Condo ownership loophole looks to be pretty sweet in New York State ... #81

#Condominium #loophole #themoreyouknow

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When single family homes get tax breaks as condominiums at a lower rate? Fair?

Thoughts/questions

1. What would happen if you tried to make the condo tax break on every single family home? Who would or would not support it?
2. Is this “friction” on purpose? Does it keep the tax break in place?
3. Tax policy and authority does affect behavior in the real world. It’s very important, and I think it’s almost criminal that the general population isn’t more informed….but I understand it. It’s complex, and made intentionally so.
4. We know that there is a housing crisis in much of the United States. This particular tax break is NOT fueling new home developments….builders will still scramble to build housing….but it is a POWERFUL selling point.
5. The article talks about real estate agents pointing out the possible tax savings…as an agent, we are going to do everything we can to market the most positive aspects of a home. Lower taxes for a larger home is going to be viewed as a benefit. I don’t know if the article expresses it, but there is a “hint” that somehow real estate agents are in on the game. I would say that in this case, our job is to sell a home….not to dictate tax policy.
6. There ARE certainly real estate agents and association that are outright lobbying the government on tax policy all the time, specifically the mortgage deduction. If a trade group was asked about this particular tax break, I suspect they would be in favor.
7. What do you think? Should developers and builders be allowed to change the definition of a single family home to a condominium in order to skirt a significant tax bill? Leave me a comment in the common section below.

Sources:

https://buffalonews.com/news/local/builders-defend-tax-law-that-gives-condo-owners-a-break-critics-look-to-close-unfair/article_9caebca6-eb05-11eb-9013-076c65f5bd9e.html

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