Realtors Property Resource®, a resource provided by the National Association of Realtors®, just added Qualified Opportunity Zones to its platform.
The data layer will allow Realtors® to use RPR’s map interface to analyze and search for properties within the 8,700 QOZs throughout the U.S. The purpose of the federal government’s QOZ program is to drive economic growth through long-term investments in economically disadvantaged communities. Designated as “Opportunity Zones”, these areas present opportunities for real estate investment and development by offering tax incentives to investors. You can download the RPR app for free.
“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. As our work continues, Realtors® are committed to ensuring Americans can take full advantage of this valuable new initiative”, said NAR Vice President of Federal Policy and Industry Relations Joseph Ventron.
Through RPR, Realtors® will search a geographic area and then choose to display the Opportunity Zones layer, which will then reveal shaded areas that qualify. Realtors® can then analyze all properties that fall in the Opportunity Zone, review economic and demographic statistics for the area and create reports for investors about the buying potential.
“These Opportunity Zones encourage private investment into low-income communities, with the intent of stimulating economic growth and job creation,” said NAR’s 2019 Commercial Liaison and RPR Advisory Council Member Bob Turner. “Residential practitioners will notice homes that fall within Opportunity Zones gain a boost to their marketability because of increased attention, while commercial practitioners will likely see properties once being skipped over turn into desirable investment opportunities.”
Under the program, taxpayers who reinvest capital gains from a previous sale into a fund for investing (called “Opportunity Funds”), are eligible to defer paying taxes on those gains, and can potentially reduce their tax liability by 10 to 15% (based on the amount of time they hold the investment). Additionally, if the investment is held for at least ten years, any appreciation on it is tax-free.
For more information, download the Opportunity Zones quick start guides. Each one offers step-by-step instructions and tips on how to search for Opportunity Zones within RPR:
- Residential: Search properties within a geographic area, then choose to display the Opportunity Zones layer, which will then reveal shaded areas that qualify.
- Commercial: Search for commercial properties within a geographic area, then choose to display the Opportunity Zones layer, which will then reveal shaded areas that qualify.
- Economic area report: Association staff and Federal Political Coordinators can create Economic Area Reports for properties in Opportunity Zones.
- Market data: Brokers, Associations and MLSs can use the Market Data Tool to run reports on properties that fall within an Opportunity Zone.