Checking The Pulse Of The Kansas City Real Estate Market

If you’ve heard about the new real estate tax scheduled to go in effect in 2013 and you’re wondering how it might affect you, you’ll be relieved to know the majority of home sellers will NOT be affected in any way by the new tax. If you hear it being called an across the board tax, that couldn’t be further from the truth. The 3.8% real estate tax would only apply IF there are capital gains on the sale, IF the capital gains are greater than $250,000 to the home seller AND the seller’s annual income is greater than $250,000.

While it will place a heavy burden on SOME home sellers, taking into consideration everything that would have to apply for the tax to be levied, you can see it’s going to affect very few home sellers in Kansas City, Johnson County, Overland Park and the surrounding area. The real estate tax law is actually rather complicated, so contact a CPA for tax advise on how it may affect your real estate investments. Generally speaking, this law will only affect home sellers with high annual incomes and who profit handsomely when selling high dollar properties. In reality, less than three percent of the U.S population make enough income to even trigger the tax.

Posted by Jason Brown