Regarding Real Estate LLC
In some states, qualified homeowners can use a property tax deferment to save on annual expenses. While deferring taxes usually refers to a period of delay in paying taxes on an item until a later date, property tax deferment comes with some additional important factors. Here is a quick guide about property tax deferrals:
Property tax deferment allows qualified homeowners to discontinue their real estate property taxes, as long as they remain qualified. While the taxes are deferred, there is a tax lien on the property. Interest will still accrue even if you're not making payments, and unpaid taxes will appear with a "delinquent" status on public records.
Specific qualifications vary by state, but senior citizens and homeowners with disabilities may qualify for a property tax deferment. However, the general rule only applies to the property serving as your primary residence. Therefore, if you qualify for a deferral but move to another home, taxes on the old property will resume. Check with your local government to find out what opportunities you have to delay your tax payments and what your responsibilities are as a new homeowner.
Tax deferrals do not last forever. If the deferral ends due to a home sale or inheritance, the tax collection will resume and require payment of the entire deferred amount. This amount would include interest accrued during the deferral period.
While property tax deferment can be a huge benefit to homeowners, the taxes still need to be paid eventually. Therefore, when considering a new home, it's crucial to investigate the tax situation to make the best financial choice.
Johnna grew up in Amherst NH and still has strong ties to the Amherst & Mont Vernon Communities. Johnna moved to Manchester at 19 when she purchased her 1st home. She has resided in the West Side of Manchester since 2007. Always having a strong interest in real estate, Johnna and her husband, Jeff, started investing in rental properties in 2017 with the purchase of a 2 bedroom condo in Manchester. They now own 10 properties with the goal of growing to 60 total rental properties. In 2020 Johnna and Jeff started adding short term rentals to their portfolio focusing in the NH Lakes Region and Southern Maine Coast. Johnna achieved Airbnb Super Host and VRBO Premier Host status within the first year.
From May to October Johnna divides her time between Manchester, NH and her beach cottage in Wells Maine. Johnna’s extensive experience with both long term and short-term rental properties makes her the ideal real estate agent to help you start or build your real estate investment portfolio. Johnna works with a lot of home owners selling their homes and buying homes simultaneously and also sellers relocating out of the area.
Johnna prides herself in being hard working, dependable and down to earth. In her free time, she enjoys reading, jigsaw puzzles and spending time outdoors with her husband, dogs and friends.
