How are some NY Realtors creating more value and business by reducing taxes for home buyers and sellers?
Helping clients reduce taxes enables NY Realtors to better serve their clients, add more value, sell homes faster, and more profitably for all involved. Taxes take a big chunk out of sales proceeds and real estate returns, while adding to holding costs and buyers’ closing costs. But leading New York real estate pros can help home buyers, owners, and sellers keep thousands more in their pockets each year. How are they doing it?
Negotiating Property Tax Issues
One of the big challenges in the real estate market today are back taxes and other liens tied to properties for sale. These can accrue at rapid rates, with some fines escalating at $1,000 a day or more. That either takes a giant bite out of the sales proceeds, or means a buyer has to come up with thousands of dollars, that does not go to equity, and is effectively immediately vaporized. Few are aware that these debts can actually be negotiated down. An $80,000 lien may even be negotiated down to just $8,000 depending on the scenario. That’s a lot of extra room in the deal. Realtors can attempt this themselves or pull in an attorney to handle it.
Tax Saving Vehicles
Tax saving vehicles like 1031 exchanges and self-directed IRAs can help real estate investors enjoy tax free, or at least tax deferred acquisitions, growth, income, and the sale of property. This makes a substantial difference in annual and lifetime net gains, and the traction that investors are able to gain in the short to mid-term. Realtors that connect their clients to these tools can help them buy more property, sell faster, and net more.
Appealing Annual Property Tax Bills
High annual property tax bills take a huge bite out of income property returns, and can make properties less attractive to potential buyers. This is especially true in Manhattan and on Long Island. Fortunately around half of all properties qualify for a tax reduction each year. That makes properties more affordable for buying and holding, and it can mean being able to sell homes for more, faster.
Contact Property Tax Adjusters, Ltd. today to find out if you, and your clients qualify for a property tax reduction…