Daily Market Update: Property taxes in New York, New Jersey top the league

by MPA14 Apr 2015
Property taxes in New York, New Jersey top the league
Homeowners in New York and New Jersey top the league for property taxes. A survey of the 50 largest metros where Zillow has sufficient sample sizes has found that the states are the only ones in the top 10 most expensive for property taxes.

While New York takes the top two positions with Westchester at $13,842 and Rockland at $10,550 and Nassau also features in the top 10; the other seven most expensive counties are in New Jersey, led by Bergen and Essex. Tunica, MS has the lowest taxes at $216. 
 
New Girl’s new home: Zooey Deschanel buys at Manhattan Beach
The star of TV show "New Girl" has bought a new home at Manhattan Beach with her partner Jacob Pechenik. According to Variety the 5,166 square foot home has six bedrooms and 5 ¾ bathrooms, wine storage and high ceilings. The home was listed at $5.57 million. Deschanel already owns property including a cottage in the Hollywood Hills and a Spanish-style duplex.
 
Hawaii needs another 66,000 homes in the next 10 years
A state report says that Hawaii needs up to 66,000 new homes in the next decade to keep up with demand. The Department of Business, Economic Development and Tourism says that Honolulu needs 25,847; the Big Island requires 19,610; Maui County needs 13,949; and Kauia will need 5,287.

The report stated that the level of building has been just 2,400 annually between 2009 and 2013. Prices in Hawaii have increased sharply as population growth surges; the median price is now $700,000.
 
Some states holding back on probate-avoiding deeds
A low cost deed that allows the transfer of real estate after an owner’s death has been implemented in just half of U.S. states, despite being around for 25 years. The AZ Central reported that the deed removes the need for probate which can be very costly and be a tricky process. The single-page document called beneficiary or transfer-on-death deeds were first implemented by Missouri in the late 1980’s and have spread to many others since.

The process means that on the death of a homeowner the ownership can pass automatically to the new owner but the deeds can be changed, replaced or cancelled by the owner without the beneficiary being informed. As the deeds to not take effect until death there is no requirement for owners to inform or seek permission from the beneficiary if they choose to sell or refinance the property. 
 

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