My neighbor was informed by mail yesterday that he had lost Basic STAR and that his real estate taxes were going up 10%. STAR stands for School Tax Relief. Every property owner in New York State who pays school real estate tax used to get it. This tax exemption is worth about $2,000 per year […]
How Trump’s Tax Reform May Affect Your Taxes
Tax season isn’t everyone’s favorite time of the year, but don’t let a new reform overwhelm you. President Trump’s Tax Reform Act was passed on December 22nd, 2017. The Act is designed to cut income tax rates, it doubles the Standard Deduction, and eliminates many personal exemptions. The individual changes became effective January 1st, 2018, […]
What to Do When You Can’t Afford Your Taxes
Tax season can be harrowing, especially for those that find they owe the IRS money. If you can’t tackle your tax bill in its entirety this tax season, don’t give up. There are options, but they take strategic planning and a bit of elbow grease. Let’s get started. File Your Tax Return Anyway Tax deadlines […]
Reasons Why You Need a Real Estate Agent When Buying a Property
Many people conduct property search instead of hiring a real estate agent to avoid extra expenses. However, the fact is that one can save much more if one hires a real estate agent in a property search. No matter whether you want to buy a home or sell one, a real estate agent is of […]
New York City: Property Tax Haven
Andrew Cuomo announced in Pleasantville, five miles North of my home, as he signed the Property Tax Cap, that the “madness is over”. But Governor Cuomo should know better. The tax cap addresses the ‘top line’ of a problem, not its underlying inequities. The biggest problem with property taxes in New York State is that […]
Defeat the Property Tax Cap
Rarely has a piece of proposal legislation produced so many heartfelt Resolutions. Andrew Cuomo’s Property Tax Cap is spawning resolutions faster than mushrooms grow in manure. Typically, local governments don’t bother to send resolutions to Albany, because they are futile gestures. The elected officials in Albany are a spineless lot more interested in their […]
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