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taxes: New York Legislature Update: Taxes - 06/24/08 08:03 AM
The New York State legislature with strong support from REBNY (Real Estate Board of New York) has passed and the Governor has signed a bill (A10688/ S07714) that extends the coop and condo real property tax abatement for four years. The passage of this legislation extends the 17.5% reduction in a property's assessed value (25% for properties assessed at less than $15,000).
In these difficult economic times, with financing more difficult and rising prices, this continued significant reduction in property taxes is needed more than ever.
The Governor also at REBNY's urging signed a bill (A11114/S7066) that would permit multi-year tax exempt financing … (7 comments)

taxes: Bush's Mortgage Plan could be a Boon for NYC Co-ops - 02/14/08 07:03 PM
President Bush's plan to relieve mortgage debt could be a boon to NYC co-ops. The Mortgage Forgiveness Debt Relief Act of 2007 will allow co-ops to raise rents for their retail tenants, which could bring in more money to pay for staffs, and capital improvements and can lead to reduced monthly maintenance fees, the New York Sun reported.The federal 80/20 law had mandated that no more than 20 percent of a coops income could come from outside sources including commercial tenants. This law had become a problem for many coops that include retail space in their buildings since retail rents have gone … (2 comments)

taxes: New Construction Resales - A REAL DEAL! - 04/08/07 07:39 PM
New Construction Resales in Manhattan -  Save Thousands of Dollars in Closing Costs
Seller Pays New York City and NY State Transfer Tax except when Buying from a Developer/Sponsor.

If you're looking to buy new construction you might save thousands of dollars by buying a resale in a brand new building. When a buyer purchases a condo or coop in a new development directly from the sponsor (developer) the buyer is usually required to pay New York City and New York State transfer tax.
When buying from a sponsor in a coop, (unsold shares) the transfer tax is not only the percentage of the sale … (4 comments)

taxes: Politics and Real Estate - Both Local and Cyclical - 11/07/06 07:53 AM
                 
 
"Power Corrupts, and Absolute power corrupts absolutely!" (Historian Lord Acton)
Just as real estate is local so is politics. Just as real estate goes in cycles so does politics. Local economies affect the real estate market local economies affect politics and both go in cycles.
New York State politics has always gone in cycles. Today a democrat will be elected Governor of New York State for the first time in twelve years.
Eliot Spitzer the current NYS Attorney General will become the newly elected Governor. He made a name for himself by taking on Wall Street and the Insurance … (8 comments)

taxes: 1997 Tax Reform - Great for Real Estate! - 09/25/06 03:10 PM
                                                   
The Taxpayer Relief Act of 1997 - signed into law by President Bill Clinton together with the Balanced Budget Act of 1997 is probably the most significant change in recent times affecting real estate. This law made some major improvements for Home Sellers, Property Owners and First Time Home Buyers. It simplified taxes for 99% of Homes sold in the U.S.
Since 1997 Home sellers are eligible to exclude up to $250,000 if single or up to $500,000 if married, of the capital gain on the sale of the residence. In order to be able to claim the … (1 comments)

taxes: The "Flip Tax" Creative Financing or a Coop Cop Out ? - 08/27/06 07:42 PM
The flip tax is a transfer fee that many new york coops and condos impose on shareholders and owners. In the early 80's when many rental buildings converted, huge profits were being made by former renters who bought their units at inside prices and then resold them. Called "flipping" The boards decided to impose the transfer fee and call it a flip tax on sellers to disuade flipping.
Due to high oil costs, insurance particularly terrorist insurance, neccessary repairs and increases in expenses many buildings need to build their reserve fund and are trying to impose flip taxes. In order for the flip tax to … (28 comments)

taxes: Lets make a Deal - Negotiating in the current Manhattan market - 08/19/06 07:08 PM
In Sunday April 20, 2006 New York Times Real Estate section the feature story By Vivian S. Toy is titled
                    Lets Make A Deal.  http://www.nytimes.com/pages/realestate/index.html
It has a picture of an apartment with a divider down the middle called asking price and a buyer and seller are playing tug -of-war across the asking price.
My broker JoAnne Kennedy, cheif operating officer of Coldwell Banker Hunt Kennedy http://www.cbhk.com/ Is quoted:
"We're certainly not where we were in the irrational, exuberance days, sellers have become more realistic. and buyers are finding they have more time to select, and they can make an offer that's not asking … (0 comments)

taxes: NYC Coop Law brings Manhattan Real Estate into the 21st Century - 08/12/06 12:51 AM
There have been lots of blogs and press about ACRIS Automated City Record Information System displaying coop sales records online. Everything from secret plan for the city and state to impose mortgage taxes from appraiser [MillerSamuel] to Jerry Seinfelds signature on a UCC- form. [Gawker]
I've been using  ACRIS  for a couple of years for condos and townhouses. I've been using it primarily for real estate tax records. Every time I get a listing in a condo I check the real estate tax. Many sellers of condos don't know how much their real estate tax is because it's paid by their lender from their mortgage … (0 comments)

 
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Mitchell Hall NYC Real Estate Broker

Manhattan, NY

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The Corcoran Group

Address: 2253 Broadway, New York, NY, 10024

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