Paid Off Mortgage and Tax Ramifications
Greetings.
I have a rental property in NY that is being managed by a pro and cash flowing nicely. At one time it was my primary residence and the mortgage is almost paid off. I'd like to pay off the mortgage and really enjoy the cashflow but would this trigger a spike in how the house is taxed?
Should I re-mortgage the property and buy another rental property here in Florida or can I just enjoy this extra cashflow without "the man" getting any more than the ample amount of property taxes I'm already paying?
Thank you all in advance!