Real Estate Taxes Bump Up at VAIL Resorts 7S and HV

Properties in Hidden Valley sit in Jefferson Township and at Seven Springs Middlecreek Township. Both have seen their millage rates go up this year, Hidden Valley/Jefferson Twp to 64.64 and Seven Springs/Middlecreek Twp to 36.99. The Somerset County Real Estate Search will help YOU figure out your new property tax amount. There’s a box that asks you to “CLICK HERE TO CONTINUE REAL ESTATE SEARCH.” A new page will open and fill in your last name and municipality click the search button. New page opens then find your name (may be more than one Miller) and click the link. Scroll down to the bottom left and click on “View Property Tax Calculator.” If you get lost, catch up and I’ll help:)

2022 NEW MILLAGE
2022Millage

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Hotel Tax Update Resort Owners

As reported in the Tribune-Democrat Johnstown, the Somerset County Treasurer is catching up with those NOT paying their 5% hotel tax! In a past post I shared the forms and more details but basically if you are renting your home part time you are responsible to pay up! According to the article one home owner owes 16,000 in back hotel taxes! Here’s the story.

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RENTING your place in Somerset County? YOU OWE A HOTEL TAX

Somerset County Treasurer Anthony DeLuca is out to collect from those who may not know they owe! Resort owners at Hidden Valley and Seven Springs who rent may fall into this category. Let’s begin with the HOTEL ROOM RENTAL TAX Rules and Regulations. Effective April 1, 2018 as explained in Part 2 under Rules and Regulations Section D3 is basically saying that anything rented for less than 30 days qualifies for the 5%  tax fee. Then there’s the 2002 Ordinance Section 2 (6) that further clarifies who needs to pay up.  The full story can be found here by David Hurst in the Tribune Democrat Johnstown. Here’s the link to register and the Hotel Tax and Regulations page from the Somerset County Website for even more information.

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TAX TIME and RENTAL DEDUCTIONS

Did you rent out your primary or 2nd home in 2021? If so some of you may be wondering just IF and WHAT your deductions may add up too. First YOU should discuss this information with your tax advisor as I am only SHARING information directly from the IRS. This information discusses “Topic # 415 Renting Residential and Vacation Property”  There are multiple links to help you file in April.

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PA Property Tax and Rental Rebate Program

Fron Senator Stefanos weekly newsletter, “Older and disabled Pennsylvanians can apply now for rebates on property taxes or rent paid in 2021.

The Property Tax/Rent Rebate Program benefits eligible Pennsylvanians age 65 and older, widows and widowers age 50 and older, and people with disabilities age 18 and older. The income limit is $35,000 a year for homeowners and $15,000 annually for renters, and half of Social Security income is excluded.

After checking eligibility requirements, you can file your rebate application online by visiting mypath.pa.gov. Submitting your application online does not require you to sign up for an account. You can check the Property Tax/Rent Rebate Program instruction booklet to learn which information you will need to complete the process.”

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7S June & 1st Half Market Update

Lowest interest rates, lowest listing inventory, COVID-19 mix them together for the most incrdible first half performance I have ever seen at the resort!

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HV June & 1st Half Market Update

Factors that have created this once in a lifetime sellers market include, lowest iterest rates, lowest listing inventory, AND COVID-19. The picture tells the story!

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REAL ESTATE TAXES

If you are considering buying property at Hidden Valley or Seven Springs there are multpile factors that should be evaluated BEFORE signing that offer! A big one is real estate taxes. Here we have County, Township. and School property taxes. The County (will have the same millage for both resorts) and Township (HV is Jefferson Twp, 7S is Middlecreek) are based on the calender year. School Taxes (HV Somerset 7S Rockwood) are fiscal running from July 1 through June 30th and those bills are just NOW being sent out.

HV millage for the 2021 year school tax has gone up to 43.24 mills. 7S millage is 21.89 mills. That’s a big difference.

IF the assessed value (the number used to find the tax) were the same say $50,000 th HV tax would be $2,162.00 and the 7S tax would be $1,094.50 

Here’s a link to the 2021 Millages for Somerset County

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Tax Deductions for Home Owners

Visit houselogic.com for more articles like this.

Copyright 2019 NATIONAL ASSOCIATION OF REALTORS®

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TAX REFORM, HOME OWNERSHIP MATTERS!

Tax Reform, specifically HOW the mortgage interest deduction will be changed, is something EVERY Home Owner needs to understand! According to a study done by Price Waterhouse IF the mortgage interest deduction is passed as presented, of the 80% of home owners who take the deduction ONLY 5% would still qualify! For properties in PA you would no longer be able to deduct property taxes! Click this link and Let Your Elected Rep Know Where You Stand!

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TAX REFORM

Our National Association of REALTORS has been actively engaged in the tax reform debate. The plan is expected to double the standard deduction and eliminate all personal deductions except the Mortgage Interest Deduction and the deduction for Charitable Contributions. The plan eliminates the deduction for State and Local Taxes. This will be devastating to middle class homeowners by removing economic incentives for homeownership and raising taxes by an average of $851. By doubling the standard deduction, the Mortgage Interest Deduction would only be available to the top 5 percent of taxpayers.

PLEASE LET YOUR REPRESENTATIVES KNOW HOW YOU FEEL!!

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All information deemed reliable but not guaranteed. Copyright 2022.



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