Luxury real estate is sometimes used as a way to store value, especially by wealthy foreigners, without any particular attempt to rent it out. Some luxury units in London and New York City have been used as a way for corrupt foreign government officials and businesspeople from countries without strong rule of law to launder money or to protect it from seizure. The biotech real estate investment trust paid a $38 million impairment charge to pull out of the project in South San Francisco, California. If you sold your real estate between January and June and do not have a remaining interest in any portion of the property, you should not receive the annual tax notice mailed in July. This notice should be mailed to the current owners, and they are responsible for ensuring timely payment.
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