The decision to sell your family home of 27 years was a quick and easy one.
Although you knew that within the next four to five years you would be ready to move out of your 3500 square foot ranch home, you were not really thinking about that option the day you walked across the lane to talk to your neighbor. You noticed that your neighbor was out measuring something in the land that was between the shared lane and his empty lot. What you did not notice, however, was the fact that his adult son was with him as well. When the two mentioned that they were measuring to build a new home, you only half jokingly said, “Why don’t you buy ours?”
The next few exchanges were quick and fleeting. The neighbor’s con mentioned that he did know that your house was for sell. You gave your standard response, “Everything is for sale at the right price.”
Two days later, the son was at your door, you walked him through your property, and pointed out the things that would need attention. By the end of that week you were sitting down with contracts and paper work, having quickly agreed on a selling price.
You found a contract from your mortgage company and were able to take care of most of the details without having to talk to any real estate lawyers. You did, however, have a few questions for yourself that required talking to a real estate accounting firm. You made an appointment with the real estate accountant and were able to clear up some questions you had about this real estate transfer as well as some about one of your in town rentals that would now become your house.
Just that quickly, you and your wife were sorting through the items that you had accumulated during the more than tow and a half decades you had lived in this place. The downsizing process was challenging at times, but when it was all said and done you both felt great about the fact that you would not have to wait another four or five years to tackle this project.
Real Estate Accounting Services Provide a Wide Range of Services to Their Clients
Businesses and higher income people may be the ones who are most often looking for the services of real estate accounting firms, but individual home sellers also look for these services as well. From small towns to the largest of cities, these specialized accounting firms serve as a valuable resource. Understanding the implications of buying and selling a property can be a challenge if you do not have the right people to talk to.
Considering the options of buying or selling property in New York City can help create a picture of how big of an impact these transactions can have on the nation’s economy:
- $50,711 is the median household income in New York City , according to U.S. Census Bureau data.
- 45% of all tax dollars collected in New York City in the 2017 fiscal year were from property taxes.
- The Department of Finance collects over $35.8 billion in revenue for NYC.
- The market value of property in New York City in 2017 grew for the sixth straight fiscal year.
- As a 9.8% increase from 2016, New York city wide market value of taxable property in the 2017 fiscal year grew beyond one trillion dollars.
- New York has a personal income tax rate that ranges from 4% to 8.82% as of the year 2017.
From small properties in the country to bagel stores in the city of New York, there are many real estate tax laws that can be difficult to understand if you do not have the services of a real estate accounting firm.