Private Home Owners who rent their homes for fewer than 30 consecutive days will be required to obtain a sales tax permit and collect an 8% tax (7% sales tax plus a 1% hotel tax). Real estate commissions and cleaning fees included as part of the lease are also subject to the tax. Refundable damage deposits are not taxed.
WHO COLLECTS THE TAX?
Homeowners are responsible for collecting taxes from tenants. Homeowners are also responsible for collecting the tax if their tenants sublet their property (with or without their knowledge).
This is an excerpt of the DRAFT regulation distributed 6/24/15 regarding Agents' responsibility for tax
Easton’s Point in Middletown has some of the hottest real estate in Newport County. This townhouse right in the center of Easton’s Point puts you a stone’s throw from 1st and 2nd Beach. The Stone Towers condo association is located atop a knoll right off of Tuckerman Ave. It gives a home owner the great opportunity of owning their own slice of heaven in this highly sought after neighborhood.
Refinished only a handful of years ago, it’s ready for you to move in just in time to enjoy your first summer here in Middletown.
The Middletown Condominium is minutes to restaurants, coffee shops, convenience stores, nightlife, breakfast diners and shopping. The neighborhood has the small town beach community feel for everything families need and
Flood risk across the country, particularly in coastal areas like Newport, RI is on the rise. The Beggert-Waters Act of 2012, resulted in the redrawing of all flood insurance rate maps to reflect current elevated risks. As a result, some properties that have never needed flood insurance are now in high risk zones, some properties are no longer insurable at all, and flood insurance rates are skyrocketing.
WHY IS THIS HAPPENING?
The Federal Government's flood insurance program has lost $19 billion in recent years. To continue to have a viable flood insurance program, the government plans to make those who have the risk pay for it. As a first step, all of the flood maps are being
Hogan Associates Real Estate has just reduced the price on the Seafare Residences, creating an exceptional opportunity for first time homebuyers to enter the Real Estate market and own a home of their own. Entry-level townhomes start at just $189,000.
For the empty nester looking to downsize, the newest models will offer much sought after first floor master suites. The newly constructed condominiums feature: garages, central air conditioning, full basements, decks and fenced in patio areas.
Work on the landscaping has just begun and soon Seafare will feature open green areas and tree lined streets.
For more information, please visit: www.seafareliving.com
Hogan Associates of Newport, RI is proud to announce the newest condominium community on Aquidneck Island! The new townhouse condominiums at Seafare in Portsmouth, RI are now open to view. These quality homes offer an exceptional value starting at $237,900 with amenities uncommon at these prices.
New Portsmouth, RI Townhomes with all the Features You could ever want!
Standard features include hardwood floors,granite countertops, master bedroom suites, Pella windows, central air, 1 car garage, full 9’ basement, private porch and deck and much more.
Open Houses every Saturday and Sunday
The community will consist of 33 townhouses and is conveniently located one short mile from route 24. Public
It's that time of year again when every Newport, RI boat owner wonders where they're going to put their boat for the summer. One option many overlook is buying their own dockominium and securing their space forever. As the economy improves so does the size of the waiting lists for space in the marinas.
Newport Harbor has 2 different spots to buy a dockominium. One is at Lee's Wharf Marina and the other is Newport Onshore Marina. In the last five years both associations have completely renovated all the docks making for a great experience.
Many people ask the form of ownership they will get if they buy a dockominium. Dockominiums are transferred just like any other condominium in Rhode Island
Everyday RI homebuyers ask, “Should I buy now, or should I wait for a better deal?"
These days my answer is decisive: “NOW is the time.”
Coming from a real estate broker, these words can seem like a sales pitch - a canned response suitable for any market. I am writing today to give you facts to back up my opinion. I hope, 10 years from now, someone who bought a house after reading this blog will thank me for pushing them over the edge. I imagine how happy they will be with a 3.5% mortgage on a low purchase price negotiated during one of the strongest buyers' markets of our lifetime. Ten years down the road they will have significant equity in their home, and this will give them the freedom to
Every once in awhile there's a distressed sale that really stands out as an amazing value. 231 Maple Ave. Newport is such a property.
Here's the skinny: It was the developer's model unit; it's big, 3 bedrooms, in perfect condition and the numbers work as an investment. This one has it all, and the price is now under $130,000 with an assessed value of almost $350,000!
• LOCATION • AFFORDABILITY • PRIMO CONDITION
For everyone who thought AFFORDABLE living in Newport was impossible, think again. This new, centrally located, 1,500s.f. 3bd, 3ba townhouse complete with fireplace, fully finished walk-out basement, updated appliances AND low association fees is truly a steal!
Many factors enter into the decision to rent or buy a RI home including the anticipated rate of appreciation, anticipated rent increases, your tax bracket and how long you expect to stay. If you're wrestling with this common real estate decision, take a look at this Rent vs Buy calculator. It's one of the best ones out there because it rolls every possible permutation into a tidy little graph and a one sentence conclusion.
So plug in your numbers, and see what's best for you. If it turns out that buying is the way to go... well, you know where to find me!
If you own property in Newport or Middletown, RI, you probably know that 2012 is a revaluation year. That means Newport and Middletown's tax assessors are about to revise your valuation based on comparable sales and other market indicators. You might agree with their opinion of value, but just in case you don't, you should file a Ratable Tax Form now.
To protect your right to appeal your new assessment, you must file a Ratable Tax Form with your town hall by Tuesday, January 30, 2012. The form provides your opinion of your property's value and insures your legal standing should you decide to appeal. With legal standing you have the right to sue for a reduction. Without it, you can only make the