Fiscal Cliff to Take its Toll on the Real Estate Market of South Florida

Every tax payer will have to pay more! All the Bush-era rate reductions and meager tax cuts are reviving their pounce on individuals and businesses. Sources say the last effort to cancel the fiscal cliff, this Sunday, have been in vain.

Miami Houses

With effect from January 1, 2013 the there would be hike in the tax payment for all individuals and businesses including the 2 percentage point cut in the pay roll taxes of the Obama reign. The Mortgage Debt Relief Act zeroes the tax of those houses that are underwater. This can hit the real estate market of South Florida, mainly in the short sales which had been a great support to the earlier dilapidated realty market.

Claiming this to be the need of the hour, real estate expert Ashley Cusack said, “There’s incentive and it benefits everybody; gets the property off the banks records and it gets the person out from under it and it does it in a healthy manner.”

Read the full article: http://miami.cbslocal.com/2012/12/30/impact-of-fiscal-cliff-on-s-floridas-housing-market/.

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