Re: Fair current value for a home with low taxes.
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Newbie
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Yeah..i think that's a nice trade!..It only will get worse if this bill does get approved. Politics aside, people in high income and property tax states - NJ,NY,CA,CT, will be forced to demand more accountability about spending decisions by their local government. I think that would be a good thing for the state of finances for states like NJ,CT in the longer term. At the current rate, they would be practically bankrupt if a recession came.
Posted on: 2017/11/2 17:35
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Re: Fair current value for a home with low taxes.
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Newbie
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and there you go...as per the house proposed bill, capping mortgage interest deduction to $500k can have a big impact on the $1 mm+ homes in downtown jc. Gotta wait and see if this thing actually gets through. But until then, there will be uncertainty in the higher priced homes for sure.
Posted on: 2017/11/2 16:16
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Re: Fair current value for a home with low taxes.
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While its true that AMT anyways prevents high income earners from taking advantage of SALT deductions, its foolhardy to believe that the jc housing market has become a market with only high income earners. The bulk of the market is still supported by middle and upper middle class families, who are able to use SALT deductions to some extent.Its no wonder why SALT deductions remains the most contentious issue in the current tax reform debate.
Posted on: 2017/10/28 15:13
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Re: Hoa fees in jsq condos
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Newbie
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Its not just water/electricity bills - the biggest expense is insurance. If in a designated flood zone, then the flood insurance premium can be astronomical!
Posted on: 2017/10/26 21:46
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Re: Plumber?
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Newbie
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Based on the posts in this forum, I recently called Bryon Hutchinson
to fix a bathroom leak in our building.
Big thank you to the many people in this forum who recommended him!
By far, he was the best plumber I have dealt with.
He responded right away, willing to come in early next morning to fix the issue.
He was very meticulous in analyzing the source of the leak,
and took his time to explain things to us. His pricing was very reasonable, especially compared
to quotes I got from other plumbers in the area.
He is very honest and friendly, and a person who is confident of his work.
I am not surprised that he has such a loyal base of customers in the area.
I would strongly recommend Bryon for any plumbing needs.
PS: I did not find any reviews of Bryon on either yelp or angie's list. He is not internet
savvy and doesn't need to ; his work speaks for itself. Selfishly, that's kind of good as he
can concentrate on servicing his existing clients rather than marketing himself to new clients.
Posted on: 2017/10/26 19:43
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Re: Fair current value for a home with low taxes.
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Newbie
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Apart from the reval, the other thing to consider is that the ability
to deduct SALT (state and local taxes) may be eliminated in the
proposed tax overhaul. If the tax legislation does indeed go through
(with a doubling of standard deduction), the economics of owning
a house in the tri-state region would completely change. Higher property taxes
in that environment (which is eventually gonna happen in downtown jc with the reval)
would certainly not bode well for the housing market in the area. I would be cautious of buying
with such uncertainties lingering around the corner, not to mention an incredible amount of
rental supply in the area!
Posted on: 2017/10/26 19:19
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Re: 2017 Reval ~ Property Inspections
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Newbie
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What I think is particularly concerning is that many people, especially recent buyers, may not be aware of the reval and/or what the impact on their taxes would be. I highly doubt real etate brokers are being forthright about it, unless they sense the buyer has done their homework.Looking at some recent sales, there are several properties sold for.more than $1.2 mm, but with taxes less than $10k/year. I hope that these buyers are well aware what their taxes would look like after the reval!
Posted on: 2017/6/6 1:47
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