Are You Serious, Property Tax Cap is Not Working

Originally posted 2009-12-24 05:00:21. Republished by Blog Post Promoter

Visiting and revisiting the property tax issue has become a pet peeve of mine for many reasons:

• Property taxes are too high
• Cities, towns, and states rely to heavily on property taxes so there is no incentives to lower property taxes
• As a result of the property taxes being thought of as an open check, there is a lot of governmental overspending and abuse of monetary privileges.

To add insult to injury on this issue, I found an article today that states that here in Indiana farmers, as well as, homeowners are not getting the anticipated tax relief that the tax cap hope to create due to increases in the assessed value.

I am sorry, an increase in assessed value in a real estate market where a seller can not get what he or she paid just two years ago on a home.

Readers the only way to eliminate this hog wash is to file your property tax appeals.  Here is some helpful links below that will help with that:

• What is Assessed Value and How Does It Influence My Property Tax
• Property Tax Appeal Review (Video 1 of Section 1)
• Evaluation of Property Tax Appeal Findings

Related articles on property taxes

• Rents drop for 128,500 T.O. households (cbc.ca)
• Wis. court won’t review tax ruling against Xerox (seattletimes.nwsource.com)
• Daley Property Tax ‘Gimmick’ Clears Finance Committee (huffingtonpost.com)
• Property tax debate flares up in P.E.I. (cbc.ca)
• Tax changes mean big hit for P.E.I. homebuyers (cbc.ca)

Real Estate Investor Stimulus Package

Originally posted 2009-04-03 06:13:44. Republished by Blog Post Promoter

Recently, I found a podcast that gives eight steps to help real estate investors reduce expenses.

Norm Berlin and Dusty Elias Kirk give great action plans/steps to reduce expenses.  Visit http://www.pepperpodcasts.com/pepper_podcasts/2009/03/eight-steps-to-finding-real-estate-savings-in-a-tougheconomy.html to find out how you can reduce your expense by utilizing property tax appeals, lease back of unused space, life time exchanges, government incentive package, etc. 

Consult an attorney or accountant in these economic downturn times to find ways to save money and reduce expense.

Real Estate Investor Related Articles

Protecting Your Investments - This article discusses the business entities that are available that are available for investors to protect their personal assets when buying and holding properties.

 

 

Property Tax Related Articles

Indiana Property Tax Appeal (Part 2) -Filing a property tax appeal can be difficult.  This article gives links to the forms needed to file the appeal and a video tutorial on filling the forms out.

Surviving a Recession in the Real Estate Business (Part 1)

Originally posted 2009-10-29 15:38:05. Republished by Blog Post Promoter

To survive a recession, you have to do as many businesses do reduce your expenses.  When you have a portfolio of properties you may be wondering what expenses you can reduce.  There ae a least two major expenses tha you can reduce with a little work and research.  One of those expenses is the property taxes.  The other expense is insurance premium.  You may be thinking that is only two expenses that is not going to do much.  Well, hold on.   Let’s examine the business.  The business has accounting, legal, and maintenance.  Those are other areas where expenses can be reduced, and we will explore ways to reduce of those areas over the next couple of days.

To reduce your property taxes, you must determine what the assessed value is for each of your properties.  In most states, the assessor may be using some variation of market value.  With the recent depreciation in market value, it is apparent that the assessed value does not match the current market value or for that matter the amount that you may have paid for the property when you purchased it.  The reason the assessed value does not match the current value is that most states re-assess value every four years.  Still yet, some states use a trending  or error equalizer to correct the assessed value.  This method does an annual adjustment of the assessed value due to changes in the market value.  The error equalizer may or may not fairly account for the impact that the recent increase in foreclosed and short sale homes has on market value.  The foreclosed and short sale homes have had an negative impact on the value of all properties that are for sale.  Therefore, it is doubtful that the error equalizer can account for the influx of these types of homes or the negative impact on property value.  That is why a property tax appeal may be recommended.  Please review the videos below for details on filing procedures in Indiana:

• Property Tax Appeal Review (Video 1 of Section 1)
• Indiana Property Tax Appel (Part 2)

Once you determine that the assessed value is higher than the current market value.  You will need to file an appeal.  For the appeal process, you will need the legal description of the property, the parcel number, the current assessed value for both the improvement (ie house, apartment, condominium, etc) and the land.  This information is available on the assessor’s website.  If the town that the property is located in does not have a website call the assessor’ office to ascertain the information.  

To read more on the assessed value, read What is Assessed Value and How Does it Influence My Property Tax. 

You will also need to get an appraisal of the property.  When hiring the appraiser, explain to the appraiser that you are filing an appeal and may need his or her to testify to explain the appellate committee the finding or evaluation of the appraisal.

Tomorrow and several days to follow, we will evaluating other ways to make money, reduce expenses, and increase income with properties that you currently own, so keep reading.

Great News, the End to High Property Taxes Is Almost Here

Originally posted 2009-02-13 06:00:44. Republished by Blog Post Promoter

On February 10, 2009, the Indiana Senate passed an amendment for the permanent cap to property tax bills. The bill passed the Indiana Senate with an overwhelming majority of 34 to 16 vote.  The bill goes to the House for consideration, but House Speaker, Patrick Bauer, suggested that the House representatives wait until next year’s session to vote on the amendment.

With the property taxes being an important issue to the residents and the forefront of the Indiana residents’ mind it may not be wise for the House to postpone their voting on the amendment. 

This amendment will cap the property taxes for homeowners, investors, and business owners, alike.  The homeowners would be able to benefit from only paying one percent of the assessed value of the home.  Whereas, the investors would pay only two percent of the assessed value of the property.  Still yet, the business owner will pay only three percent of the property’s assessed value.

If the amendment is passed by the House, Indiana’s resident can look forward to voting on the amend law in 2010.

Hopefully, the amendment will be approved in the House, as well.  If lower property taxes is important to you contact your congressmen and tell them so.  Your voice does have power.

3 Reasons Why It Would Have Saved You Money to File Your Property Tax Appeals Months Ago

Originally posted 2009-05-26 05:00:46. Republished by Blog Post Promoter

Property taxes have been in the headlines for at least the last two years.  With high property taxes being at the forefront of the homeowners’ mind.  Realtors the state over are encouraging homeowners to file property tax appeals.

To help you determine if a property tax appeal is right for you, there is a recent article that I recommend you read at:

 

There are deadlines for filing; however, if you missed those deadlines it still may be benefical to talk directly with the treasurer’s office about temporary relieve.  In Lake County, Indiana, the homeowner can now make a six month payment arrangement instead of the three month payment arrangement.  Still yet, some homeowners and investor have spoken to the treasurer’s office and successfully gotten temporary reduction in their property taxes until their appeal is filed and heard before the board. 

In these economic hard times, it is imporant to ask for the help and not recive itthan not ask at all. 

For additional assistance and advice on filing your tax appeal please read and watch videos at:

Indiana Property Tax Appeal

Indiana Property Tax Appeal (Part 2)

The three reasons it would have saved you money to file your tax appeal months ago are:

• deadline for filing has passed
• due to Gary not receiving word from the appellate board on the property tax cap, Gary’s commercial property owners, automatically received a property tax rate increase to 5.85 percent
• getting your appeal before the board before the crowd

In real estate and all other business ventures, procrastination cost money.

It Is Pass Time To Make Your Voices Heard

Originally posted 2009-03-25 12:02:00. Republished by Blog Post Promoter

Today is a great day.  Today, there is a group that is taking a stand for the entire state of Indiana on the issue of property taxes. Today, March 25 at 11:30 am. I, too, have taken a stand by promoting their efforts.  Today, you can march on the State House in Indianapolis.  I would have been there, but due to needing repairs to my vehicle and other things I was not able to be there.  I did, however, speak to one of the organizers he explained the reason for the march.

“Revolt at the State House”

He stated that it does not seem to be enough people voicing their displeasure with government activities.  I agree with him.  As a citizen, you have the right to free of speech.  The increase in property taxes is a great reason to voice that opinion.  Let’s examine why?

With over inflated property taxes, the state can not hope to get new industries to come to this state.  Therefore, there will not be any jobs.  Next, there may be the possibly of citizens moving to another state for better opportunities and lower taxes.  No longer is a citizens going to continue to just watch their finances walk out of the door, so state of Indiana wake up.

Outraged Over Property Taxes

Originally posted 2009-03-23 09:20:57. Republished by Blog Post Promoter

Why isn’t the Indiana property tax assessment making front page news?  I am sure it is making front page news with all the citizens of Porter County who on March 27 is going to have to pay higher property taxes.

I am appalled that the local paper has given little attention to the plight of Porter County’s property tax over-assessment.

Is it that the County Assessor John Scott does not see a problem with the higher taxes?

The assessor simply said, “let the appeal process determine if the taxes are too high.”

Why is it that the Local Government Finance Office care more about the citizens outrage over property taxes than the assessor?

Even local real estate brokers have had increase calls from outraged citizens about recent market values.  

Business owners believe that property taxes have went up 100 percent. 

Do not let yourself be taxed out of your home or business without a fight.  The assessor is not going to fight for you.  You can file an appeal.  You have until April 13 to file that appeal.  Visit www.in.gov/dlgf to get the forms needed to file that appeal.

I have include some helpful video to help with the process, as well.  See the links below:

Good Indication That You Need to File a Property Tax Appeal

Property Tax Appeal Review Video 1 of Section 1

Evaluation of Property Tax Appeal Findings

Indiana Property Tax Appeal (Part 2)

Indiana Property Tax Appeal

What is Assessed Value and How Does it Influenced My Property Taxes

Lack of Property Taxes Tops News in Northwest Indiana

Seniors Deadline Quickly Approaching

Indiana Property Tax Cap Vote on Tuesday

The first step in giving  Indiana citizens the right to determine how much property taxes will be paid in the state begins on Tuesday.    The Indiana House of Representative is voting on a cap of one percent of the assessed value for homeowners, two percent of the assessed value for investors, and three percent of the assessed value for business owners.    This vote is essential because if approved it will go to the Indiana Senate, and then to the public for a vote in 2010 to make it a permanent change to the state constitution.

With the approval of this groundbreaking measure, the residents will final be able to make local cities, towns, and municipalities responsible for wreckless spending that has been going on for decades.  No longer will there be endless amount of money on the back of the citizens of the state.

Related Articles that Oppose Unfair Taxes and the Like

• 2-tier property tax proposal unfair: economist (cbc.ca)
• Indianapolis Web Design Firm – Narrow Gate Media, Marks It’s 10-Year Anniversary in Web Design, Development & Marketing (prweb.com)
• Poll: CA Voters Reluctant To Change State Budget Process (crooksandliars.com)
• Skelos to Paterson: Give us ‘a bill we can act on’ (timesunion.com)

Lake County to Have Tax Sale

Originally posted 2009-03-21 05:48:30. Republished by Blog Post Promoter

If you are counting on the amnesty bill from the state of Indiana to give you more time to pay your property tax you may be out of luck.  The bill that was developed to help homeowners is stalled in the state General Assembly.    As a result of this stall, Lake County Treasurer John Petalas has scheduled the first property tax sale in two years for July 9.

What does this mean?  It means that if you are behind on your property taxes like 24,000 homeowners are in Lake County you may need to work on getting the money together to pay your back property taxes before then.

Remember, even if your mortgage payment is current, but your property taxes are not you can still lose your home.    The property taxes supersedes the mortgage payment, so most mortgage companies make sure they are paid.  However, if the property is an investment property the latter does not hold true, so if you can pay your property tax before July 9, 2009 do so or you may lose your home to a tax sale.

Property Taxes Are Still a Concern in Indiana

Recently, I had a reader contact me asking questions pertaining to filing a property tax appeal.

I began to think that the question he asked may be question that other readers may have, but were afraid to ask.

His question was pertaining to how to obtain the parcel or key number if you live in other counties besides the ones highlighted in the video series below:

Property Tax Appeal Review (Video 1 of Section 1)

Indiana Property Tax Appeal (Part 2)

You can search for the parcel number and the basic information needed to fill out your appeal form by visiting http://beacon.schneidercorp.com.   On this site you will be able to find the parcel number for all 92 counties in Indiana.

The parcel number is an eighteen digit number it is used by all 92 counties.The parcel number itself is significant.  How, you ask?  The 18-digit State Key PIN is made up of the following parts: (2 digit County Code; 45 for Lake County) – (2 digit Township Number) – (2 digit Section Number) – (3 digit Quadrant Number) – (3 digit Parcel Number) . (3 digit Class Number; usually 000 for Noble County) – (3 digit Tax District Number).  For example, the following PIN, 45-08-28-202-029.000-004, is in: Calumet Twp (08), Section 28 (28), 202 Quadrant (202), parcel number 029 (029), class number of 000 (000), and Calumet township taxing district (004).Each county has a two digit number that represents that county.

I hope this helps you file your appeals.

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