Posted on : 06-05-2009 | By : Don | In : Real Estate
Rights of the house owners:
property owners are entitled to do whatever they want with their property as per as the allowance of the property rights.
An owner is free to rent his house or any part it to whom he wants, bearing in mind that he is not discriminating against a tenant on racist grounds.
An owner has the right to inspect his property regularly to ensure it is used and maintained adequately.
An owner can sell his property or use it for any purpose (if not illegal) and even restrict the use of any natural resource available within the property.
Responsibilities of the house owners:
Although the rights of the owners of a house are unique, they are not absolute. All property owners must comply with statutory responsibilities related to their home and their neighbors, so they can enjoy their home and at the same time not worry about getting involved in a legal dispute about their rights as owners.
A landlord must follow the zoning rules that are applicable to their property. If your home is in an exclusive residential area, you can not use your home for business purposes, unless it is such a kind of work that does not alter the residential nature of the neighborhood.
You may renew your house at your own will, but you must also adhere to building codes which govern plumbing systems and electrical systems among others.
You can use your house as you want without bothering your neighbors by making too much noise at unreasonable hours and by not becoming an obstacle to their enjoyment in their own houses.
The property owner must pay the property tax, but if your house is mortgaged and you pay interest on the mortgage, you are entitled to certain tax benefits. For example, a portion of your mortgage interest payments are deductible from the annual income tax.
Property tax
Homeowners are required to pay tax on the property that they own. This tax is calculated from the value of the property and must be paid every year without fail. Evading the tax over a certain period of time, may be a reason for an embargo. As the market prices of real estates vary continuously, the amount of property tax also change each year. However, if you meet certain requirements, tax exemptions can help.
If you own a house and live in it, you can declare your property as “main house”; this will allow you to enjoy the benefits known as the Homestead exemption. Besides, when you’re paying the mortgage on your first or second home, payment of taxes can reduce the interest payment of the loan’s amortization.
Also, if you sell your principal residence and are single, you can deduct up to $ 250,000 from your annual income provided that you have resided in the property for a period of 2 years in the past 5 years. This will allow for a significant reduction in your taxes. If you are married you can deduct $ 250,000 more, in which case the total deduction would be $ 500,000 per year.
If you took a mortgage and have an escrow account, then the taxation will be performed through funds from the account. In this case, you should ensure that the lender is making payments on time. If there is a penalty for late payment of taxes by your lender, automatically the value of the penalty that may occur will be cancelled.
Do not forget to pay your taxes as a property owner.
The U.S. government is demanding the payment of taxes. Stays updated with property taxes and avoid penalties that can cost you money and even your rights as an owner.
