Real Estate Tax
Vacation Home Sale May Have Tax Consequences
Question: We have owned a vacation home in Sierra Vista for 15 years. We would like to sell this Sierra Vista home, but we do not want to pay any taxes. Will we have to pay any taxes if we sell our vacation home? Answer: Probably. Although there is a $250,000 single-person exemption/$500,000 married exemption…
Read MoreLose Vacant Lot if Don't Pay Property Taxes or HOA Fees
Lose Vacant Lot if Don’t Pay Property Taxes or HOA Fees Question: Twenty years ago my husband and I purchased a lot in northern Arizona. Although there were promises by the developer about development of the entire area, no development has occurred, and no development is anticipated. Every year we pay the property taxes…
Read MoreAdverse possession won't help man keep building
Adverse possession won’t help man keep building Question: I recently read in the newspaper about a gentleman who had owned a building for many years in a Maricopa County “island” near Tempe. The gentleman lost the building because he technically never had title to the land under the building. Didn’t the gentleman acquire title…
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