Real Estate Tax Law

Real estate property is land and the things that are permanently associated to the land which includes buildings, garages and homes. Often, substances that are beneath the land like minerals, oil and gas are also regarded as permanently associated and increase the value of the property. Tool sheds and mobile homes, however, are not regarded as real estate property.

tax payers

Using Your Property

Apart from using your land, you can also rent or lease it to others. According to law, you can sell or transfer your land to any individual you want. In some cases, you can use your land as collateral for a loan. There are loads of federal, state, county and local laws that put restrictions on what you can do with your real estate property.

Tax Laws

It is important that you are aware of the real estate tax laws in your state so that you do not run afoul of any of them and wind up paying fines.

• There is a restriction on the uses of the real estate property as to commercial, residential or agricultural.
• The height and size of improvements associated with the property are also subject to restriction.
• The government also regulates what kind of materials you can store on your property.
• It is your responsibility to get rid of environmental hazards from your real estate property. Such hazards include radon, asbestos and petro-chemicals.
• In some cases, an area of your real estate property may have to be left open so that others can use it. Normally, this space is used in making roads and sidewalks.

If you do not follow these rules heavy fines and penalties can be imposed on you and you risk losing your real estate property.

Encroachment and Easement

Encroachments and easements also have an impact on your land ownership. Individuals may have been traveling across your real estate property for a considerable period of time in order to gain access to adjacent property or you may have a neighbor who has put up a fence across a sizable section of your real estate property. Advantages and problems run with the land. In other words, what you get when you buy the property from the previous owner passes to you so be sure you are informed of all points, good and bad, before you make the purchase.

Forms of Ownership

Some of the common forms of property ownership are joint tenancy, tenancy in the entirety, sole ownership, tenants in common and community property. Community property is only applicable in states that recognize community property.