Everything You Want to Know About The Summit New Jersey Area--A Perfect Location. SUMMIT Originally, Summit was a cozy farming community populated by about 300 people until 1837. The community began to change from a rural farming and milling to quasi-commercial. After the Civil War, Summit became a summer resort area because of its crisp, clean mountain air and convenient proximity to New York City. Summit attracted extremely wealthy people who built extensive summer estates. The landscape has had a definite influence in the development of Summit. This tree-dense suburban community is nestled in the hills of the Watchung Reservation with six square miles of broken hills at a 450-foot elevation. Summit sits above Springfield, to the east of Millburn, and just northwest, Chatham joins Summit to pinch the broad valley of the Passaic River. Summit is a family-oriented residential community with light industry. Many Summit settlers and current residents have attributed significantly to the world's business, industrial and government affairs. More importantly, their relentless dedication for volunteerism has made the Summit community a leader in civic mindedness. The governing body has sought out experts on economics, communications, education, government administration, physical and mental health, recreation, social planning, transportation and safety; all adding to the great growth of Summit, then and now.
Transportation Outstanding transportation facilities are at the heart of Essex county's desirability. They have aided in the growth of the economy, shifting it from a manufacturing base to a service-oriented one, attracting many corporate giants. They are also among the major contributing factors to a quality lifestyle for suburban living. Easy access to Manhattan's midtown and downtown, urban workplaces throughout the state and international travel are facilitated by major highways and railroad service criss-crossing the county. Accessible to Essex County are the Garden State Parkway; the New Jersey Turnpike; Interstates 78,80 and 280 and Routes 1-9, 21, 22, 23, 24 and 46.   Request my Free Millburn, Summit and Short Hills Relocation Package. It's packed full of useful and important information about the Millburn, Summit and Short Hills , New Jersey area. Don't move here without it! Remember: I'll send it to you for free and without obligation. Just fill out the form and I will send it right out... It's my job to know EVERYTHING about Millburn, Summit and Short Hills ! Ask me any question. Or request a FREE information package. There's no obligation, and I promise to get back to you quickly...
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Tax Considerations >Your Tax Free Profits
Significant tax reform legislation was signed into law with the Taxpayer Relief Act of 1997. This legislation replaced both the one-time $125,000 tax-free exclusion for homeowners aged 55 and older, and the "rollover" deferment of capital gains tax requiring the purchase of a replacement home of higher or equal cost within two years of the sale of your principal residence.
With this change, a married couple filing their taxes jointly pays capital gains taxes only on that portion of home sales profits that exceeds $500,000. Single taxpayers, heads of households, and married persons filing separately may exclude up to $250,000. The exclusion is available for all sales of homes that occurred on or after May 6, 1997. Homeowners can use this tax-free provision every two years.
You are allowed to keep these tax-free profits only if you have owned and used the home as your principal residence for two out of the five years prior to the sale of the property. Although the regulations do not require continuous occupancy, the IRS specifies that your principal residence must be the home you use for the majority of time during the year. Consult your tax advisor about your personal circumstance.
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Who is the world's richest living person?
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William H. Gates, III, Chairman of Microsoft Corporation, whose wealth was estimated at $46.6 billion in 2004.
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Robin Benjamin, ABR
Keller Williams Premier Properties
488 Springfield Ave
Summit , New Jersey
07901
Cell ( first): 973-202-7270
Office: 973- 376-0033 X 287
eFax: 973-532-0217
Email: RobinBenjamin@NUMBER1EXPERT.com
A market recovery? You still waiting for the proverbial bottom? Being a full time Realtor since 1996, I've acquired a versatile and extensive knowledge of this unique and exciting market. Being a realtor in today’s shifting market, requires an understanding and training in a multitude of professions. A strong motivation to work closely with you to meet your specific needs, no matter where you desire to call your dream home, is key with today’s educated buyers. Energy, market knowledge, honesty, and guidance through the process from contract to closing.    
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