Tax Credit
Reduction in taxes payable to the IRS or local government. A tax credit is more beneficial to the taxpayer than an itemized deduction because it reduces taxes on a dollar-for-dollar basis. Assume a taxpayer's calculated tax is $25,000 before considering a tax creditor of $2,000. The tax due after the credit is $23,000. example of tax credits on real property are the low-income housing credit and the investment tax credit.
Popular Real Estate Terms
Contractual provision requiring apportionment. ...
Interest is due on a loan only if a particular circumstance occurs. ...
In conducting a real estate transaction, each party is presumed honest and fair with no deceit. The intentions are honorable and realistic. If deception occurs without prior knowledge, the ...
Equals the tax divided by taxable income. Foe example, if the tax is $30,000 on taxable income of $120,000 the effective tax rate if the business is 25% ($30,000/$120,000) ...
Fluctuation in sales, profits, rat of return, etc. Likelihood of declining value. ...
Approach to appraise rental property based on anticipated future earnings to be derived from it plus the estimated selling price at the end of he period held. ...
An agreement, debt, or low which can be operationalized, fulfilled, completed, or performed. ...
Founded in1934 and located in Chicago, IL with a 1993 membership of 8,300, the IAAO seeks to ameliorate assessment standards as well as to perform ongoing property assessment research. The ...
Square footage of space a parcel of land has. ...
Have a question or comment?
We're here to help.