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If You’re Buying A New Home In A City With High Property Taxes Consider Allocating Some Of The Purchase Price To Personal Prope

August 15, 2018 Tax Deductions

Cities reassess their homes’ values every few years, but when a sale occurs, the assessed value quickly resets up (or down) to the sale price.  If the seller will be leaving you some furniture, draperies, workout equipment, etc., then allocate as much as you reasonably can to such personal property.  This will not be included for tax assessment purposes.  The sellers shouldn’t argue too much.  They’re still receiving their full value.  And remember, state and local taxes are only deductible up to $10,000 which makes them more costly than before.

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