Do you want to see the 2019 Mill Rates for Southeastern Connecticut towns according to the Office of Legislative Research?
Monday, January 7, 2019
Sunday, January 6, 2019
2019 Real Estate Predictions
According to Zillow, there may be some changes to the real estate market in 2019. See what Zillow is predicting at snip.ly/op454x
Saturday, December 29, 2018
Westerly Real Estate Market Report
The Westerly Real Estate Market Report is a monthly statement of the average sales price for and number of 2 BR, 3 BR and 4 BR homes sold, the total number of sales, the number of active homes for sale , the number of homes for sale pending, and the average listing price of Westerly homes for sale.
According to Wikipedia, Westerly becomes a large tourist attraction during the summer months during which the population nearly doubles.
From east to west, well-known beaches include Weekapaug Beach, Westerly Town Beach, Misquamicut State Beach, East Beach and Watch Hill Beach.
Weekapaug is a Native American word meaning "end of pond". Niantics, Pequots, and Narrangansetts lived in this area before early settlers arrived.
Misquamicut Beach is a three-mile length of beach that extends westward from Weekapaug to Watch Hill and separates Winnapaug Pond from the Atlantic Ocean.
Watch Hill is an affluent coastal village in the town of Westerly, Rhode Island. It sits at the most-southwestern point in all of Rhode Island, excluding Block Island. Watch Hill came to prominence in the late 19th and early 20th century as an exclusive summer resort, with wealthy families building sprawling Victorian-style "cottages" along the peninsula.
Watch Hill is characterized by the New York Times as a community "with a strong sense of privacy and of discreetly used wealth", in contrast with "the overpowering castles of the very rich" in nearby Newport.
Today, Watch Hill is best known as the backdrop for the Ocean House, the only Forbes Five-Star and AAA Five Diamond Hotel in Rhode Island.
Thursday, December 27, 2018
Charlestown RI Real Estate Market Report from Bridget Morrissey
The Charlestown Real Estate Market Report is a monthly statement of the average sales price for and number of 2 BR, 3 BR and 4 BR homes sold, the total number of sales, the number of active homes for sale , the number of homes for sale pending, and the average listing price of Charlestown homes for sale.
Charlestown is named after King Charles II, and was incorporated in 1738. The area was formerly part of the town of Westerly. Charlestown was in turn divided and the part north of the Pawcatuck River became the town of Richmond in 1747.
Burlingame State Park and Campground is located inside the town of Charlestown. The campground is 3,100 acres of rocky woodland that surrounds Watchaug Pond in Charlestown. Park activities include 755 campsites, fishing, swimming, picnicking, boating and hiking. The area north of Buckeye Brook Road, abutting the Pawcatuck River, is primarily a hunting area.
Wednesday, December 26, 2018
Changes to Real Estate Tax Deductions for 2018
As a homeowner, or soon to be homeowner, you can get some pretty sweet tax deductions from things related to your home. Some tend to change from year to year, like those for energy-efficient upgrades, others are pretty stable, like being able to deduct mortgage interest.
The tax bill that will be in force in the up and coming tax season, the Tax Cuts and Jobs Act (TCJA), has made some fairly dramatic changes to how many homeowners will file their taxes this year. Take a look at this preview of home-related points to ponder for your 2018 tax filings.
TCJA Items to Watch in 2018
When the TCJA was pushed through Congress in December 2017, many people were up in arms. The overhaul, they said, was going to be problematic for a number of reasons, which, we’ll see how that pans out. It does seem that when it comes to real estate, the TCJA is going to be a pretty prickly thorn in a lot of property owners’ sides.
These are the top items you’ll want to pay close attention to this year:
Item #1: SALT
The state and local tax deduction (SALT) is set to be a problem for homeowners in high-tax areas. In the past, you could claim an unlimited amount of already-paid personal state and local income taxes, as well as your property taxes, as a deduction to offset your tax bill. From now until 2025, you’ll only be able to use your Schedule A to itemize $5,000 worth of these taxes if you’re single or married filing separately and $10,000 for married filing jointly.
This looks like a bear of an issue for many people in those high tax areas on both coasts, but for some, the increase of the standard deduction to $12,000 for singles or $24,000 for couples may balance the equation.
Item #2: Your Mortgage Interest Deduction
If your home was purchased after December 14, 2017, you will be subject to the new limits on mortgage interest deductions. Instead of being able to deduct the interest on up to a $1,000,000 mortgage, you’ll be capped at the interest on only $750,000. Now, if you’re in the less spendy parts of the US, you probably don’t need to worry about this at all, but again, for those of you on the coasts where real estate prices are often hugely inflated by comparison, it may make a weighty difference.
According to a Zillow report published shortly after the TCJA passed, “Under the current setup [Pre-TCJA], roughly 44 percent of U.S. homes are worth enough for it to make sense for a homeowner to itemize their deductions and take advantage of the mortgage interest deduction.Under the new bill (as reported), that proportion of homes drops to 14.4 percent. Interest on second/vacation homes will remain deductible, but will also be capped at $750,000.”
Item #2B: Home Equity Loan Interest Deductions
This one is being called out specifically because of the number of people who are likely to be affected by it. If you purchased a home at any time and took out a home equity loan, you may lose your deduction this year. The TCJA says that unless your home equity loan was used for home improvements, it’s no longer allowed.
There is no grandfathering for this clause, you are paying for decisions you made in the past, not knowing this bill would become a law.
How the IRS will be able to verify how you spent your funds, especially if the loan is 10 or 15 years old, is anyone’s guess.
Item #3: Gains From Home Sales Still Protected
Despite all the new rules that are taking deductions away, the home sale gain exclusion remains. You’ll still be able to exclude up to $250,000 ($500k for married filing jointly) of gain from a home you’ve owned and used as a primary residence for at least two of the last five years. So, you’ve got that going for you.
Taxes and Real Estate: A Tricky Mix
It’s a good thing you have a whole community at HomeKeepr watching out for you when it comes to changes to the tax laws this year. When you’re ready to start discussing your own tax situation, just use the search function to find accountants and tax preparers that can answer your burning questions. Since all the HomeKeepr pros come heavily recommended, you can feel confident that you’re ready for the big tax law change.
Tuesday, December 25, 2018
Ledyard Real Estate Market Report from Bridget Morrissey
The Ledyard Real Estate Market Report is a monthly statement of the average sales price for and number of 2 BR, 3 BR and 4 BR homes sold, the total number of sales, the number of active homes for sale , the number of homes for sale pending, and the average listing price of Ledyard homes for sale.
CLICK HERE FOR THE LEDYARD REAL ESTATE REPORT
According to Wikipedia,the principal communities of Ledyard are Ledyard Center (also known as Ledyard Village) and the Gales Ferry section (including Christy Hill Estates, Devonshire Estates, Ferry View Heights, Glenwoods, Pheasant Run, Sherwood Forest, and Woodridge Estates).
Other minor communities and geographic areas are Aljen Heights, Barrett Park, Colonial Manor, Cranwood Homestead, Highlands, Lakeside, Lantern Hill, Long Pond, Parsonage Hill Manor, Presidential Estates, Quaker Town, and Stonehenge.
The town also contains the Mashantucket Pequot Reservation, in the northeastern corner of the town.
Ledyard Center is located at the crossroads of 2 state highways: routes 117 and 214. It is home to Ledyard Town Hall and is one of the main commercial areas in the town. Every year in September, the fairgrounds host the popular Ledyard Fair, bringing families to the area for the weekend to enjoy carnival rides, entertainment and agricultural competitions.
Gales Ferry is centered around Route 12 and is one of the main commercial corridors in the town. The area is largely residential and contains 2 national register historic districts, a post office and library. It does offer typical neighborhood commercial services.
Each year in June, the Yale-Harvard regatta brings rowing teams and spectators to the riverfront and life to each school’s boathouse, both of which are located in the village.
Sunday, December 23, 2018
South Kingstown Real Estate Market Report from Bridget Morrissey
The South Kingstown RI Real Estate Market Report is a monthly statement of the average sales price for and number of 2 BR, 3 BR and 4 BR homes sold, the total number of sales, the number of active homes for sale , the number of homes for sale pending, and the average listing price of South Kingstown homes for sale.
CLICK HERE FOR THE SOUTH KINGSTOWN REAL ESTATE MARKET REPORT
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