Because the Rent Won't Wait (payments, manager, taxes, maximum)

[ringwise]

Originally Posted by Katie1

My son has ben disables for over 10 years has no income. He applied for SSD they kept turning him down when it hit the 7 year mark they told him he had no work history...just like that they wiped all his work history off the records! So he applied for SSI .. Now they say hes too Young... has to be 45 years old...
Judge put it on his record that he cant even apply again till his 45th Birthday!

So what gov aid are you talking about? You think you get SSD just because the Drs tell you you cant work & you have Proof... Not in todays world.

My comment was not directed at you.

[Katie1]

Originally Posted by ringwise

Fine. Show me the proof of that.

There are lots of "necks of the woods"in WV, so your personal examples are pointless. And I know a bit about WV, since my family is from there.

Well I LIVED here for 42 years have Friends ALL over the State. My son also rented his home out Found out the hard way about the Double Taxes on Rentals. My Gparents used the Tax excempt you are talking about BUT IF you rent out the property You Cant use the excempt to reduce your taxes. Maybe you can in CA but you cant in WV.

[ringwise]

Originally Posted by Katie1

Well I LIVED here for 42 years have Friends ALL over the State. My son also rented his home out Found out the hard way about the Double Taxes on Rentals. My Gparents used the Tax excempt you are talking about BUT IF you rent out the property You Cant use the excempt to reduce your taxes. Maybe you can in CA but you cant in WV.

Still waiting for that proof......

On the "double taxes", might you mean taxes on a second home? Because that's legit, but still not strictly a tax on rentals.

And of course you can't use the exemption for a rental - it's meant to protect a person's HOME.

Not sure why you're talking about CA.

[Katie1]

Originally Posted by ringwise

Still waiting for that proof......

On the "double taxes", might you mean taxes on a second home? Because that's legit, but still not strictly a tax on rentals.

And of course you can't use the exemption for a rental - it's meant to protect a person's HOME.

Not sure why you're talking about CA.

Cause CA is where your Zip code says you live. A LONG way from WV. And this threads IS about Renting! Not buying! So yes when talking about Why rent so high you have to factor in the property taxes on Rented out homes. Which is what the OP is talking about.

[freemkt]

Originally Posted by ringwise

Still waiting for that proof......

On the "double taxes", might you mean taxes on a second home? Because that's legit, but still not strictly a tax on rentals.

And of course you can't use the exemption for a rental - it's meant to protect a person's HOME.

Not sure why you're talking about CA.

I read "double taxed" as saying the property tax on a rental property is double the tax on the same propertyt if owner-occupied. MOST states tax (or allow local governments to tax) rentals at higher rates than owner-occupied homes are taxed.

My primary residence is my HOME. How does a "double tax" on my primary residence protect my HOME??

[freemkt]

Originally Posted by elhelmete

huh?

Split roll | Define Split roll at Dictionary.com

1.
a taxation under which real-estate taxes on business and industrial buildings are levied at higher rates than on residential homes.

(Use of residential property as a rental is considered business use which triggers higher property taxes in most states.)

[freemkt]

Originally Posted by ringwise

You had NO money? Didn't you apply for some sort of government aid?

It took months. For several months I had no income and then SSI paid about $350 of which I paid $300 to my aunt for room and board, leaving me with maybe $50 per month. After several more months a lump sum from SSDI arrived which went to my aunt for the unpaid months before SSI started. Then I went to work at minimum wage and they have a "trial work period" where you can earn as much as you can without losing SSDI. When the trial work period ended SSA said I had excess earnings for two months and had to pay them back and that was the end of SSDI.

[freemkt]

Originally Posted by ringwise

Still waiting for that proof......

On the "double taxes", might you mean taxes on a second home? Because that's legit, but still not strictly a tax on rentals.

And of course you can't use the exemption for a rental - it's meant to protect a person's HOME.

Not sure why you're talking about CA.

I found it, see below. In WV, owner-occupied homes are considered Class II property, while rental property outside a municipality is Class III and inside a municipality is Class IV. (Unusual classification system there.)



The West Virginia Constitution sets the maximum tax rate for each taxing body and property class (Table 3). For each governing body, the rate for Class III and IV is twice the rate for Class II

http://www.wvpolicy.org/downloads/WV...imer042811.pdf

[Katie1]

Originally Posted by freemkt

I found it, see below. In WV, owner-occupied homes are considered Class II property, while rental property outside a municipality is Class III and inside a municipality is Class IV. (Unusual classification system there.)



The West Virginia Constitution sets the maximum tax rate for each taxing body and property class (Table 3). For each governing body, the rate for Class III and IV is twice the rate for Class II

http://www.wvpolicy.org/downloads/WV...imer042811.pdf

That what we were told when they Doubled my sons taxes on his home.

And Thanks Freemkt. No way I was going to Post a Personal document online!

[elhelmete]

Originally Posted by freemkt

Split roll | Define Split roll at Dictionary.com

1.
a taxation under which real-estate taxes on business and industrial buildings are levied at higher rates than on residential homes.

(Use of residential property as a rental is considered business use which triggers higher property taxes in most states.)

Not in Calif:
California’s system of property taxation under
Proposition 13 uses an acquisition-value standard:
county assessors determine a property’s value
when it goes through a change in ownership or
undergoes new construction, and tax is assessed
at 1 percent of this value, plus a rate for voterapproved
indebtedness. Thereafter, the taxable, or
assessed, value of property may increase annually
by the lesser of the rate of infl ation or 2 percent.
Under a split roll, not all properties on the
assessment roll are treated equally. For example,
a split roll may require businesses to pay property
taxes at a rate higher than the rate imposed on
homeowners. There is no split roll in California
for locally assessed real property: property taxes
are imposed without distinguishing property used
as a principal residence, or an apartment building
rented to tenants, or property used for commercial
or industrial purposes. All locally assessed
Proposition 13 property is subject to the same
rules regarding the maximum assessed value and
maximum tax rates.