Tax Law Blog | IRS Tax Attorneys

GA Senator Chip Rogers says he wants changes to property tax law in light of the recent housing market downturn.

People who buy foreclosed properties at bargain values are being taxed at much higher county assessments, says Republican State Senator Chip Rogers.

So he’s proposing that counties can only tax on the price of a home.

“If you buy a home this year and you don’t do anything,” says Rogers. “Whatever you paid for it, should be your assessment for that year.”

Rogers says he also wants assessment notices sent out every year, and allow for assessment appeals year- round.

He admits that the measure could backfire in a booming market, but he says his ultimate goal remains eliminating all property taxes.

Federal tax law brought quite a few changes this year as the accompanying article explains. Your state return won’t require as much heavy lifting - and many of its changes are tied to the federal return.

The biggest surprise will be on Line 15 of your state form. You’ll be asked to figure out the surtax you owe. The surtax will - depending on your income - be either 2 percent or 3 percent of the amount on line 14.

You’ll owe a 2 percent surtax if you make: $60,000 up to $150,000 and your filing status is single; $80,000 up to $200,000 with head of household status; $100,000 up to $250,000 with married filing jointly status; $50,000 up to $125,000 with married filing separately status. Below those minimums you don’t pay a surtax. Above those maximums you pay 3 percent.

Here’s how Thomas Beam, spokesman for the state’s revenue department, explained it in an e-mail: If your filing status is “married filing jointly” and your N.C. taxable income shown on Line 13 of Form D-400 is between $150,000 you compute your “regular” state income tax on Line 14 and then multiply that amount by 2 percent. Add the result to your “regular” tax on Line 14 to give you your total tax liability. Then you subtract credits, withholding, payments, etc., to find whether you are due a refund or whether you have to pay additional tax.
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