Realtors Property Resource Adds Qualified Opportunity Zones – Wire Real Estate

Realtors Property Resource Adds Qualified Opportunity Zones




Aug 2, 2019

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RPR, a wholly owned subsidiary of NAR, now has a filter that helps Realtors search for properties located within one of the nation’s 8,700 low-tax Opportunity Zones.

CHICAGO – Realtors Property Resource – a nationwide data resource wholly owned subsidiary of the National Association of Realtors® (NAR) – announced the addition of Qualified Opportunity Zones (QOZ) to its platform. This new data layer will allow Realtors to use RPR’s map interface to analyze and search for properties within one of the 8,700 Opportunity Zones throughout the U.S.

Created in 2017 as part of the Tax Cuts and Jobs Act, the purpose of the federal government’s QOZ program is to drive growth, via long-term investments, in economically disadvantaged communities. Designated as “Opportunity Zones,” these areas present opportunities for real estate investment and development because they offer tax incentives to investors.

“With the Opportunity Zone initiative poised to transform American communities that have long been shunned by investors, NAR has developed resources to help facilitate and expedite investments in these areas,” says Joseph Ventrone, NAR vice president, federal policy and industry relations. “As our work continues, Realtors are committed to ensuring Americans can take full advantage of this valuable new initiative

Through RPR, Realtors can check a geographic area with the Opportunity Zones layer, which will then show areas that qualify. Realtors can then search for properties within the Opportunity Zone, review economic and demographic statistics for the area and create reports for investors.

Under the program, taxpayers who reinvest capital gains from a previous sale into a fund for investing, which are known as “Opportunity Funds,” are eligible to defer paying taxes on those gains, and they can potentially reduce their tax liability by 10-15% (based on the amount of time they hold the investment). Additionally, if the investment is held for at least ten years, any appreciation is tax-free.

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