New Property Tax for Foreign Buyers

New Property Tax for Foreign Buyers

The provincial government announced earlier today, July 25, 2016, that foreign buyers of residential real estate in the Greater Vancouver Regional District (excluding Tsawwassen First Nation lands) will be subject to an additional property transfer tax (The “Additional PTT”) of 15% of the fair market value of a foreign entity’s proportionate share of property.

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Privately-Owned Marinas Are Not Exempt from Ad Valorem Taxation in Florida, but What About City-Owned Marinas?

Privately-Owned Marinas Are Not Exempt from Ad Valorem Taxation in Florida, but What About City-Owned Marinas?

In City of Fort Pierce v. Treasure Coast Marina, LC, No. 4D14-3064, 2016 WL 3087680 (Fla. 4th DCA May 31, 2016), the Fourth District Court of Appeal addressed whether a marina that was owned and operated by a municipality should qualify as a traditionally exempt “municipal or public purpose” for ad valorem tax exemption purposes under Article VII, Section 3(a) of the Florida Constitution.

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