LABA’s Post

Taxing thoughts? High property taxes might seem daunting, but they reflect New Jersey's investment in quality living. It's a state where prosperity grows, from cityscapes to sea breezes. Let's talk about maximizing your real estate investment in this vibrant market. 🏠✨ #NewJerseyLiving #PropertyTaxes #QualityOfLife #RealEstateInvestment #HomebuyersGuide #GardenStateHomes #NJRealty

I was surprised at how low Illinois was compared to other States! However let's not overlook that our real estate taxes are among the highest in the Country. I guess you can’t have it both ways! #CoreyBarkerGroup #KellerWilliamsRealty #Realtor #IllinoisRealEstate #LakeCountyRealestate #GurneeRealEstate #BrooksideSubdivision #MillCreekCrossingSubdivision #TimberwoodsSubdivision #BittersweetWoodsSubdivision #KingsportWoodsSubdivision #RaviniaWoodsSubdivision #WashingtonParkSubdivisions

Let's tax the largest landowners in the USA via property tax and provide a tax credit for any new development that includes affordable housing. "The ideology is centered on the idea that natural resources should be shared by everybody, rather than monopolized by the wealthy elite. Fast-forward nearly 150 years, and a Georgist proposal — land-value taxation — is being promoted by urbanists and pro-development advocates as a solution to the housing affordability crisis and much more." https://lnkd.in/g5aBTqd4

Industry News: Baltimore City Council Pushes to Increase Tax Rate on Vacant Properties 🏚️ In a major step to address the city’s vacant property crisis, the Baltimore City Council is set to triple property tax rates on vacant homes starting in 2026-2027. The goal? To incentivize property owners to maintain their properties and deter speculators from neglecting them. With around 13,000 vacant properties in Baltimore, this initiative is a crucial part of the city's fight against blight. Governor Wes Moore is also pushing to transition at least 5,000 vacant properties into homeownership or other positive outcomes in the next five years. At DAWGS, we support innovative measures like this that seek to restore vacant properties and revitalize communities. #IndustryNews #BlightPrevention #Baltimore #Tax #RealEstate #VacantPropertySecurity

Minneapolis' next property tax increase could be the biggest in more than a decade Contact me to discuss the latest scoop in real estate! #GoldenValleyHomebuying #GoldenValleyRealtor #home #minneapolis #minneapolishousing #minneapolisrealestate #minneapolisrealestateagent #minneapolisrealtor #minneapolishomebuying #minneapoliscity

Is your current real estate strategy considering the potential rise in Boston property taxes? Mayor Michelle Wu is raising concerns about how booming property values might result in higher residential taxes. This could particularly hurt seniors, low-income households and housing insecure individuals. New policies and reforms are on the horizon to protect homeowners. These include home-rule petitions, local control of tax rates, breaks for homeowners and additional tax on property sales over $1.5 million to support social housing. Such changes could impact your real estate investments significantly. Are you prepared? Can your strategy withstand these fluctuations without impacting your bottom line? It might be time to reassess and adjust your real estate plan. Do you have the expertise to navigate these reforms? Consider seeking expert advice. Reach out to real estate expert Joe Turco. With deep industry knowledge and keen foresight, he can guide through potential pitfalls and identify lucrative opportunities in the evolving Boston real estate market. #BostonRealEstate #BostonRealtor #eXpRealty #Boston #TurcoGroup

Uncover the intriguing details of The American Housing and Economic Mobility Act of 2024! This groundbreaking law tackles the housing crisis and economic disparity head-on with fresh housing strategies and smart tax tweaks. See how this daring plan strives for lasting solutions for everyone. Get the full scoop—check it out here: https://okt.to/P3B2ks

As the 89th Texas Legislature kicks off, several key real estate issues are on the agenda, with the potential to significantly impact housing and property ownership across the state. Here’s what to watch: Property Tax Reforms Building on the $18 billion reduction achieved last session, lawmakers are exploring further ways to ease property tax burdens. Proposed measures include capping annual appraisal increases for primary residences at as low as 2.5% (down from 10%) and using state surplus funds to support schools, thereby reducing the reliance on local property taxes. Foreign Ownership Restrictions Legislation is being introduced to restrict or ban property ownership by citizens of certain foreign nations deemed “hostile.” These proposals aim to address national security concerns but have drawn criticism for their potential discriminatory impacts. Corporate Landlord Regulations The role of corporate landlords in the housing market is under scrutiny, with lawmakers considering regulations to address their influence on housing availability and affordability. Zoning and Housing Affordability In response to the ongoing housing affordability crisis, there is bipartisan interest in reforming land use and zoning policies. Potential changes include reducing minimum lot sizes to promote diverse housing options, such as multiplexes and townhomes, in areas currently limited to single-family homes. These discussions highlight the Legislature’s focus on balancing property rights with the need to address housing challenges and ensure affordability for all Texans.

Soaring property taxes in Chicago's southern suburbs, disproportionately affecting Black homeowners, are forcing residents to choose between unsustainable debt or losing their homes. The median property tax increase of nearly 20% in the summer of 2023 has placed a significant financial burden on economically vulnerable communities, particularly in majority-Black municipalities. This crisis highlights the urgent need for reforms to address the inequities in property taxation. 🔗 Read more: https://lnkd.in/gG-mhZDa #propertytax #Chicago #equity #housingcrisis #BlackHomeownership #affordablehousing #economicjustice

In response to the positive steps taken by state lawmakers over the weekend towards housing production in NYC, former NYC deputy mayor for housing economic and development Alicia Glen concludes her op-ed by stating "...We will need to take a hard look at the outcomes of this package and be prepared to make changes. And we must keep making the case for the tools, federal resources, State legislation, and private capital necessary to make a real dent in the problem." Another step lawmakers can take in making a dent in the lack of housing problem is to vote to remove the state requirement that CPACE projects must show $1 saved for every $1 spent. In the NYC CPACE program, this is known as the "Savings to Investment Ratio (SIR)". The SIR requirement has played a significant role in why there has only been THREE CPACE loans closed in NYC in the past half-decade that the program has been in existence. The dearth of CPACE in NYC is not due to lack of interest, trust me. It is because deals die on the vine due to SIR. Many states do not have SIR requirements, so why should NY? As NYC developers ramp up their projects and seek capital (because after you have an incentive program in place, you still need to find a way to pay for construction!), lawmakers need to seize the opportunity in making CPACE more easily available to finance energy efficient improvements in this high interest rate environment. #CPACE