What other local taxes are deductible?

If you live in a community where other personal property, such as a boat or car, is taxed at its present value, you may also deduct those payments, regardless of their frequency. You must pay the tax annually, whether or not it is collected more or less than once per year.

When do I pay my property taxes?

Property taxes are normally paid twice per year, in the winter and summer.

What is "equalized value"?

Equalized value is the value of your property after assessment that is then adjusted so that all similar properties are equally and uniformly assessed. This ensures that a school district, city, or township in which property is underassessed does not get more than its fair share of state aid or funds. In some states, the state equalized value represents 50% of the true cash value of the property, although this may or may not be the same as the market value (the value for which the property would sell).

What affects the assessed value of a property?

If a house has recently sold, or if you have made any major improvements to the property, this will affect your city's current assessment on your property's value.

Do I have the right to appeal my city tax assessment?

Yes. When your assessed value statement is sent to you (with your tax bill), you have the right to appeal the assessment, and have a local hearing at which you can state why the value should be changed. If you are still unsatisfied, most states provide an opportunity to appeal at the state level, in a hearing at your state's tax tribunal.

What states have laws that allow cities to impose an income tax?

As of 2010, the fourteen states that allow cities to impose an income tax are Alabama, Arkansas, Colorado, Delaware, Iowa, Indiana, Kentucky, Maryland, Michigan, Missouri, New York, Ohio, Oregon, and Pennsylvania. The District of Columbia has a bracketed income tax system.

Which major cities have the highest local taxes on capital gains?

Because many of these cities have a local- or city-imposed income tax, gains on such investments realized during a filing year may be subject to local taxes. Some of the highest taxing cities/municipalities include: Indianapolis, Indiana; Baltimore, Maryland; Montgomery County, Maryland; Detroit, Michigan; and New York City.

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