 11 percent in November, after setting a record in October, and the number of houses for sale jumped 3 percent, the Commerce Department reported last week, according to the New York Times. Median prices for new homes -- $225,200 -- is nearly unchanged from last year at this time, the report said. While new homes sales for the first eleven months of 2005 set a record for the fifth straight year, economists predict a leveling off in 2006, because rising interest rates will affect costs for home builders and mortgage rates for potential buyers.
Tax

State Surpluses May Lead To Tax Cuts

The U.S Bureau of Economic Analysis reports that state and local revenues are up 7.2 percent in the first three quarters of 2005. With state personal and corporate tax collections peaking, the question is what to do with their revenue surpluses in 2006. Strong revenue growth has New Mexico realizing a $1 billion surplus, Florida a $3 billion, and even California seeing a $3.4 billion surplus according to USA Today. States taxing energy production and real estate construction have seen windfalls also. “Every month we’re surprised by the good news and say it has to slow down.
Tax

Providing Equitable Property Tax Relief

Adopting good property tax reform is not easy. 72.9 percent of local government tax revenues were made up of property taxes over 2000-2001 alone. Most owner discontent is that they are assessed based on increasing market values, sometimes exponential increases, instead of the fairer option for an owner to pay a set percentage over what was paid in the prior year. The discontent has owners forming property tax relief organizations and making ardent speeches to foster membership.

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