Welcome to Hudson Harbor Realty Corp.
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Are You Paying More than your Fair Share in Property Taxes ? |
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The News
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Written by Joseph D'Amato
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Saturday, 08 November 2008 |
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By Joseph F. D'Amato Hudson Harbor Realty Corp Time To Appeal That Property Tax Bill ? Many homeowners in our area are coming to the conclusion that their properties are not worth what they once were only a few short years ago. Market statistics across the state indicate a downward trend in both sales volume and value. In these tough economic times it makes sence for homeowners to review their property tax assessments. Most homeowners in New Jersey continue to pay property taxes based upon those higher values, meanwhile equalization ratios in most municipalities have declined making those values even higher. Most taxing districts generally do not review assessments on an annual basis, so a property's assessment will never be 100% of market value. All municipalities in New Jersey have an equalization ratio .Most homeowners would be surprised to find out that what they consider to be a low or a fair assement, actually is when their properties value is equlized. If for instance a property is assessed at $200,000 and the equalization ratio is 50% the the taxing authority is assessing the property based on a $400,000 value. Higher property taxes also make a property less appealing and affordable to buyers, since higher taxes taxes will increase their overall costs of ownership. Hudson Harbor Realty Corp.is offering homeowners in our area, a free property tax consultation with one of our qualified experts.Property owners are encourged to visit one of our property tax appeal websites which are located @ www.jerseycitytaxappeals.com, or www.hobokentaxappeals.com, or www.hudsoncountytaxappeals.com or www.Bergencountytaxappeals.com , or www.bayonnetaxappeals.com. The sites were designed to help taxpayers determine if their property may be eligible for the tax appeal process and answers the most frequently asked questions regarding the tax appeal process by taxpayers. Hudson Harbor Realty Corp. has over 18 years of experience in helping property owners reduce their assessments. We have a staff of valuation personel who have qualified as experts in most municipalities, County Boards of Taxation, and The New Jersey State Tax Court. Visit one of websites to learn more about how you can save money on your property tax assessments or call us @ 201-963-3100 to make an appointment to have your free property tax consultation. |
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Last Updated ( Wednesday, 26 November 2008 )
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New Law Adds Tax Breaks for Real Estate |
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The News
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Written by Joseph D'Amato
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Wednesday, 03 September 2008 |
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First Time Home Buyers get a tax credit of up to $7,500 for buying a principal residence after April 8, 2008 and before July 1, 2009. To be eligible, purchasers must not have owned a principal residence in the United States in the previous three years. The credit phases out between $150,000 and $170,000 of adjusted gross income for married couples and $75,000 to $95,000 for single filers. The tax credit is refundable to the extent that it the buyer's regular tax liability, but does not offset the alternative minimium tax. Home buyer's in 2009 can make a special election to take the credit on their 2008 tax returns. That may require the filing of an amended return for 2008. The credit is really an interest free loan from the goverment. The new law requires that the it be recaptured evenly over a 15 year period,without any interest due, starting two years after the year the credit is claimed. A first time home buyer who claims $7,500 tax credit for a purchase in 2008 must pay an extra $500 of income tax starting in 2010 and in later years. If the homeowner sell the residence before the credit is fully repaid, the seller is taxed that year on the lesser of the gain from the sale ( if sold to an unrelated party) or the uncaptured balance of the credit. This tax credit is part of The American Housing Rescue and Forclosure Prevention Act of 2008, and is an oppurtunity to first time buyers in an ever changing real estate market. This tax credit will make entry level homes more affordable to first time purchasers remarked Joseph F. D'Amato Broker of Hudson Harbor Realty Corp. Buyer's are encourged to check with their tax professional to see how this credit may apply to their individual needs. Hudson Harbor Realty Corp. is a full service Real Estate Company and is a member of The Liberty Board of Realtors, and The Hudson County Multiple Listing Service, The New Jersey Multiple Listing Service and The Garden State Mutiple Listing. Contact one of Hudson Harbor Realty Corp's Qualified Real Estate sales associates help you with all your Real Estate needs @ 201-963-3100 |
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Last Updated ( Wednesday, 03 September 2008 )
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Did You Know Your Paycheck Gets Bigger when you buy a House? |
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The News
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Written by Joseph D'Amato
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Monday, 01 September 2008 |
Amazing, but true. Buying a home adds to your "take home" income – possibly by several hundred dollars or more – simply by increasing the number of federal income tax withholding allowances on Form W-4. - Here’s how it works.
New home buyers generally find that their pre-purchase withholding rate will result in overpayment of taxes, if they don’t adjust their withholding allowances. That’s because they haven’t reduced their withholding to compensate for reduced taxes caused by deductions for mortgage interest and property taxes – items that are currently deductible at income tax filing time.
- See for yourself.
A first-year homeowner who paid $9,000 in interest and real estate taxes, and who itemized deductions in a 28% tax bracket, would have overwithheld and would get a large refund next year. In this case, $2,520.
- Enjoy your bigger paycheck.
Increasing the number of withholding allowances, on the other hand, reduces the amount withheld to pay future taxes – which puts your tax refund in your paycheck today, not at the end of the year. With the additional cash in your hands instead of in the government’s, you’ll have more cash to meet payments and live on.
- Be sure to check the tax rules.
The rules for claiming allowances are simple. Working couples filing jointly figure withholding allowances on combined wage income and may allocate them between employers. On separate returns, the allowances must be figured separately. And if you work for two or more employers at the same time, you may claim withholding allowances from only one employer.
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Last Updated ( Wednesday, 03 September 2008 )
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