Tax Realty Consultant

Realty Property Tax Consultant

California Tax Boost Predicted

October 8th, 2008 · No Comments

California’s looming budget deficit has ballooned to an estimated $14 billion, creating a crisis that fiscal experts said Wednesday is likely to require higher taxes in addition to across-the-board cuts in education and other services.
Images
View Larger Image
More News

* Palin to cast herself as D.C. outsider in speech 09.03.08
* Plea deal near in Detroit mayor perjury case 09.03.08
* Obama says economic issues will decide election 09.03.08
* ‘Clark Rockefeller’ charged with using false name 09.03.08

Metro Services Bid Wpg

The last time the state faced a major tax increase was more than 15 years ago. In 1991, Gov. Pete Wilson faced a $14.3 billion budget shortfall, and state officials responded by increasing the sales taxes and imposing an income tax on the wealthiest Californians for five years.

Finding addition revenue will be critical for the state’s next fiscal year, which begins July 1, said Steve Levy, director and senior economist at Palo Alto’s Center for the Continuing Study of the California Economy.

“I’m sure people can tighten their belt a little bit, but not at $14 billion,” he said.

Members of Gov. Arnold Schwarzenegger’s staff cited that estimate of the deficit in a meeting this week with representatives of social services groups, said Angela Gilliard, a lobbyist for the Western Center on Law and Poverty, an advocacy group for the poor.

The shortfall would be about 10 percent of a total spending plan that probably will be close to $150 billion.

H.D. Palmer, a spokesman for the state Department of Finance, acknowledged that the projected shortfall is significantly higher than the forecast by the nonpartisan legislative analyst last month.

On Nov. 14, the analyst reported that the slumping housing market and the state’s slowing overall economy would result in a nearly $10 billion budget deficit in the next fiscal year.

Palmer said his office’s forecast is based on additional information gathered since the legislative analyst’s report, including actual sales tax receipts for the quarter that ended on Sept. 30.

The slumping housing market, fueled by the subprime mortgage meltdown, remains the main cause of the state’s deepening fiscal woes, having an impact on a wide range of revenue including that from property and sales taxes.

With such a gloomy fiscal outlook, the budget battle between the Republican Schwarzenegger and Democrat-controlled Legislature is likely to be a tough fight throughout all of next year.

Budget negotiations will be more challenging in that the governor and the Legislature also are trying to work out a deal on health care reform, revamp the state’s infrastructure for water supply and make improvements to public education during 2008.

“All three of those issues show that there is a significant need in California for more public investment, not less,” said Jean Ross, executive director of the California Budget Project, an advocacy group for low- and middle-income Californians.

Ross said California is long-overdue for a tax increase.

“One of the reasons why California has persistent budget problems is the fact that unlike many other states, we haven’t looked at revenue increases,” she said. “If everything is going to be on the table (in budget negotiations), indeed everything should be on the table, including tax increases.”

Levy, of the Center for Continuing Study of the California Economy, agreed that just slashing spending may end up hurting the state’s overall economy.

“I don’t see where this state is well-served by making a $14 billion cut or even a $7 billion cut,” he said.

One way to raise revenue would be to apply sales tax to services, such as those provided by attorneys, accountants, consultants, architects and auto repair shops, Levy said.

“This has been widely discussed around the country for 10 to 20 years. We are a service economy, and we have this sales tax (on goods) that’s doomed to grow slower than the economy,” he said.

According to his research, California’s services industry is worth about $700 billion a year, the biggest chunk representing health care.

That alone could raise about $10 billion in additional revenue to the state and local governments, Levy said.

Also, a temporary increase in income tax for the rich, such as the one imposed by Wilson in 1991, also would be helpful - especially since a large chunk of the looming budget deficit comes from California’s repayment of bond debts, which is expected to dramatically decrease in a couple of years.

Palmer said his agency is putting together options for Schwarzenegger to consider as he prepares to unveil a balanced budget in January. One thing that won’t be on the menu will be new or increased taxes, Palmer said.

“To look at expenditures throughout state government and trying to spread those reductions as evenly and broadly as possible - that has been our goal in developing the options for the governor,” Palmer said.

Republican lawmakers maintain that a tax increase will be a nonstarter when it comes time for budget negotiations.

“It’s not a lack of revenue that’s created the problem that we’re in,” said Assembly Republican leader Mike Villines of Clovis in Fresno County.

But some leading Democrats disagree.

“Everything needs to be on the table. We won’t be able to cut our way out of this deficit without destroying education and public safety,” said Steve Maviglio, a spokesman for Assembly Speaker Fabian Núñez, D-Los Angeles.

Economist Levy said that how the state deals with its fiscal crisis is linked to the quality of life in California.

“I think the essential question when you’re facing the budget is what kind of public spending is appropriate for making California a competitive economy,” Levy said. “To me, that comes from making California a great place to live and work. I think we’ve been lagging on those kinds of public investments that make this a great place to live and work.

“And taxes are just the money that you need to pay for those investments,” he said.
Services vulnerable to budget cuts

The state’s projected $14 billion shortfall in the coming fiscal year threatens to force cuts in everyday public services provided to California residents. Services that make up the largest share of the state’s $145 billion total budget in the current fiscal year are:

K-12 education: $45.4 billion Operates 9,557 public schools serving more than 6.3 million students.

Health and human services: $38 billion Provides health care, social services, public assistance and rehabilitation services to millions of Californians.

Higher education: $15 billion 10 UC campuses, 23 CSU campuses and 109 community colleges serving about 3.4 million students.

Corrections and rehabilitation: $9.9 billion Operates 34 adult and eight juvenile prisons serving a total of 174,498 prisoners.

Business, transportation and housing: $13.3 billion Operates and maintains freeways and bridges, runs the Department of Motor Vehicles and finances construction of affordable housing.

http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2007/12/12/MN46TT0NB.DTL&tsp=1

Realty Property Tax Consultant

Reasons to Purchase a Home Currently

October 8th, 2008 · No Comments

Many people - especially singles and young couples who are just starting their careers - have mixed feelings about purchasing real estate. They worry about getting tied down and taking on a lot of debt. Here are 7 compelling reasons why anybody who can afford it should consider buying a home right now:

1. Real estate is still a good investment. It is especially true now when prices came down due to the credit crunch and foreclosures. So if you buy a home at the right price now, you’ve invested your capital wisely.

2. You’ll pay less income tax. You can deduct the interest you pay on your mortgage from your taxable income. The value of this tax break depends on factors like your personal tax bracket, the size of your mortgage, the rate of interest you pay on it and how long you’ve held the mortgage. As a rule, the newer the mortgage, the greater the amount of interest you pay each month and the bigger the tax break. Therefore, recent buyers with young mortgages tend to get the greatest benefit. You can also deduct your property taxes from your income, further reducing the income tax you pay each year.

3. You’ll be buying a piece of real property rather than putting money in a landlord’s pocket each month. The real cost of renting is higher than the monthly payment. There is also an opportunity cost equal to the amount you would gain by using the money to purchase a home instead. Even if the house you purchased did not appreciate in price, you would be able to sell it and recoup some of the money you put into it.

4. You’ll be able to use the equity in your home for low-cost loans for other purposes. You can access the paid-up equity you accumulate in your home in the form of a home equity loan or a home equity line of credit. Because they are secured, home equity loans and lines of credit generally carry a lower interest rate than other types of consumer loans, such as auto loans. The interest on them is generally tax-deductible, as well.

5. You’ll have the stability and emotional security of owning your own home. No more worrying about dictatorial or negligent landlords, rent increases or the possibility your building will be sold and redeveloped or turned into a condo. You’ll be able to live in your house as long as you like, fix your monthly payments and be in charge.

6. You’ll be able to redecorate and renovate any way you like, any time you like. Rules about the paint colors you can use will be a thing of the past. And you’ll be able to tear out walls, install a powder room and make any other improvements you want. Best of all, if you decide to sell, you’ll recoup at least part of the cost of the improvements.

7. And last but not least, interest rates are still very low! This makes it relatively inexpensive to take out a mortgage. The lower the interest rate, the less you actually pay for your house and the sooner you can pay the mortgage off.

Metro Services Bid Wpg

Winnipeg Hotels Virtual Tour

Ad Volreum - Assessing Home Values

October 8th, 2008 · No Comments

On the same block, his sprawling two-story Victorian is assessed at $279,600 - “probably too much,” he said. Christofferson first put it on the market over a year ago for $330,000 and now is asking $275,000.

The market could tell him, but the market won’t speak. Casual house-hunters stroll through and compliment Christofferson’s renovations but don’t even hint at making offers.

And the traditional method of estimating value based on recently sold comparable houses in the area - a “comp,” in real estate terms - doesn’t work when there aren’t enough recently sold houses for a relevant comparison.

“There have been no houses sold that match my criteria. The comps are really old and aren’t accurate,” sighed Christofferson. “It’s only worth what someone will give to you.”

In the bumpy slide that has been this year’s real estate market, the inexact science of estimating property values has deteriorated into alchemy. Real estate brokers and other experts in calculating value say that the rules of figuring worth in a rising market don’t work in a period of glacial appreciation and sales volume.

“Some agents just say, ‘pick a number,’ ” said Arletta Buske, a realty agent with HomeSale Realty Inc., in Hales Corners. “People have no gauge.”

When prices are steadily rising, estimating value can be as simple as calculating an annual increase of 5% or more, based on the last price for which the house sold.

And when prices are steadily rising faster than inflation, plenty of houses are selling, too. That gives homeowners, agents and appraisers lots of recently sold houses to choose from when they conduct a comparative analysis.

But when prices and sales volume are in reverse or neutral, the comparative analysis process falters, say local brokers. A slow market yields few fresh prices for an accurate comp.

Comps are only relevant for the past couple of months, said Buske, who has 30 years’ experience as an agent.

“You can’t even go back a year,” she said. That means that the traditional methods used by appraisers may not reflect the market conditions of the moment, she said.

With home appreciation in metro Milwaukee keeping up with inflation - currently about 3% - some sellers figure that the most credible point of reference is assessed value - the value assigned by the municipal tax assessor for the purpose of figuring the property tax bill.

But that’s not how Mary Reavey would figure value - and she’s the assessment commissioner for the City of Milwaukee.

Assessments reflect the estimated value - Reavey aims for about 96% of market value - as of Jan. 1. That means that the assessed values on the property tax bills that homeowners received this month actually reflect the assessors’ best guess as to what those properties were worth in 2006.

With a lag of at least a year, assessed value is stale before the bills are even printed, explained Reavey. “The chaotic nature of this year’s market will be reflected in next year’s assessments,” she said.

Sellers who market their houses as below assessed value “are trying to say, ‘look, it’s less than this number, it’s a bargain,” she said.

“But the true test is, what is selling?”
Assessed value’s value

Oak Creek resident Aaron Johnson knows what is selling, and for how much. He’d like to know why.

Since summer, Johnson has taken a hard look at house sales in the south suburban markets where he is looking for a place for his growing family.

By tracking the asking and sale prices of houses in the low $300,000 range, he has detected a pattern: most sold for below assessed value, and those that didn’t sold for no more than 1% above assessed value.

“Gone are the days when assessed value means nothing,” said Johnson. “There’s a correlation.”

Now, he looks up the assessed value before touring a house and doesn’t hesitate to press agents as to why the asking price is significantly above the taxman’s estimate.

Factors that may have escaped the assessor - as concrete as a new roof or as intangible as the ambience of a sunroom - may shape sellers’ expectations about what their houses are worth, but Johnson wants it spelled out.

“Last night we walked through a new listing, it had to be $65,000 over the assessed value. Where did that number come from if you just put it on the market?” asked Johnson.

He doesn’t want to try to justify an offer well above assessed value to a lender.

“If I bought a house for $30,000 above the assessed value, I’d be the public idiot,” he said. “Why would I do that?”

http://www.jsonline.com/story/index.aspx?id=696509

Hotels Near Polo Park Shopping Center Winnipeg

Realty Tax Consultant

www.realtytaxconsultant.com

Lake Manitoba Hunting Plots

Disadvantagess of Investing in Real Estate - Tax Perspectives

October 8th, 2008 · No Comments

*
Liquidity is the ability to turn the investment back into cash in a relatively short period of time. Real Estate has a low level of liquidity. It may take months or longer to cash out and sell the property, where as stocks can be sold in a few days or even less time. Stocks have a high level of liquidity.
*
Risk is the chance that things will not turn out as planned. Real estate has a large factor of calculated risk. It is a slow moving market and generally speaking, the longer time in the market, the less risk. Using a high level of leverage will also increase your financial risk. Business risk is also a concern if your property requires any management aspects.
*
The investment life cycle has three steps - the purchase, operation and sale cycles. The key to a successful investment is to consider all of the income expected through each cycle and it’s timing to determine whether it is worth the cost.

Winnipeg Downtown Hotel
Realty Tax Consultant

Ace Employment Job Services Agency

Example of Convoluted Tax Code

September 25th, 2008 · No Comments

A recent CNN report notes that if elected, Barack would “simplify the tax code so that any employed American with a bank account can do their taxes in minutes if they take the standard deduction.” Further, Barack noted that “There’s no reason the IRS can’t send Americans pre-filled tax forms to verify. This means no more worry. No more wasted time.”

Right. We can hardly wait for the day that folks allow the IRS to do their tax returns for them, instead of the other way around. Judging from the quality and accuracy of communique from the IRS to taxpayers, which routinely contain assumptions and assertions regarding folks’ tax liabilities, and which seem to appear nearly every day, our guess is that taxpayers will want to run fast and far away from the day when they will let the Revenooers figure out the tax bill for them.

Good for a laugh, anyway.

And here’s the latest from the California Board of Equalization, which suddenly finds it necessary to express its expertise on the makeup of certain “adult beverages.”

Seems the BOE has concluded that some flavored malt beverages, such as Mike’s Hard Lemonade and Smirnoff Ice are actually “distilled spirits,” rather than beer.

“So what,” you ask? A modest increase in tax from 20 cents per gallon to $3.30, that’s what!

And a recent decision by the United States Supreme Court will certainly bring a smile to the face of more than one beleaguered Incline Village property taxpayer who may be embroiled in the ongoing effort to put the Washoe County Assessor in his place.

The recent unanimous decision in the matter of CSX Transportation, Inc. v. Georgia State Board of Equalization et al contains more than a few nuggets of wisdom which The Village League and its legal beagles may find of interest.

The issue in CSX, not unlike that of Incline Village, was the allegation that Georgia had grossly overestimated the market value of certain rail property. Some pearls from the sliver tongue of Chief Justice Roberts: “States may not tax railroad property at a ratio of assessed-to-true-market value higher than the ratio for other commercial and industrial property in the same jurisdiction … Georgia’s position is untenable given the way market value is calculated. Valuation is not a matter of mathematics, but an applied science, even a craft. Most appraisers estimate market value by employing not one methodology but a combination because no one approach is entirely accurate, at least in the absence of an established market for the type of property at issue … Given the extent to which the chosen methods can affect the determination of value, preventing courts from scrutinizing state valuation methodologies would render (a statute which authorizes the court to enjoin the tax in certain situations) a largely empty command, forcing district courts to accept as “true” the market value estimate of the State, one of the parties to the litigation. States, in turn, would be free to employ appraisal techniques that routinely overestimate the market worth of railroad assets … A State may use whatever method it likes, so long as the result is not discriminatory in violation of (the law).”

Realty Tax Consultant

Winnipeg Auto Financing
Seo Link Bidding Directory

Commercial Land Development Project

September 25th, 2008 · No Comments

The land plot exceeding an area of 40,000 sq.m. would be developed as a mixed use retail and residential complex. The remaining tranches will be called as and when needed before the end of June 2008 to secure the acquisition and developments of other projects already in the pipeline.

The pipeline encompasses diverse residential projects in Istanbul ranging from luxury villas overlooking the Bosphorus to middle income apartments, as well as holiday homes in resort style residential developments on the sea coast of Antalya in southern Turkey.

‘Shamil Bank is constantly on the lookout for interesting investment opportunities, especially in promising emerging markets like Turkey. We have invested in China before and intend to launch a similar Modaraba focusing on the real estate sector in Eastern Europe soon.’ said Mr. Mohamed Hussain, Chief Executive of Shamil Bank.

‘Over the last five years Turkey has experienced substantial growth following its recovery from the 2001 economic crisis. On average, Turkey has had a gross domestic product growth of 7.3% from 2002 to 2006,’ he added.

‘Turkey has enjoyed a sustainable economic and political stability over the past few years and the Government that was in place before has been re-elected in 2007 by the Turkish people who have truly enjoyed this period of stability and growth,’ explained Ahmad Tayara, Head of Investment Banking at Shamil Bank.

http://www.qualityhotelwinnipeg.com/dining

www.realtytaxconsultant.com

Rent Manitoba Vacation Properties
Lake Manitoba Hunting Plots
Realty Tax Consultant
www.realtytaxconsultant.com

Property Realty Tax Appeals
Wpg Auto Finance
Winnipeg South Highway Hotels Accommodation
www.realtytaxconsultant.com

Keep tax break when moving to new home?

September 25th, 2008 · No Comments

College Park homeowner Renee Maloney would like to move to a larger house.

“I am in an older home; the bedrooms are small,” Maloney said.

But she’s waiting.

If voters approve a property-tax amendment Jan. 29, Maloney and other Florida homeowners could transport the tax savings they now get on their homes to their next address.

If the measure fails, moving will be a lot more expensive for Maloney.

The question most voters are likely wondering: What’s in it for me — how much could I save?

The proposal would cut taxes several different ways, but it’s the portability of built-up tax savings that offers the biggest payoff, promises the most help for the housing market and defies easy explanation.

The biggest beneficiaries of portability may be homeowners who move into slightly more expensive houses that are in places with lower tax rates. They could end up with less taxes and more house.

The biggest losers, by the way, would be the local governments that would get less tax revenue. Or the people employed by those governments who could lose their jobs in budget cuts.

For years, homeowners have said they have felt trapped in their homes — unwilling to move because they could lose what may amount to thousands of dollars in tax savings.

Since 2003, while the real-estate market boomed, sales of homes with homestead exemption declined every year, according to the state Department of Revenue.

“This may lend support to the existence of a lock-in effect where homeowners feel compelled to stay in their existing homes — at least longer than they otherwise would have — because of tax advantages,” according to a legislative property-tax report published earlier this year by the state Office of Economic and Demographic Research.

“If people see an opportunity to move up, especially with prices coming down, and if we got some portability, this might be a big incentive for them to move,” said Maloney, an Orlando mortgage consultant.

And where they take their tax break could make a big difference in how much they save.

The state Department of Revenue recently released the general operating tax rates for 385 cities and 67 counties in the state. Within many counties, local tax rates for city and county general operating funds differ enough that property owners could save $900 on a house with a taxable value of $300,000 if they moved from a high-tax city to a nearby one with low taxes.

In Seminole County, for instance, Altamonte Springs’ general operating tax rate is $2.43 per $1,000 of taxable value. In comparison, Sanford’s rate is $6.32. On a house worth $300,000 to tax assessors, the difference between living in Altamonte and Sanford would be about $1,167 a year.

Sanford Mayor Linda Kuhn said low taxes might turn a few heads if voters approve portability, but most people move to Sanford for its large historic district, lakeside setting and relatively affordable homes.

“People have chosen to live in Sanford for various reasons,” she said. “There are a lot of things that brought them here.”

In Orange, Windermere had one of the lowest tax rates. Mayor Gary Bruhn said low taxes might be a draw for people who are suddenly interested in moving, but the attractive tax rates are really secondary to Windermere’s abundance of lakefront property and small-town feel.

Bigger house, bigger break

If voters approve the measure, which would apply retroactively to home purchases made in 2007, buying a more expensive house would bring bigger overall savings than buying a cheaper one. Of course, the more valuable the house, the more the new owner will have to pay in property taxes.

Of the homeowners who opt to move to another home within the state, the overwhelming majority could transfer their full tax break, according to a recent study. The legislative property-tax study released earlier this year reported that three out of four Florida homeowners relocating within the state purchase a more expensive home.

Maloney, for instance, owns a house with a market value of $289,843, but she only pays taxes on $226,375 worth of value because of the Save Our Homes exemption. So her exemption totals $63,468.

If she upgraded to a house with a market value of $600,000 on the tax rolls, her tax bill would be $5,825 to $7,547 — depending on which taxing districts she lands in — according to the Orange County Property Appraiser’s Office. That includes the tax breaks from the existing homestead exemption and the proposed second homestead exemption. Her savings: $1,466 to $2,554.

Moving to a less-expensive house is another story. Under the proposed tax plan, homeowners relocating to less-expensive homes get the same percentage of exemption they got at their previous address. So an owner whose home was taxed at half its market value in his last house would get half the value exempted from his next house.

In Maloney’s case, she pays taxes on about 78 percent of her home’s market value. If she moved to a house worth less than her College Park home, she would pay taxes on 78 percent of the new home’s value.

If she bought a house valued at $200,000, her tax bill with portability would be $1,357 to $1,716. Without it, she would pay an additional $978 to $1,148, according to a portability calculator on the Orange County property appraiser’s Web site.

It’s a better option than starting over with no tax break, she said.

“Even if you downsize, quite probably your taxes are going to go up if you don’t have portability,” Maloney said. “Literally, people can’t afford to move.”

Cuts in services predicted

The tax plan would take a big hit on local-government budgets. It would cut as much as 39 percent of revenues from Windermere’s coffers, Bruhn said.

Statewide, new estimates released Friday report about $9.3 billion of tax reductions during five years, including $1.5 billion in cuts for schools. Opponents of the amendment say the money individuals would save is not worth the cuts in services. Labor unions and others are lining up to fight the proposal and the potential job losses it could bring.

Orange County PTA mom Joanne Johnson said she’s not necessarily against tax reform.

“I’m just very concerned about the fallout that will happen when cities and counties do not receive as much,” she said.

Johnson said she uses libraries, parks, roads, schools and other government services. The tax package would benefit her financially, but that’s not enough to win her support.

“Yes, it would benefit me personally, but how is it going to benefit our leaders of tomorrow? . . . We need to speak on all of our children’s behalf.”

To pass, the amendment needs the approval of 60 percent of voters. Most residents would be unlikely to see any immediate tax savings from portability. The state legislative report found that only about 3 percent of Florida homeowners sell their homes and relocate in the state per year. That represents about 140,000 homes, the property-tax study stated.

For homeowners who don’t move, their savings from another part of the proposal — the increase in the homestead exemption — would amount to about $20 a month on average.
http://www.orlandosentinel.com/community/news/windermere/orl-lidportability1707dec17,0,842015.story?coll=orl_tab02_layout

Property Insurance Industry - Property Banking Industry Updates

September 25th, 2008 · No Comments

Lakeside Insurance Agency in Windham, N.H., was named one of the Top 100 Private Companies in New Hampshire. The designation was recently announced by Business NH Magazine in its annual listing. The company is among the fastest growing, most distinguished and one “to watch” in New Hampshire, according to the magazine.

Lakeside Insurance Agency is a full-service agency that was established in 1973 and has a team of 20 licensed agents managing nearly 10,000 polices for clients locally and across the country. The agency provides comprehensive and individualized insurance programs, including commercial and group benefits, personal life and health insurance, and a wide range of financial services products.

nnn

The Methuen office of The Savings Bank recently hosted a reverse mortgage seminar at the Nevins Memorial Library in Methuen. It addressed the program that lets homeowners enjoy financial independence while living in their own home, as well as the products and services offered by TSB Securities Group, an Independent Service at The Savings Bank. Speakers included Chris Grevelis, reverse mortgage specialist at The Savings Bank, and Michael Rogers, financial consultant with TSB Securities Group.

nnn

Simon Property Group and the Boston Celtics have teamed up to present the Simon Boston Celtics Giftcard. As part of this new relationship, a portion of the proceeds will go to the Boston Celtics Shamrock Foundation and the Simon Youth Foundation, both of which provide education benefits to local youth. The Giftcard is now available at all Simon Mall locations in New England, including North Shore Mall in Peabody and The Mall at Rockingham Park in Salem, N.H.

nnn

w/ photo-jr986d77

Beacon Communities LLC of Boston announced that it has been awarded two gold PRISM awards from the Builders Association of Greater Boston for its development of The Cordovan at Haverhill Station. Beacon was the recipient of the Best Rental Community in New England and Best Affordable Community in New England awards. The development team for The Cordovan at Haverhill Station included The Architectural Team, Duffy Design Group, Stantec and Keith Construction.

The development of The Cordovan at Haverhill Station involved the adaptive reuse of a primarily vacant and deteriorated historical structure in downtown Haverhill. The 146-unit mixed-income apartment-home community is within walking distance to the MBTA commuter rail, Amtrak Down Easter line and the MVRTA bus station. The Cordovan was the cornerstone for redevelopment efforts in downtown Haverhill and is near shopping, art galleries and many restaurants and pubs.

The design for the renovation and rehabilitation of the building - originally built as a place to house small firms connected to Haverhill’s shoe-manufacturing industry in the early 20th century - retains many of the building’s historical interior and exterior features. Of the 146 apartments, 61 are available to households earning less than 60 percent of the area median income, or moderate income.

nnn

w/ photo-jrlt4177

Judy George, CIC, vice president of Commercial Lines with Lakeside Insurance Agency of Windham, N.H., was re-elected as president of the Professional Insurance Agents of New Hampshire for 2007-2008. The announcement of the new slate of officers came at the professional association’s recent annual meeting.

George, who has been a broker with Lakeside Insurance Agency for 13 years, is a certified insurance counselor with nearly 30 years of professional experience in the insurance field. Lakeside Insurance Agency, with a team of 20 licensed agents and 34 years in business, was recently recognized as 2007 Best Practices Agency by the Independent Insurance Agents & Brokers of America.

nnn

w/photo-jrtlup77

Richard Misserville of Chester, N.H., recently joined 25 other graduates to earn the position of Associate Supervisor in the Massachusetts District of the U.S. Postal Service.

Misserville trained for 16 weeks with classroom sessions and on-the-job training at the Middlesex-Essex Processing and Distribution Center in North Reading where he will work as a supervisor of distribution operations.

nnn

Three Lawrence businesses were awarded more than $5 million in federal tax deductions for fiscal year 2007. The privately owned businesses include Little Car Care, a Volkswagen specialist that was awarded $100,000 in deductions; Bagel Boy, which was awarded $4.5 million in deductions; and Ozzy Properties, which received $547,491 in deductions for its Heritage Place commercial real estate property.

All three federal tax deductions were provided under the Housing & Urban Development’s Commercial Revitalization Deduction, a special incentive available within Lawrence’s Renewal Community district.

Renewal Community tax incentives are worth approximately $5.6 billion to eligible businesses of all sizes in Renewal Communities. These incentives encourage businesses to open, expand, and to hire local residents. The incentives include employment credits, a zero percent tax on capital gains, accelerated depreciation through Commercial Revitalization Deductions and other incentives. Lawrence receives $12 million in Commercial Revitalization Deductions each year.

Commercial Revitalization Deductions require an application be filed with the city, as well as approval by the Massachusetts Department of Housing & Community Development.

Rent Manitoba Vacation Properties
Lake Manitoba Hunting Plots
Winnipeg Commercial Caterers
Realty Tax Consultant
www.realtytaxconsultant.com

Lake Manitoba Narrows Lodge
Lake Manitoba Hunting Land Lot Plot
Manitoba Vacation Real Estate
Realty Tax consultant Blog

Tax Benefits of Luxury Vacation Real Estate

September 25th, 2008 · No Comments

7. Consider tax benefits. Resort property can offer tax benefits, but it takes the advice of experts such as professional exchangers, CPAs and your trusted personal tax consultant to ensure that you enjoy the benefits. Get expert input on 1031 tax exchanges, primary residence capital gains exclusions and the conversion of one of these to the other and how it affects you and your tax plan. You can even buy resort property in your IRA or Keogh plan, but again these sophisticated deals require the solid, informed advice of experienced tax professionals.

8. Know property management options. To maximize your enjoyment and minimize your responsibilities, you might want to hire a property management company to look after your new investment. If so, you´ll want to determine whether a long-term or short-term program is best. Short-term generally means nightly or weekly rentals, while long-term usually means six to 12 months out of the year. Ask your broker to recommend at least two to three management companies and interview each one. Learn what the fees are, get references, and don´t sign up for anything more than a one-year term. Why? You need to get to know the management company before entering into a long-term relationship.