We hope to see everyone at our upcoming Board of Directors meeting scheduled for Tuesday, January 30 at 6:30 pm. The meeting will be held at the Bethany Center, located off Pheasant Woods Drive in our community.
Virtually all taxpayers will be impacted by the tax reform. Many of the changes will not affect individual taxpayers’ tax liability until they file their 2018 tax return in 2019.
New tax brackets, rates and loss of exemptions impact most taxpayers
The elimination of a more than $4,000 benefit in 2018 for each taxpayer, spouse and qualifying child or relative will affect most taxpayers. This benefit, the personal and dependent exemptions, reduces income. Without it, more of a taxpayer’s income is subject to taxation.
For example, in 2017 a married couple with 2 children has $12,700 standard deduction plus personal exemption (per person $4,000) = $16,000 meaning the first $28,700 income is not taxed
Same couple in 2018 will get a standard deduction of $24,000, the personal exemption is no longer available, and they will have to pay taxes on more than $4,900 of their income they previously wouldn’t have. If they have a tax rate of 15 percent, they will pay almost $735 in additional taxes.
Those who usually itemize deductions, including mortgage interest, real estate taxed paid, charitable contributions, might no longer find it beneficial if the standard deduction is now larger than the expenses they can itemize.
Changes to child-related tax benefits impact families
Also, families will be affected by the loss of the personal exemption of more than $4,000 per person. However, taxpayers whose income falls under $400,000 if married filing a joint return and $200,000 otherwise, will receive an increased child tax credit of up to $2,000 for every qualifying child. Families with dependents over the age of 17 may also qualify for a new family tax credit of $500 per dependent that does not qualify for the child tax credit. The increased child tax credit, new family tax credit, along with the larger standard deduction, may or may not make up for the loss of the personal and dependent exemptions. For larger families and families that previously itemized, the impact of the elimination of the personal exemption will be magnified.
The Corporate tax rate will fall from 35% to 21%, while some related business deductions and credit would either be reduced or eliminated
This information was provided by:
Master Tax Advisor, EA
Van Dyke Commons
Tel: 813 264 9416
Greetings from one of your newest neighbors on Torrey Hills Lane! My three boys and I moved into this community in February of 2017 and we are so happy here! As a resident of Lutz for the majority of my life, I had the privilege of watching this beautiful neighborhood come out of the ground from the raw land it once was. Since the beginning, I’ve felt this neighborhood has something special with its front porch architecture and small town feel. Now as a homeowner, I get to experience the warmth and caring nature of the residents here – it’s unlike any neighborhood I’ve ever lived in!
Market strength both in our neighborhood, our area and nation remains strong! Nationally, Florida ranks among top states for continued growth and a recent news article predicted that Orlando and Tampa will have “little to no chance of falling prices in 2018”. This good news is attributed in part to large businesses opening, expanding and relocating here, along with household incomes that continue to rise. Compared to other metro areas such as San Francisco with a median sold price of $900,000 or San Diego with a median sold price of $607,000, it’s easy to see incredible value and affordability in the median sold price of the Tampa Bay area at $255,685.
In our local Tampa Bay market consisting of Hillsborough, Pasco and Pinellas Counties tracked by GTAR (Greater Tampa Realtors), prices continue to rise – most recently at an 8.6% increase over a 4 year spread. With our area approximately 73 months into the recovery, we continue on the upward part of the expansion side of the market cycle. Reflections had another banner year in real estate with 12 homes selling in 2017, a decrease from 13 sales the year before, accurately reflecting the lack of homes available for sale in the marketplace. Reflections median sold price in 2017 was $292,000, up from 2016 median sold at $280,000. The price band niche of our neighborhood strongly favors sellers due to the rapid pace of time on the market before obtaining a contract, combined a with relatively low number of homes for sale, causing market price indicators to trend upwards. The current median price per square foot is $144, up from last year at $135/sf.
Florida Executive Realty
In an effort to continue improvements to our community, the ACC Committee recently recommended adding new colors to our approved list of Neo-Traditional themed house colors. This recommendation was recently approved by our Board of Directors as those new colors have been updated on our website.
If you are planning to paint your house it should be noted that you are required to first submit an application to the ACC Committee for approval. This process is required even if you plan to repaint your home the same color as the current color.
To view the updated list of approved paint colors we have provided a link here:
Approved Community Paint Colors – Updated 8/15/17
Dear Reflections Residents,
The Board of Directors has decided for the safety of our residents to shut down the community pool and secure the furniture at 5pm on Saturday. The pool will remain closed until further notice.
Thank you for your understanding. Stay safe everyone.
The Board of Directors
Dear Reflections Residents,
This week you will see new streets signs being installed. The Board’s decision to undertake this project was based on various factors. The most important ones being safety of our residents (the current ones are not reflective nor do they have the proper breakaway point) and to be in compliance with the county. Reflections was already on the county’s radar so the Boards thought it would be best to not postpone this project.
The Board chose a company that offered a reasonable price as well as the best aesthetics.
Please read the article below for more information about the importance of proper signage.
The Board of Directors
We hope to see everyone at our upcoming Board of Directors meeting scheduled for May 24th at 6:30 pm. The meeting will be held at the Bethany Center, located off Pheasant Woods Drive in our community.
Here is a link to the agenda for the meeting.
May 24th Board of Directors Meeting Agenda