Glen Park - 15 acres

Glen Park - 15 acres Property Prices & Rental Yield

Verified Redfin sale data and Zillow ZORI asking rent for Glen Park - 15 acres, Village of Otisville.

Is Glen Park - 15 acres Safe? Natural-Hazard Risk

FEMA National Risk Index composite across eight hazards, plus inherited New York crime context.

Glen Park - 15 acres Environment & Safety

Satellite PM2.5 air-quality history, FBI UCR crime trend (New York-level, the finest official aggregation), EPA radon potential and point-source hazard screening.

Glen Park - 15 acres vs Village of Otisville vs New York

How Glen Park - 15 acres benchmarks against its city and state medians.

Buying Property in the US as a Foreigner

Federal & New York tax facts for non-resident buyers, plus the latest local market news.

Buying as a Foreigner

US Tax & Ownership

Applies to everyone7

Capital Gains (Federal)

Long-term capital gains taxed federally at 0/15/20%, plus a 3.8% Net Investment Income Tax on higher incomes (2026).

Property Tax

Property tax: ~1.23% average effective rate (statewide average; set and collected locally).

State Income Tax

State income tax up to 10.9%; rental income is taxed at these rates.

State Capital Gains

Capital gains are taxed as ordinary income at state rates.

Transfer Tax

Real estate transfer tax: 0.4% state + NYC tax; mansion tax 1%+ (NYC to 3.9%).

Assessment Cap

NYC limits assessment growth on small homes; the assessment does not reset on sale.

Mansion Tax / Rent Control

Mansion tax runs from 1% ($1M) up to 3.9% (NYC, $25M+); New York City has rent stabilization.

US citizens & tax residents7

Primary-Home Exclusion

Selling your main home: exclude up to $250k of gain (single) / $500k (married) if you owned and lived there 2 of the last 5 years.

1031 Like-Kind Exchange

A 1031 like-kind exchange defers capital gains tax on investment property; 45 days to identify, 180 to close. Real estate only.

Depreciation Recapture

Residential rentals depreciate over 27.5 years; on sale, recaptured depreciation is taxed up to 25% (Section 1250).

Mortgage Interest Deduction

Mortgage interest is deductible on up to $750k of home debt. The SALT cap rose to $40,000 for 2025-2029 (reverts to $10k in 2030).

Opportunity Zones

Opportunity Zones are now permanent (2025): reinvested capital gains get deferral plus a basis step-up, and are tax-free after 10 years.

Rental Income (Resident)

Rental income is reported on Schedule E; passive-loss rules (Section 469) limit deducting rental losses against other income.

1031 State Conformity

The state conforms to the federal 1031 like-kind exchange rules.

Foreign buyers (non-residents)5

FIRPTA (Foreign Sellers)

FIRPTA: the buyer withholds 15% of the gross sale price when a nonresident sells US property. It is an advance deposit, not the final tax.

Non-Resident Capital Gains

Nonresident sellers pay US capital gains tax (generally 15-20%) on the net gain via Form 1040-NR; FIRPTA withholding is credited.

Non-Resident Rental Tax

Nonresident rental income is taxed at 30% of gross by default, or on net income at graduated rates via a Section 871(d) election (W-8ECI).

Estate Tax (Non-Resident)

Nonresidents get only a $60,000 US estate-tax exemption (vs $13.99M for residents); US property above it is taxed up to 40%. Treaties may help.

ITIN Requirement

Nonresidents without an SSN need an ITIN (Form W-7) to file US tax returns, claim FIRPTA refunds, and report rental income.

Talk to a US real-estate tax advisor

FIRPTA, ITIN & New York property-tax guidance for foreign buyers

Latest Village of Otisville Real-Estate News

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