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April 19, 2009

http://www.propertytaxfunding.com/

Property Tax Payment

Taxing units usually mail their tax bills in October. The date of delinquency is normally February 1st.  If you have not received your tax bill by January 1st, you should contact your tax assessor to determine the amount owed. 

Property tax bills often include more than one taxing jurisdiction because some taxing jurisdictions combine their collection operations.  Likewise, certain properties will be subject to multiple taxing jurisdictions collected by different assessors.  Contact the central appraisal district for your respective county to determine the taxing jurisdictions which apply to your property.  Many county central appraisal districts now post their property tax data online. 

If you escrow taxes and insurance, then your mortgage company will pay the property taxes on your home.  You should receive a receipt from the tax assessor indicating payment has been made.  The receipt is important to retain, as many homeowners deduct property taxes for federal income tax purposes.

When Is the Deadline for Payment?

In most cases, the deadline for paying your property taxes is January 31. Taxes that remain unpaid on February 1 are considered delinquent. Penalty and interest charges are added to the original amount.

Taxes are due in one lump sum.  Some tax collection offices provide payment options, such as:

 Payment by credit card, typically with additional fees of 3% to 5%  Deferment or installment plans for taxes on homestead properties for disabled property owners or property owners over 65 years of age  Discounts for early payment  Partial payment of your taxes

1. Service tax authorities, of late, have been issuing notices to various borrowers of External Commercial Borrowings (ECB’s) from foreign branches of Indian banks and holding them liable to pay <a rel=”nofollow” onclick=”javascript:pageTracker._trackPageview(’/outgoing/article_exit_link’);” href=”http://www.taxmann.net/STOnlineWeb/NewHomePage/Home.aspx?pId=160″>Service tax</a> from September 10, 2004 under section 65(12)(a)(ix) of the Finance Act, 1994 which covers ECBs.

According to the borrower, the responsibility of paying service tax is of the service provider which is the foreign branch of the Indian bank and, hence, the Indian bank having a permanent establishment in India, is supposed to pay and not the borrower.

The contention of the service tax authorities is partially correct after coming into effect of section 66A of the Finance Act, 1994 from April 18, 2006.

Until the coming into effect of section 66A, the liability and obligation to pay service tax was that of Indian bank and not that of the borrower. Contrary to the contention of the service tax authorities, even under rule 2(1)(d)(iv) of the said Rules, effective from August 16, 2002 and June 16, 2005 respectively, the borrower cannot be made liable for the payment of service tax.

2. Rule 2(1)(d)(iv) reads as follows :—

‘Person liable for paying the service tax’ means,—

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