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They continued to file nonresident Montana tax returns reporting the income from their rental property and Minnesota income tax returns reporting the income Mark earned when assigned to corporate headquarters in that state.
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But the court determined that the tax's application to rental income amounted to a tax on real property, violating the Constitution's "direct tax" clause.
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For instance, a commercial mortgage on a rental property typically requires copies of rent rolls, leases, tax returns, an appraisal and more, taking several weeks to assemble, says Bill Geis, head of retail lending at Raymond James Bank.
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All possible costs associated with buying and renting were incorporated into the analysis, including down payment, mortgage and rental payments, transaction costs, property taxes, utilities, maintenance costs, tax deductions and opportunity costs, while adjusting for inflation and forecasted home value and rental price appreciation.
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The speaker said she will also be supporting state legislation that would provide building owners with a tax exemption, capping their property taxes at a certain percentage of their rental income.
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