Settlers came to the New Providence area, as early as 1720 and until 1750 it was known as “Turkey Town”. The Borough of New Providence was formed in 1899, and currently spans 3.7 square miles bordering Summit, Berkeley Heights and Chatham and is home to approximately 12,000 residents.
New Providence's recently revitalized downtown area offers a convenient mix of specialty retail shops, personal services, as well as many casual and more formal restaurants. The delightful town commons gazebo is a perfect setting for the locally sponsored summer concert series.
New Providence experienced a tremendous growth in population in the 1950's & 60's and many of its homes are from this era, as well as several developments that are more recent. Home styles range homes from Historical, Colonial, Split-Levels and Ranches, as well as apartments and luxury townhomes condominiums. It offers a highly rated school system and a variety of recreational programs and facilities. Commuting is convenient with two train stations, and buses, to New York City's Midtown and Downtown areas as well as easy access to major highways.  Request our New Providence Relocation Package. It's packed full of useful and important information about the New Providence, New Jersey area. Don't move here without it! Remember: we'll send it to you for free and without obligation. Just fill out the form and we will send it right out...
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Tax Considerations >Taxpayer Relief
Legislation included in the 1997 federal budget made significant changes that improve a homeowner's ability to profit from the sale of real estate.
The capital gains tax exclusions on the sale of a principal residence is just one of several benefits for homeowners. When you sell a home you have owned and use for two of the five years prior to the sale, married couples are allowed to keep up to $500,000 in tax-free profits and taxpayers filing as singles can keep up to $250,000 before paying capital gains tax.
Long-term capital gain is also taxed at lower rates as a result of the Jobs and Growth Tax Relief Reconciliation Act passed in 2003. The maximum capital gains tax rates dropped from 20% to 15% and from 10% to 5%, effective for sales and exchanges taking place on or after May 6, 2003 and through December 31, 2007. In 2008 the 15% rate continues for higher income taxpayers, while the 5% rate for lower income taxpayers drops to 0%, but only for the 2008 tax year. On January 1, 2009, the 10% and 20% rates will be reinstated.
Consult your tax advisor for advice regarding your particular circumstance.
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What five basic components of a "smart home" can be controlled by technology?
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Lighting and window treatments, security and access control, data communication, environmental/energy management, and audio/video entertainment can all be operated by a "smart home". |
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