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Do all apartments have residential elevators?
Though residential elevators do add value to a property, not all apartments have residential elevators. If you would like to use one, you should check with the property before signing a rental agreement.
Advantages of buying a property?
There are many benefites of buying a property like first of all its ability to build equity which helpful to increase value of your property, no longer have to deal with landlords, many tax cuts if you have residential property, pride in homeownership and mant more.
How do commercial properties differ from residential properties?
Commercial property recieves income from a non-residential source. i.e. Shopping malls, grocery stores A residential property is one that gets all of it's money from residential dwelling. i.e. rental houses, houses etc. But large apartment buildings are considered to be commercial because they are assumed to have been built for monetary purposes instead of just residential living.
Does millage apply to real estate taxes or just personal property taxes?
Under most all tax systems (I'm sure there are exceptions), the millage unit is used for determining taxes of all types of property, real or personal. It may be a different amount for any particular type of property to another...even Commercial Real Estate to Industrial or Residential....or personal property where Cars compared to household may have a different rate. Millage: A tax rate on property, expressed in mills per dollar of value of the property.
What is the fair market value of all residential dwellings in the US today?
It is hard to give a number estimate for any residential dwelling in USA. The fair market value of a dwelling varies from place to place. It usually consists of the location, neighborhood, and size of the house.
Budget planners for a certain community have determined that 9235400 will be required to provide all government services next year The total assessed property value in the community is 12250000?
$7.54
What is the real estate tax in Illinois?
The Illinois constitution mandates property taxes. All property in Illinois is supposed to be taxed on an assessed value of 1/3 of the fair cash value. Once the value is established, then in all counties except Cook (where Chicago is), property is supposed to have an assessed value of 1/3 of the fair cash value. In all Counties except Cook, this is figured every year. This is then multiplied by a State "equalization factor" announced annually to attempt bring the value to a "true" assessed value (so in a county where property is typically accurately assessed the factor will be 1.0 theoretically, but in a County like Cook where there is a different assessed value system, the factor can be 2 or even in recent years close to 3). Then the tax rate is applied; the tax rate is a combination of all the tax rates of all the taxing districts where you live (schools, local governments, county government, parks, etc.). There are certain exemptions (homeowner/occupant, senior) and certain tax incentives (historic, improvements...) but these are the basics. In Cook County, there is a tiered system for 2 reasons: there are so many properties only 1/3 of the county is reassessed at a time instead of all annually, and therefore 2/3 of the county "lags behind" at any given time. Secondly, instead of the flat 1/3 of fair cash value, residential and vacant properties are all at 10% of fair cash value, and all commercial and industrial properties are at 25% of fair cash value. You can see how in Cook a residential property given a fair cash value of $120,000 would have an assessed value @ 10% of $12,000 and to "equalize" it back to the required 1/3 of fair cash value, the equalizer have to be close to about 3.3, meaning the "true" equalized assessed value would be $36,000. Why it is so convoluted is political.....
What does property insurance generally cover?
Property insurance usually covers all of the property that has a declared value. This includes a home and other structures located on a property that is insured.
What is the commulative property?
Cumulative is not a property. It refers counts (or frequencies) for all values less than or equal to the current value.
What is the typical Gross internal floor area of a residential property?
This is calculated by measuring from the internal wall surfaces and includes all stairwells etc. The treated floor area would be this area minus any unheated areas. Residential property covers everything from a 1 bed flat to a 5 bed detached house so there is no typical.
Can I get my mortgage principal adjusted to the market value of the property seeing that my loan amount exceeds the value of the property?
Nope. You've got an "upside down mortgage". That's what all the trouble is about.
How much taxes does a property owner pay?
In the US the amount of property tax depends on the assessed value of the property and the tax rate. The rate varies with the locality and the assessment is supposed to be a certain percentage of the selling value. Not all owners pay their taxes, but it they do not, the property is sold at auction.
