Homes were destroyed and families ripped apart when Hurricane Sandy hit New Jersey and New York areas on October 29th, 2012. Relief efforts have been an ongoing process, bringing the NJ community together. Property tax reassesment may provide some relief to affected home owners.
What Sandy victims need to know now
There are two days left for Sandy victims to make the most of a New Jersey statute to their benefit. Homeowners who have had their properties affected by the storm may opt for a reassessment prior to their upcoming tax bill.
What does this mean?
Those who have had damage inflicted upon their homes due to the storm and opt for the reassessment will most likely have lower property taxes. The details of how this will be implemented are not clear yet. The stipulations for qualification are any home which was negatively affected due to disaster or fire between October 1 and January 1.
How to do it
Contact your local municipal tax assessor by writing a letter of interest in this reassessment. Letters are due by January 10, 2013, just two days. You will then have a visit from an inspector who can give an official assessment of your property, which should be available next month. Appeals are accepted until April 1.
January 1, 2013 marks the day that the Senate and the House passed the legislative bill to avoid the looming fiscal cliff. So, what does this mean for the real estate market and, more importantly, home owners and buyers?
Ahhh. Many of us can breathe a sigh of relief at the sight of those two words. The new bill extends the mortgage debt forgiveness relief until January 1st of next year. This is great news for homeowners going through a short sale or a foreclosure. This means that they don’t have to pay tax on the amount of debt that is forgiven.
There are also deductions for mortgage insurance premiums. Those of us making $110,000 or less qualify for this new condition which has been extended through 2013 and is applicable for the year of 2012 as well.
Time to go green
Going green is not just a trend to make you feel good about yourselves! It is finally time to reap some fiscal benefits for being friendly to our environment. Home owners who have made energy improvements to their homes are now eligible for a 10% tax credit, up to $500. This is applicable for the new year and for 2012.
Taxes, taxes, taxes
That lovely little word that packs so much of a punch for most of us, taxes. Estate taxes are exempted for the first $5 million in individual estates and the first $10 million for family estates. Estates which supersede these amounts are subject to 40% taxation, which is indexed for inflation.
Sellers who have resided in their primary home 2 out of the last 5 years, can continue to take a deduction of upto 250,000 on the gains from the sale of their primary home. For married couples, this would be upto 500,000. Capital Gains rate stays at 15% for individuals with the top rate of $400,000 and couples with $450,000 joint return. Any gains above those amounts will be taxed at 20%.
Remember those “Pease limitations?” They have been repealed for most of us, but those who have $250,000 annual income ($300,000 for joint income), are now subject to these laws once again. Tax reduction cannot be greater than 80% of the filer’s total itemized deductions, and rates are indexed for inflation.
The new bill also has an effect on commercial properties. There is now a straight-line cost recovery spanning 15 years for leasehold improvements on these properties. This is extended through 2013 and also active for 2012.
What are your concerns about the effects of the new bill? As always, feel free to contact me, Sujatha Bhaskara, with any questions about this or anything about real estate. I can be reached at 732-536-9010 or email@example.com.
There are several steps to selling a home. After you have found a listing agent for your home, you will be provided with a listing contract. Prior to signing this document, it is helpful to understand the conditions normally included. The Marlboro NJ listing contract details in this blog will make you an educated seller.
Commission is typically itemized as a percentage of the selling price. It is against the law for brokers to imply that a rate is fixed in the market. Every brokerage sets its own rates and, similar to everything else in real estate, it can be changed. It is important to understand the experience and value provided by individual brokers and companies when comparing their fees. Finding one with the lowest fee may not be the best choice and may actually end up hurting you, so make sure you understand what services they offer for the fee.
Listing agents typically share a certain portion of the fee with buyer agents. The amount is shown in the MLS system. Higher rates may encourage buyer agents to promote your home and, likewise, low percentages can discourage them. This is particularly true when competition is high. If the percentage is not specified, you can ask about it.
The contract also indicates when the compensation is technically earned. It is important to read and understand the terms of the contract.
You must enable your agent to handle specific tasks. The most obvious one is to enter the details of your property into the local MLS (multiple listing service). This service shares the information with all real estate professionals and could also send your listing to a list of authorized websites. By expanding the pool of home buyers that see the information, you will increase the likelihood of selling and for a higher price. Adding signs, attaching a lock box, and performing open houses are other services that you may be asked to sign off on in the listing contract.
Real estate brokers are not solely salespeople. They are actually agents in the legal definition and have special obligations under real estate law. These are referred to as fiduciary duties and include care, obedience, accounting, confidentiality, diligence, disclosure, and loyalty. Basically, your broker must work for you and look out for your interests. There can be situations where a listing agent also represents a buyer attempting to purchase your home. This is called a dual agency. The paperwork will provide information on how this shall be addressed, such as mandated disclosures, and what services will be provided to each party. Make sure that you fully understand the potential scenarios and agree with the terms.
Marlboro NJ Listing Contract Details
The Marlboro NJ listing contract details in this article include some of the most common components of listing contracts but may not address everything in your specific contract. As with any kind of contract, read through the complete document carefully, ask questions about anything that is confusing, and seek additional assistance if you desire legal advice.
For more information on this and other real estate topics, contact Sujatha Bhaskara at 732-536-9010 or firstname.lastname@example.org. Never hesitate to contact me with any of your real estate questions! For more information on selling your home in Marlboro NJ, please visit http://www.bestinnjrealestate.com/sell/.
Just Sold – Parkside at Mountain View in Hillsborough, NJ
Great Family-friendly Neighborhood with spacious floor plans in a tranquil setting.
Gorgeous Parkside at Mountain View in Hillsborough, NJ … Just Sold:
Some of the great features of this Parkside at Mountain View Homes in beautiful Hillsborough, NJ include:
- Convenient access to Highways including New Jersey Turnpike
- A few minutes ride to five train stations
- Close to prestigious Princeton University
- Easy access to shopping centers like Bridgewater Commons
- Close to Parks, Golf courses, Country clubs and shopping centers
- Tot lot playground and multi-sport playing field
- 4-5 beds / 2.5-4 baths
- 2 car garages
Please take a moment and check it out the video of this Just Sold – Parkside at Mountain View in Hillsborough, NJ Home:
If this is your choice in homes – You must hurry! Only a few home sites remain in Parkside at Mountain View!
These desirable homes are selling fast! For more details and to contact me, visit www.bestinnjrealestate.com, your Real Estate resource for homes in Morganville, Aberdeen, Colts Neck, East Brunswick, Edison, Englishtown, Freehold, Hillsborough, Holmdel, Jackson, Keyport, Little Silver, Manalapan, Marlboro, Matawan, Monroe, Old Bridge, Parlin, Sayreville, South Brunswick, NJ and beyond.
If you have specific Real Estate questions in any part of New Jersey, contact Sujatha Bhaskara, Your New Jersey Real Estate Agent, by phone at 732.319.1340 or by email at email@example.com. If you are new to the New Jersey area, and would like a friendly, hassle free place to meet New Jersey residents and learn more about the area, visit my Facebook page @ Sujatha Bhaskara – Keller Williams Realty New Jersey.
If you’re thinking about selling your home in the Hillsborough, NJ area and you don’t have a Realtor®, please contact me! I would love to show you how, through strategic pricing, proper condition/staging, and expert marketing; you are likely to get your home sold quickly in today’s Hillsborough, NJ real estate market.
It is a bit tough to consider purchasing real estate with all of the negative news on the real estate market. When you review the facts, it is actually a great time to purchase real estate. The following are benefits of purchasing Marlboro NJ homes in 2012.
Benefits Of Purchasing Marlboro NJ Homes In 2012
Favorable Home Loan Rates
Interest rates are at an all time lows. Most buyers obtained fixed rates under four percent during the first half of the year. Loan rates have a significant impact on recurring loan payments. By obtaining a low rate, home buyers spend less money on a property or are able afford a more expensive property. Rates will not stay low for the long term, so buyers should act sooner rather than later to to fix in a low rate for the full term of their home loan.
The decreased real estate market means that real estate is sold at a lower price than they were at the peak of the market. Like stocks, it is more beneficial to purchase at a low price than a high one. Real estate in the usually appreciates over time. By buying on the low end, there is also more potential for appreciation.
The Ability to Upgrade to a More Expensive Home
When real estate values decline, it is actually the best time to purchase a more expensive property. Buyers may lose some equity in selling an existing home, but the money saved on the higher priced home should be more than that loss. Many buyers are finding that the reduced prices offer a rare chance afford a home of their dreams.
A Smaller Gap Between Renting and Buying
The cost of rent remain high even though housing prices are low, resulting in a smaller difference between renting and buying. Buying has the added benefit of tax deductions for mortgage interest, municipal taxes, and other expenses. When you also consider the ability to build equity over time, home buying offers both savings and long term growth potential.
Help With Buying a Property in the Marlboro NJ Area
There are many benefits of purchasing Marlboro NJ homes in 2012. If you are ready to take advantage of low prices, low mortgage rates, and the other advantages of purchasing a home, start by contacting a mortgage professional and real estate buyer’s agent. Contact Sujatha Bhaskara at Keller Williams Realty (732-536-9010, firstname.lastname@example.org) for additional information on the real estate market and assistance with your real estate buying needs.
I invite you to begin your Marlboro, NJ home search at www.bestinnjrealestate.com, a great buyer resource. Here you can save your favorite properties, set up a custom listing alert for homes in Marlboro that meet your needs, view Real Estate trends in the area, get local Marlboro, NJ school and community information, and much more!