Hudson, WI

The 2008 Hudson Hot Air Affair was this weekend, if you've never been to Hudson for it you need to come check it out! It's a weekend stuffed full of fun for everyone - candle light ski and hike, snow volleyball, arts and crafts fair, karaoke and dancing, and more! The big events are the Friday night parade and fireworks, the Saturday morning balloon launch, and the Saturday night Moon Glow.

The Parade runs down 2nd Street, the main street through historic downtown Hudson. The balloon baskets and torches light up downtown, while participants throw candy and dance to music...

The crowd follows the parade down to Riverfront Park for a fireworks display, before taking in the evening activities and all the nightlife that downtown Hudson has to offer...

Saturday night the hot air balloons light up the night sky for the Moon Glow event, a serene and picturesque display of colorful balloons and red-hot flames set against the black night sky...

For more information about this annual family-friendly attraction, visit www.HudsonHotAirAffair.com.

And if you are still travelling here from out-of-town for this event every year, don't you think it's about time you finally bought a new house here and called Hudson 'home'? If the time is right to make the move, don't hesitate to call me today to begin exploring all of the possibilities Hudson has to offer. And if the time isn't quite right, visit my website www.MyNextNewHome.com to start searching for homes around the area and for more local community info. Remember, I'm here to help.

"I just bought a new home in Wisconsin - do I need to file for 'homestead' tax status?" "Why are property taxes higher in Wisconsin compared to Minnesota?" "Are there tax advantages to buying a home in WI versus MN?"

WI and MN do their property taxes a little different...

Minnesota basically offers a discount on your taxes for the home you live in (your primary residence, or "homestead"), but they need to make their money somewhere, so to make up for this they increase the tax rate on non-homestead properties (like investment properties, lake homes, etc.)

Wisconsin, on the other hand, does not distinguish between the two types, and basically charges the same tax rate whether it's your primary residence or an investment property.

WI does not have this "homestead" status, so basically all properties you look at in WI are considered "non-homestead" properties for tax purposes. WI does offer a small tax credit if your primary residence is located within WI. If you buy a primary residence in MN, you need to file paperwork with the county right after closing in order to claim the homestead status.

So if you're shopping for properties between the two states, it is typically advantageous from a tax standpoint to buy your primary residence in MN so you can claim the homestead status, and then buy a second-home in WI because WI doesn't increase the tax rate for second-homes.

There are also local municipal taxes, special assessments and lottery credits that affect the final tax bill, so this doesn't hold true 100% of the time and you may see non-homestead MN properties with lower taxes, but it is very typical.

The tax advantages are only one variable in a very large and complex equation. I would never tell someone to buy a house simply because they can save a little money in taxes. Buy it because you love it; buy it because it's the best decision for your family; buy it because it feels like 'home'.

(And of course, my disclaimer: I'm a real estate professional, not a tax advisor; please consult with your preferred accountant or tax professional for the full tax implications before purchasing any real estate).

Please visit my website www.MyNextNewHome.com to search for properties in WI and MN, and register to save your search and receive automatic email updates to be the first to hear about a new listing or a price reduction!