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The Texas eminent domain lawyers at Dawson and Sodd are dedicated to protecting the rights of Texas landowners who face losing their property to a governmental entity through eminent domain. Many property owners in Texas are unfamiliar with the laws and procedures surrounding the condemnation process. They may not be aware of their rights in these circumstances. We strive to make the details as clear as possible for our clients, explaining the steps in the Texas condemnation process and answering any questions they might have.
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The Constitutions of the United States and the State of Texas both give the government powers of eminent domain to obtain private property for public use. It also grants property owners certain rights that protect them from having their property seized without due process and fair compensation.
In many instances, it is not possible to prevent a government entity with the power of eminent domain from acquiring your land. However, it is almost always possible to get a higher market value for your land than the initial offer when you have an experienced Texas property rights attorney on your side.
Although the property owner was initially offered just $20,000, Dawson & Sodd were able to negotiate a $7.5 million settlement. The net recovery to the landowner was $4.93 million after legal fees and litigation expenses.
At Dawson & Sodd, we have been helping Texas land owners navigate the complicated condemnation process for over a century. Our outstanding Texas condemnation lawyers have the skills and expertise to protect your rights and ensure you receive just compensation for your property.
By working through all of these questions, you can get a better idea of where your head is at in terms of selling the property. If you are immediately reluctant to the idea, simply tell the tenant that you are not interested at this time. If, however, you are amenable to the idea, proceed with the next steps.
In some ways, selling a property to a tenant is simpler than selling a property that has a tenant still living there, but both situations simply need to be handled with care and caution to ensure that you make the most profit that you can.
Of course you want to get the best possible price on the sale of your home, and not to overpay for the next one. But consider the timing of the closing process as well when negotiating both deals. The closing date can be one of the most important details when negotiating a sale. The goal is to get both the buyer of your current home and the seller of your next home to agree to adjacent closings or any necessary contingencies. You can even arrange for back-to-back escrow, in which the proceeds from the sale go directly to the purchase of the new property.
You need to know when you married and when you separated to figure out what's separate property and what's community property. The day of your marriage is generally easy to figure out. Separation can be trickier.
For some people, this is the day they moved out. For others, this is a day the two spouses agreed together that their marriage was over, and they made plans to divorce. Generally, from that day forward, what you or your spouse earned or loans you took out were no longer community property.
If you bought a car with money that only you earned while married, the car is community property even though the money used to pay for it was earned by you and not your spouse. It doesn't matter if only you drive it.
You had a car from before you married. You got married. You sold the car and used all that money (and no other money) to buy a different car. That car is your separate property even though you bought it while married.
One spouse has a retirement benefit from a job they had since before they married. The contributions made to the plan before the marriage are separate property. The contributions made while married are community property. After they separate, the new contributions are separate property.
The property and debts part of a divorce can be complicated, especially if you have anything of high value or a lot of debt. You may want to talk to a lawyer before you file or sign any property agreements. You can consult a lawyer just to help with the property and debts part of your case.
Your property tax can make up a large portion of your monthly bills, depending on where you live. Knowing what they are and how they work is essential, so you choose the right neighborhood to live in.
Property taxes and real estate taxes are interchangeable terms. The IRS calls property taxes real estate taxes, but they are the same in all aspects. The money collected helps the government fund services for the community.
Most areas offer property tax exemptions to certain demographics. The exemptions are an attempt to make it easier for homeowners to afford their property taxes. In some cases, it may even eliminate property taxes altogether.
While property taxes may seem expensive, the good news is you can deduct them from your federal income taxes. The Tax Cuts and Jobs Act enforced a $10,000 cap for married couples filing jointly ($5,000 if married filing separately). This means you can deduct up to the first $10,000 paid in property taxes per year on your federal income taxes.
There's one catch here. The $10,000 cap is taken together with any state income or sales tax deductions you might take. So if you're deducting state income or sales tax is well as your property taxes, you can only deduct a total of up to $10,000 between the categories.
Members, which can include individuals, corporations, other LLCs and foreign entities, can own an LLC. Most states also permit single owners to own an LLC. Take a look at the laws in the state where your property is located to understand your state's specific LLC laws and identify any other legal considerations you may need to be aware of.
Many LLC owners may like the idea that buying property with an LLC allows them to separate their property ownership from their personal lives. However, owners who use the LLC for personal expenses make it easier to pierce the corporate veil and disregard the corporation or LLC's separate existence should the LLC face a lawsuit. Piercing the corporate veil can become an issue for LLCs of all sizes.
You should also remember that there are significant disadvantages to buying a property through an LLC before you take this route. Consider the initial and ongoing costs, difficulty getting a mortgage, lack of preferential capital gains treatment and a few other disadvantages, which we'll go over in detail.
Attempting to buy a property with an LLC gives lenders an unequivocal tip-off that the owner has attempted to purchase the property for investment purposes instead of purchasing a primary residence. This means that because a first mortgage takes priority, an investment property will take a backseat in the event of financial trouble.
You pay capital gains tax when you sell your house for more money than you paid for it. Normally, you would receive special treatment on capital gains tax when you buy a primary residence. You pay no capital gains tax on the first $250,000 of profit if as a single individual. Married couples enjoy a $500,000 exemption. However, you forfeit this treatment when you own property for investment purposes.
If you own your home free and clear, you can transfer your property to an LLC. However, if your home is mortgaged, this type of transfer would trigger the due-on-sale clause and the mortgage acceleration clause.
Rocket Mortgage does not offer loans to LLCs. However, first-time real estate investors may find it more advantageous to buy property in their own name because of the roadblocks and additional costs of buying a home with an LLC. Established investors should also tread carefully. They should consult a business attorney to determine the best legal structure for their investments.
If you have not received a tax statement by the first week of February, please contact the Treasurer's Office at (970) 498-7020 or email us and a duplicate statement will be mailed. Failure to receive a property tax statement does not exempt the taxpayer from timely payment of the taxes due.
Name changes and other changes to property title require that proper legal documentation be prepared and recorded at the Larimer County Clerk and Recorder's Office. It is recommended that you seek the legal advice of an attorney or local title company in order to properly execute this type of change.
Please remit your payment to the Larimer County Treasurer, P.O. Box 2336, Fort Collins, CO 80522. For overnight payments, please send to 200 West Oak Street, Suite 2100, Fort Collins, CO 80521. To ensure accurate posting, please include the appropriate payment coupon and/or schedule number for each property you are paying.
Payments may also be made at Larimer County First National Bank locations. You must bring your tax statement with you when making payment at these locations. Banks will accept current year payments through the last business day of July only. See banks accepting property tax payments.
If your mortgage company has paid your property taxes in the past, you will receive a postcard in January advising you of the taxes on your property rather than a full tax statement. Your tax statement is available online, or you can contact our office by email or at (970)498-7020 to request a full statement be mailed to you in January.
Ad valorem taxes are based on value only and not on the property owner's ability to pay. Any unpaid real property taxes become delinquent June 16. If the taxes remain unpaid, real property tax liens are sold in the last quarter of the year they become delinquent at the Tax Lien Sale. You have three (3) years to redeem the tax lien, after which point the lien holder has the option to apply for a Treasurer's Deed.
The amount of annual taxes for a property is the result of the assessment process and the total mill levies for the taxing authorities that provide public services. The County Assessor establishes the value of all property for tax purposes. The taxing authorities use the assessed value to determine their mill levies. A mill is 1/10th of a penny or $1.00 revenue for each $1,000 of assessed valuation. Information concerning the tax levy can be obtained by contacting the governing boards of the taxing entities. Examples of some Larimer County taxing entities can be found here. 041b061a72