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During this chaotic time, cash is king. Real estate owners and property owners who have made improvements to their properties can benefit and obtain tax relief from the COVID-19 initiatives. Cost segregation benefits multiple industry types which include apartments, hotels, office buildings, shopping centers, retail, drug stores, private schools, medical buildings, nursing homes, funeral homes, manufacturing units, warehouse, storage, restaurants, fast food facilities, auto dealership, banks, REIT's and green buildings. Cost segregation is a specialized and powerful tool that analyses capital costs and allocates costs between different depreciable lives. This includes 5, 7, 15, 27½, and 39-year items.  Cost segregation accurately allocates property components for federal income tax depreciation calculations. Property owners frequently increase depreciation by 50-75%, thus lowering taxable income. Cost Segregation: A tax relief opportunity for real estate owners A cost segregation s...

  Do you own a property in Texas? If you are looking to reduce your property taxes by hiring a property tax consulting firm , then you must definitely be having these big questions in mind. Whom should I hire? How much would it cost? Is it the right choice?  There is nothing wrong with asking yourself these questions, but the toughest part is finding the right answer. It is considered tough because each case differs. However, homeowners who are well prepared can present their case all by themself, win the case and get a favorable reduction. Two major issues when you opt to protest all by yourself Homeowners who opt to protest their property taxes usually face these two hurdles in common.  1. Will you be able to show up for the hearings each and every year and 2. Do you have the time and patience to prepare for the hearings and protests? Many opt for a property tax consulting firm because of the convincing factor. Five primary reasons why you should opt for a property...

  Commercial property owners, here is an eye-opener for you. Reduce your federal income taxes with a cost segregation study. Have you recently purchased a building or spent dollars on appliances or furniture? Cost Segregation helps you shorten the useful life of assets using the accelerated depreciation method which in turn reduces your tax liability resulting in an increased cash flow. It is truly a hidden gem for taxpayers, continue reading this article and you will know why. Cost Segregation – Tax strategy used by commercial property owners Cost segregation helps you identify personal property assets, say a building's non-structural elements, indirect construction costs, or exterior land improvements and lessens the depreciation time for taxation purposes which in turn reduces tax obligations. It is a proven IRS defined method for depreciating commercial properties and is also considered the most accurate method for any asset acquired or constructed after 1986. Cost segregation ...

Here is the big question all Texans have in mind; will I get a tax break in the midst of COVID 19? With COVID 19 affecting the real estate market will there be a break in property taxes in Texas? The sad truth is a BIG NO . Yes, you heard it right, it might sound bitter, but Texas property owners are likely not to see any tax break this year. Why so? Here are two main reasons, the first reason being, your property values were set by the appraisal districts on January 1st before the deadly virus reached the pandemic stage. The second reason is the written opinion issued by the Texas Attorney General - Ken Paxton, where he stated any economic damage caused by COVID 19 does not qualify for a tax exemption . Texans, it’s time to plan! If you are a property owner who is expecting to see a hike in the appraised value of your property, then it's high time you plan. Here is a simple plan for you. First, start off with the documentation. Collect information about comparable property sales,...

Are you a real estate newbie trying to familiarize terms in the business? Good job! Studying and researching are sure-fire ways to making it big in the real estate industry. In this article, we will talk about one of the three main asset classes of commercial property—that is, the industrial property. So  what is industrial property ? Industrial property refers to an asset that is utilized for industrial purposes. The next question would be, “ Which of the following is considered industrial property ?” or “ what is considered industrial property ?” An industrial property comes in manifold shapes and sizes, encompassing a wide range of business types. Read more and discover its specifications. Assets That Are Considered Industrial Property An industrial property has three classifications: small, medium to large, and enormous. Small industrial sites. This covers single- or double-story buildings designed for industrial purposes. Most of the time, the interior spac...

A company can take advantage of Big Data in building its business. You can use a huge amount of data to increase your business efficiency. This article will discuss the steps that you can use to build a Big Data industry. First Step: Assess your business You need to identify the following areas in your business: Find out the availability of data in your business and the industry as a whole. Find out the realities of your industry Study the services that technology providers are offering in your industry. For example, the real estate appraisal business uses Big Data intensively. It uses the records of CAD or county appraisal district to check real estate properties. This business also uses MLS or Multiple Listing Service for information about sales. It also uses census tract and flood maps. Any appraisal business can find all these sources in the Cloud. You can view them online. Second Step: Start a new method of using cloud-based technologies and applications. Star...

The real estate industry has flourished in recent years, especially when it comes to earning revenue. Aside from becoming a professional real estate agent and help people buy or sell homes, there are other opportunities to gaining income. Today, we’ll focus on a topic called flipping houses – one of the basics of property management. What is Flipping Houses? First off, how do you flip a house?  Turn it upside down?? This is a kind of business move that involves a real estate investor buying a property at an auction or foreclosure sales. These are homes that have been put up for foreclosure as their previous owners were not able to pay for the mortgage and so the lender will put up the house for sale. Usually, they will sell it for a lower value so long as the buyer (in this case, you) can meet the mortgage value.  You see this on many shows such as “ Fixer Upper “. By buying the property for way less than the market value, you can upgrade, fix any issues, and res...

Are you looking forward to settling into a new home after retirement? Then you may still be deciding where that home should be to make the most of your golden years. Choosing a spot to spend the best years of retirement can be tricky. By asking yourself a few simple questions, though, you can make finding the best home for your golden years so much simpler. HOW MUCH CAN YOU AFFORD TO SPEND ON A HOME AND EXPENSES? Financial planning is crucial during retirement, which means researching local prices of houses, so you can know what to expect. For example, in Houston, the median listing price is   $285,000 . In addition to housing prices, you should also calculate any expected   cost of living expenses   for the cities on your list. This will give you a better idea of potential monthly expenses and how those will fit into your retirement savings. Finally, don’t forget to factor in any aging-in-place upgrades that you will need to pay for, in order to make your new hom...

When it comes to owning a home, there are a lot of things to consider besides what kind of house you want and where you want to live. Owning a house means paying for property taxes which goes to local governments so you, as a resident of that district, can benefit from the public services they have to offer. This also means that your home’s value can either increase or decrease depending on the changes you make to it. Your state’s local appraisal district usually determines property tax. How it works is that an  appraiser  visits each property and reviews any changes that were made since the last time it was appraised. Appraisers usually asses the size and kind of improvements made to your property, its quality, and current condition, plus your property’s characteristics. With these, the appraiser will determine how much tax you need to pay based on your property’s value. DEFINING REPAIRS AND IMPROVEMENTS Knowing that appraisal districts review your home before deter...