Some of the tax deductions from owning a home can include mortgage interest rates, property taxes and property insurance. If you own rental property include all of the above plus repairs, maintenance and association dues.
According to the recently released 2013 American Community Survey (ACS), New Jersey once again led the nation with the highest median real estate tax bill at $7,331. The median real estate tax bill in Alabama was $532; the lowest in the nation. There was little movement from the 2012 ACS as the composition of the top and bottom ten remained the same. The highest property tax states are found in the Northeast while the low property tax states are found in the South.
Americans’ attitudes toward the housing market continued to soften in August and suggest that housing activity may resume its modest recovery in 2015 after some pullback this year, according to results from Fannie Mae’s August 2014 National Housing Survey. Despite ongoing improvements in the labor market this year, consumers’ view on their income trend during the past 12 months appears to be more bearish.
I know that along with tax time, changing a job, and the holidays, one of the most stressful events for consumers is moving into a new dwelling. According to the Better Business Bureau, consumers who are not careful can end up with a nightmare that can take weeks or months to resolve.
A: You can find out more about an existing property and neighborhood before you buy than you can a new home in a newly developed community.
When the home is on the outskirts of town, ask the developer about future access to public transit, entertainment venues, shopping centers, churches, and schools. Also review local zoning ordinances. A remote area can quickly turn into a fast food haven.
You want to ensure the neighborhood will not spiral out of control and lose its residential appeal.