If you are involved in any real estate transactions, you need to ensure legal compliance to avoid any potential tax issues. Though many real estate transactions can be handled with the guidance of a qualified accountant, there are certain circumstances when it may be beneficial to seek assistance from an experienced real estate tax attorney.
Here are some circumstances when you should consider seeking out the services of a real estate tax attorney.
When You Are Struggling to Negotiate Tax Breaks
When it comes to matters of real estate taxes, some people may think they can handle it on their own. Unfortunately, this is often not the best move, as you may likely miss out on potential tax savings opportunities or other incentives and deductions available.
A real estate tax attorney can help negotiate tax breaks or other types of credits and deductions, as well as assist in filing tax returns correctly. You might need to negotiate tax breaks for a purchase or sale, land development, and rental property ownership. These negotiations can be complex and require a skilled understanding of the laws, regulations, and potential benefits.
If ever you find yourself trying to exchange assets with someone else—such as transferring ownership or gifting them—a real estate tax attorney can be invaluable in providing advice and helping structure transactions to minimize subsequent taxation. They will also be able to advise on any capital gains taxes that could be incurred.
For these reasons, if you find yourself in any situation where complex negotiations or exchanges surrounding real estate are happening, seek out the services of a real estate tax attorney who can give informed advice and help protect your interests in the process.
When You Are Considering Filing for a Tax Appeal
Real estate taxes are calculated based on the value of certain properties, which can be highly subjective. In some cases, you may find yourself in a situation where the assessed value of a piece of real estate is higher than its true market value, resulting in an unfair amount of taxes being paid.
If this is the case, then it might be worth considering filing a tax appeal. This can be complex and requires accurate evidence to support your claim. A real estate tax attorney can help you compile this evidence and understand the necessary steps to successfully file a tax appeal.
Your attorney can provide comprehensive advice on any property that may be involved, including how to value it properly for taxation purposes or if certain exemptions might apply based on prevailing legislation. They will also be knowledgeable about possible avenues for relief depending on your particular circumstances, such as installment plans or waivers of late filing fees.
Contact a local real estate tax attorney to learn more.