Nj Supreme Court Rules Nonprofit Housing Groups Do Not Pay Property Taxes

First Person: The Housing Market Won’t Fully Recover in My Lifetime

The decision upholds an appellate ruling, and overturns decisions made by the state Tax Court and the Bergen County Board of Taxation in a case brought by Teaneck, Bergenfield, Little Ferry, Ramsey, Ridgefield Park, Lodi, Fairview, Leonia and Hackensack in 2004. The municipalities argued, and the tax court agreed, the people who lived at Advance’s properties were not required to participate in the support services. “Advance Housing was running essentially a subsidized housing program for clients who happen to be eligible for its supportive and counseling services,” according to Albin’s summation of the Tax Court’s ruling. “We understand and respect the decision,” said Paul Elias, special tax counsel for Fairview said today after reading the decision. “But there is a potential for unintended consequences …
For the original version including any supplementary images or video, visit http://www.nj.com/politics/index.ssf/2013/09/nj_supreme_court_nonprofit_housing_groups_for_mentally_disabled_people_exempt_from_property_taxes.html

Racing against rising rates Another factor that will hold back the housing market recovery is maryland property management companies the rising interest rates. Most young people can’t afford to pay higher prices for homes because of the added interest costs due to higher mortgage rates. Even though experts say the existing home sales leapt to their second-highest level in the past six years, I don’t think that means sales will continue to jump.
For the original version including any supplementary images or video, visit http://finance.yahoo.com/news/first-person-housing-market-won-t-fully-recover-155500228–finance.html

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