NYC Homeowner Connect

Hi Friends ?, hope you’re doing well! This month we wanted to share a few important things with you. First is information about the Notice of Property Value for your property which you should have received in the mail this month. Second, some information related to the age old question, is now the right time to sell? And third, a 1031 Exchange Worksheet that we’ve shared with clients in the past. All good stuff, and all related specifically to NYC homeowners. Take a look when you have a chance and let us know if you have any questions. 

As always, if you have any questions, need any advice, or are curious how the market is right now, feel free to reach out anytime 🙂

Notice of Property Value 2022

You may have noticed that the 2022 NOPVs were sent out recently. These are important because it lets you know what your taxable assessed value will be next year, and it also lets you know if you have a case for challenging your assessment. Most of the time the assessed value is less than the actual market value, however, we have also met with a lot of homeowners who’s assessed value is actually higher than what the property can actually sell for. In these scenarios, it is advisable to challenge your assessment. Two of our team members are planning to challenge their assessment so we’ll let you know how that goes 🙂 

Download your NOPV

Is now the Right Time to Sell? 

If you’ve been planning to sell your property within the next year or two, you may be wondering whether now is a good time to sell or not. Obviously it is impossible to time the market perfectly, however, there are a few key factors that drive the real estate market and knowing these key figures in your area can definitely one make a more well informed decision. Some of the main things to consider are inventory levels, month’s supply, mortgage rates, home buyer sentiment, and personal circumstances. We recently read an article related to this topic and it was pretty insightful. Take a look when you have a chance and let us know if you have any questions. 

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1031 Tax Deferral Worksheet

Have you wondered how capital gains are calculated and how the numbers break down when doing a tax deferred exchange (AKA 1031 Exchange)? A while back we had a client who was doing a 1031 and they needed help with the entire process so we went with them to meet with the 1031 intermediary and learn about the process. In the meeting, the representative broke out a worksheet and started filling in numbers. This worksheet explains pretty clearly how you calculate the WAD (Walk Away Dollar), how much would need to be invested into the next investment/replacement property (or properties) to defer all capital gains taxes, and how owner occupied multi families are treated. It’s pretty insightful, and gives you a good idea of what to expect if you decide to do a 1031 exchange in the future. Take a look at the worksheet and let us know if you have any questions, comments, or feedback. 

Download the Worksheet

Well, that’s it for this month. Thanks for reading and for staying connected. As always, if you have any questions, need any advice, or could use some recommendations, please don’t hesitate to reach out! 

© Brooklyn Home Team at Keller Williams Realty Empire

75-35 31st Ave, Ste 202, Queens, NY 11370