Tax on property (main home)

von · Apprentice Joined: 02 Apr 2006 Posts: 9

I have recently been looking to sell a property. However, even though I have found several buyers, I do not agree with their price. However, no matter what we agree, I would like to know what kind of tax I am paying, since that is my main home? I am really not sure about that. Any kind of help would be very useful. Thanks in advance.

berty · Apprentice Joined: 18 Feb 2008 Posts: 6

When it comes to tax for selling your property, you need to pay CGT, or capital gains tax. It is usually applied to the income you get when selling your home. Moreover, it only applies for second property, not the one you live in. If you have been using it for other purposes instead of living in it, say as an office, a company, you will have to pay the tax. If you have been renting it out, though, for less than 3 years, you would still be exempt from the tax. I hope you find the information helpful. Best of luck with selling your property.

jemstoky · Apprentice Joined: 23 May 2011 Posts: 7

A property tax on property value, an ad valorem tax that an owner is required to pay.The property tax rate is often expressed as a percentage. Can also be expressed per thousand, which is also known as a mileage tax rate.Property statements were mailed to landowners who have an outstanding balance on their tax bills.