Seaport Real Estate Services Blog - Tips & Advice

Networking Groups: Are They Holding You Back from True Professional Success?

Networking groups can be an excellent way to connect with like-minded professionals and build valuable relationships within your industry. However, it is essential to recognize the potential downsides of relying solely on these groups for your networking needs.

One potential disadvantage is the insular environment that can be created within a networking group. Members may primarily interact with each other and be less likely to seek out connections beyond the group. This can limit exposure to new ideas and opportunities from networking with a diverse range of people.

Additionally, networking groups can reinforce existing social hierarchies and limit access for those not already in the group. This can result in missed opportunities to connect…

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The importance of Flood Insurance

Flood insurance is an important type of insurance for anyone living in an area that is at risk of flooding. Flooding is one of the most common and costly natural disasters, and it can cause significant damage to homes and other structures. Standard homeowners insurance policies do not typically cover flood damage, so it's important for property owners to have separate flood insurance coverage.

Having flood insurance can protect your home and belongings from the financial impact of flooding. If your home is damaged by a flood, your flood insurance policy can provide financial assistance to help you repair or rebuild your home. It can also help to replace any personal belongings that were damaged or destroyed in the flood.

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2022 Connecticut Real Estate Mill Rates by Town

Real Estate Taxes in Connecticut can vary greatly depending on the municipality and districts within them.  The graphic above illustrates the base rates for each town. Additional rates are applied to specific locations where services are provided.  These services can include public water, sewer, trash removal,  police services, or a firehouse.  A town or district with a lower Mill rate may not offer these services.  Your real estate agent will be able to help you to determine the services offered and their importance to you when purchasing real estate. The average property tax rate in CT for 2022 is $31.29 with the highest being Hartford at $74.29 and the lowest being Salisbury at $11. 

How to Calculate Connecticut Property Taxes

The…

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2022 Rhode Island Residential Mill Rates by Town

Real Estate Taxes in Rhode Island vary greatly by town and are typically correlated to the services which each town provides to its residents. A town with a lower Mill rate may not offer services such as public water and sewer, perhaps waste disposal, or a firehouse. Your real estate agent will be able to help you to determine the services offered and their importance to you when purchasing real estate. The average property tax rate in Rhode Island for 2022 is 16.93 with the highest being Providence at 24.56 and the lowest being Little Compton at 6.04. 

How to Calculate Rhode Island Property Taxes

The formula to calculate Rhode Island Property Taxes is (Assessed Value x Property Tax Rate)/1000= Rhode Island Property Tax. Take the Assessed…

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Use Value Assessment - Public Act 490

This is an extremely important act that was passed by all 50 states in the 1960’s to allow farmland, forestry, or open space to be assessed at its use rather than its fair market value or highest and best use as determined by an assessor.  Without this law, many land owners would simply not be able to afford land that has been passed down from generation to generation as the taxes would be outrageous.

Each state has its own rules and regulations regarding land use assessment and valuations differ from town to town. The State Law in CT sets no minimum acreage requirements to qualify but the individual township may have guidelines. Many towns in CT require a minimum of 25 acres.  In CT you must have your land designated as “Forestry” through the…

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Should My Realtor be Local? Finding the Right Realtor

I get it..Your Aunt Jenny, Cousin Uma or Brother Sam just received their real estate license and you feel compelled to utilize their services in order to keep the peace within your family tree which happens to be shaped like a wreath.  STOP BEING A PLEASER as it is you who will be adversely affected by the negative outcome of utilizing an agent who is not at the top of his/her game.  Next Step…

You just located a Superstar Agent or team of agents but they are located over 30 miles away from you.

15 Years ago I would have recommended that you utilize the services of a location specific agent as they really had their finger on the pulse of print advertising. Today print advertising is simply a tool for agents to market themselves in an attempt…

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You Will Fail Unless you become a Gardener.

Being a real estate professional may be one of the toughest careers you can choose as your initial results are not directly correlated to your hard work but rather to the choices that you make.  I liken this profession to that of a gardener who initially works alone. 

Your first goal is to find a piece of ground that is rich in nutrients and near a sustainable water source.

Your second goal is find a few healthy seeds to start your garden.  Each customer that you are blessed to come in contact with is like a seed whose species is yet to be determined.  You must take extremely good care of each and every seed to make sure that they have a chance to mature and potentially bear fruit…… Not ever knowing if any of your seeds will make it to…

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“I Don’t LIKE, TRUST, or BELIEVE Real Estate Agents”

These are the words that I continuously hear from consumers in the open market in regard to the real estate profession. Instead of pushing back and getting defensive I have chosen to look at the commonality of this mindset and find shared ground and ask “Why?”

Could it be that 80% of the agents in the marketplace turn over every 4 years?

Or that 94% of the work is done by 6% of the agents?

The 94% will handle only a handful or transactions and make many mistakes due to a lack of experience at the expense of the consumer. Everyone knows someone with a real estate license and feels that the license makes them all equal. Not True. Buying and Selling Real Estate is a huge investment and should not be entrusted to a novice. Long gone are the days of…

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Municipal and State Conveyance Tax in CT Updated 3/22/18

Public Act 11-6

I am writing in an attempt to clear up any confusion about the current conveyance taxes in the state of CT.  There has been some confusion since the laws changed.

When you sell property in the state of CT you are taxed on both the Municipal and the State Level.

On the Municipal level you will be taxed at a base rate of .25% of the sales price plus up to an additional .25% in 18 “Targeted Investment” municipalities.  Towns that are eligible for the additional .25% are Bloomfield, Bridgeport, Bristol, East Hartford, Groton, Hamden, Hartford, Meriden, Middletown, New Britain, New Haven, New London, Norwalk, Norwich, Southington, Stamford, Waterbury, and Windham.  Unfortunately all of these towns have elected to embrace the .25%…

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Truth about the 2013 Real Estate Tax of 3.8%

To start, I must say that I am not a tax professional or an attorney. In fact, I have no desire to be involved in either of these professions (though I respect them) and urge you to seek counsel from someone other than a real estate professional writing a blog post.

First of all, it is not a sales tax nor does it impose any transfer tax or recordation tax. It is called a “Medicare Tax” because the money received will be allocated to the Medicare Trust Fund, which is part of the Social Security System. This tax will not affect everyone and in fact will impact a very small percentage of people selling.

People are confused for good reason.  The actual legislation will make your head spin…take a look.

SEC. 1411. IMPOSITION OF TAX.
(a) IN…

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