Posts tagged as:

Taxes

Homebuyer Tax Credit Deadline is nearing: Frequently Asked Questions

March 28, 2010 by Jaime Tineo

$8,000 Tax Credit
The following questions and answers provide basic information about the tax credit for new homeowners. If you have more specific questions, we strongly encourage you to consult a qualified tax advisor or legal professional about your unique situation.

The following questions and answers provide basic information about [...]

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What is PMI and how you can rid of it!

December 20, 2009 by Jaime Tineo

PMI stands for Private Mortgage Insurance.  When someone takes out a mortgage for more than 80% of the home’s value an additional premium, or penalty depending on how you look at it, must be paid to protect the lenders against default.  (a contributing factor why banks would rather foreclose than modify a loan–buyers were paying [...]

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If property values have fallen in Westchester County, should property taxes drop too?

October 14, 2009 by Jaime Tineo

According to the a recent NY Times article, the reason property taxes are so high in this area (Westchester and neighboring counties), besides the political strong-hold of local unions, is because, for one, property values are higher than in the rest of the country.  Westchester County median sale price is about $530,000 while the national [...]

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Westchester County is #1 in the Nation…in property taxes

October 1, 2009 by Jaime Tineo

Once again Westchester County has once again gained the dubious distinction of being the county with the highest property taxes ($8,890) in the country for the second year in a row, according to the Census Bureau.  I’m not sure that’s the recognition the county was actually going after.  What I want to know is why?  [...]

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How to grieve and lower your property tax in Westchester County

September 1, 2009 by Jaime Tineo

If you own a home in Westchester County or any part of the country chances are you feel your property taxes are too high.  In Westchester County, for example, this could not be more true.  While property values were skyrocketing, most buyers and homeowners did not complain to their town about increasing taxes. Everyone was [...]

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Grieving property taxes in Westchester County Part II

June 9, 2009 by Jaime Tineo

Last week I wrote an article on grieving your property taxes and today I wanted to continuing on the same topic.
I was recently speaking to an attorney who also grieves taxes for his clients (and by no means should you consider this post as legal advice–consult your own attorney for that).  He mentioned to me [...]

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Steps to buying a home in Westchester County

May 27, 2009 by Jaime Tineo

A while back I wrote on Closing on a house in Westchester County.  After reading it I realized that I should take the process to its infancy.  I should take it to the point where you’re actually deciding to buy a home.  Therefore, I updated the previous article to be less assumptive and more detailed.
 Step [...]

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DYK: How can I get a STAR?

March 25, 2009 by Jaime Tineo

If you own a home in the state of New York and you use it as your primary residence you are eligible to receive a property tax rebate. The rebate amount varies depending on the municipality the home is located in. To receive the rebate all you need to do is complete the [...]

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DYK: NYS Tranfer Tax

March 2, 2009 by Jaime Tineo

In the State of New York you will incur a ‘transfer tax’ for selling your home equal to $2 for every $500 ($4/$1,000).  For example, if you sell your home for $500,000, your transfer tax is $2,000. (500,000 x .004)
Do you live in Yonkers?  Yonkers has a transfer tax of their own.  The City of [...]

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First time home buyer tax credit: What does it mean?

February 17, 2009 by Jaime Tineo

The original planned tax credit called for a $15,000 credit to first time home buyers.  The revised and approved package calls for an $8,000 credit instead.  Unlike the previous credit that was available in 2008, the current credit does not to be repaid.  It’s yours to keep.  (ironically, we are borrowing from ourselves, to give [...]

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