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Taxes | From Urb to Burb and Beyond Blog

Friday, February 26, 2021   /   by Vanessa Saunders

Cuomo’s budget plans to change STAR tax program. Again.

By Vanessa Saunders, MBA, MIMC , Broker Owner, Global Property Systems Real Estate.
If you’re a senior citizen and are new to STAR, New York’s school property tax savings program, you may have to wait for a check from the state instead of having your benefit debited from your tax bill. The changes in policy were in Cuomo’s budget plan released last month, and it has Albany leaders hopping mad.
While not reducing any home owners benefits, the policy for people enrolled in STAR and currently getting the credit instead of checks do not get the 2% increase each year in their benefit.
Since it began in 1993, the STAR program has given homeowners earning less than $500,000 annually a rebate on their school taxes. More than two million New York residents receive the benefit, and the savings are significant. Basic STAR enrollees receive an average of $800 a year. Enhanced STAR for senior citizens is about $1,400. The rate is tied to the home’s assessed value.
Cuomm ...

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  hudson valley real estate, hudson valley home, 'urb to 'burb, hudson valley home owners, star program, taxes, school taxes

Friday, December 18, 2020   /   by Vanessa Saunders

A Washington insider predicts what’s in the stars for Biden’s housing policy.

By Vanessa Saunders, MBA, MIMC , Broker Owner, Global Property Systems Real Estate.
National housing policy will hold a much higher priority in the Biden White House than it was with the previous tenant. Jim Parrott, a nonresident fellow at the Urban Institute, said housing is 'not an abstraction' for the president-elect. Parrott was keynote speaker at the National Association of Realtors' Real Estate Forecast Summit on December 10th, 2020. Parrott served as a senior adviser to the National Economic Council during the Obama administration where he led the team counseling the cabinet and the president on housing issues. Before that, he was counsel to U.S. Department of Housing and Urban Development (HUD) Secretary Shaun Donovan.
Affordable housing a priority.
Parrott said that he felt the Biden team will see more affordable housing, for both buyers and renters as a goal worth taking on in and of itself, as a part of broader economic challenges. Biden views the lack of affordable hoh ...

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  hudson valley real estate, 'urb to 'burb, home investment, housing sales, housing sales inventory, mortgage, the economy, fha, taxes, capital gains taxes, capital gains tax exclusion, 1031 like-kind investment

Friday, December 11, 2020   /   by Vanessa Saunders

Seniors may have to choose between real estate tax exemptions and Covid-19 exposure.

By Vanessa Saunders, MBA, MIMC , Broker Owner, Global Property Systems Real Estate.
http://www.globalpropertysystems.com
Thousands of New York’s elderly population may be forced to decide between renewing their real estate tax exemptions or risking contracting Covid-19 with a trip to their town hall during the height of the pandemic.
In a few weeks, senior citizens who earn more than $38,000 per year must re-apply for their real estate tax exemptions, which often save them thousands of dollars a year. To do this, they’ll need to fill out and file renewal documents with their town. Some New York lawmakers are concerned that seniors will put themselves at risk for contracting Covid-19 during the trip to their town hall.
State Senator David Carlucci is presenting a bill to the New York State Assembly which will allow seniors to be automatically renewed for 2021. “We don't want a situation
where seniors feel forced that they have to travel to the Town Hall in this ...

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  hudson valley real estate, 'urb to 'burb, hudson valley home owners, property taxes, lower property taxes, covid 19, senior citizens

Thursday, December 10, 2020   /   by Vanessa Saunders

Uncle Sam wants your profits!

By Vanessa Saunders, MBA, MIMC , Broker Owner, Global Property Systems Real Estate.
In this seller’s market, we’ve seen a lot of happy people sitting at the real estate closing table admiring the profit they’ve made selling their Hudson Valley home. For some, it’s a windfall of unexpected proportions. For others...ehhh, not so much. This is because some home sellers will have to share part of their profit with Uncle Sam. It’s called Capital Gains Taxes.
The IRS and many states including New York assess capital gains taxes on the difference between what you paid for an asset — in tax terminology your “basis” — and what you sell it for. Capital gains taxes can apply to investments such as stocks or bonds, and tangible assets like cars, boats as well as real estate.
For example, if you bought a home say, 5 years ago for $200,000 and sold it today for $800,000, you’d make $600,000. If you’re married and filing jointly ...

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  hudson valley real estate, 'urb to 'burb, home investment, hudson valley home sellers, selling your home, capital gains taxes, capital gains tax exclusion

Tuesday, November 10, 2020   /   by Vanessa Saunders

The election's over! Here's what’s coming for real estate.

Photo by Bruno Bucar on Unsplash
By Vanessa Saunders, MBA, MIMC , Broker Owner, Global Property Systems Real Estate.
After months of campaigning, weeks of voting and untold hours of the media digesting and regurgitating the story of the moment, we have survived another presidential election. Given the challenges we faced during the campaign - a deadly pandemic, an economy suffering the worst recession since the depression and numerous hot-button racial and immigration issues - we still have a real estate market that's white hot, and record-low mortgage rates that have pushed prices to new heights. So what issues can New York real estate expect for the next four years? Here’s the short list according to a report from Inman News.
Affordable housing
The Biden campaign’s housing proposal pinpointed the dearth of housing supply as the driving force behind the affordability crisis.
Biden has pledged to invest $640 billion in housing over the next 10 years. Among other thinh ...

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  hudson valley real estate, hudson valley home, 'urb to 'burb, hudson valley home owners, hudson valley home sellers, selling your home, pandemic, lower property taxes, capital gains taxes, racial discrimination, racial steering, red lining

Global Property Systems
Vanessa Saunders MBA MIMC CIPS - NYS RE Principal Broker
56 Lafayette Avenue Suite 320
White Plains, NY 10603
914-290-5258


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