Taylor-Brown Real Estate Talks

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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)

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

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The latest news in Indiana property tax assessment from around the blogosphere:

Top 10 owe Porter County $4.3M in taxes
Gary Post Tribune
At the top of the list is the property at 415 Salmon Drive in the Port of Indiana-Burns Harbor. Its past-due tax bill totals $2.449 million, …

Residents concerned over local work force; education cuts
Gary Post Tribune
Referring to this year’s referendum on making the property tax caps passed last year a part of the state constitution, which schools and cities have blamed …

Indiana property taxes – 16 Main | Poztman
By Poztman
Indiana property taxes due to receive twice a year – 10 May and 10 November. 8. This tax is assessed on the basis of the assessment of local evaluation for the property from? S current estimate. This score is held every year on March 1. …

Related articles on Indiana property tax assessment

• Are You Serious, Property Tax Cap is Not Working (taylorbrownrealestatetalks.com)
• Indiana Property Tax Assessment - Latest News (taylorbrownrealestatetalks.com)
• Ind. lawmakers to consider tax, ethics bills (seattletimes.nwsource.com)

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• 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......
• Are You Serious, Property Tax Cap is Not Working 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......
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In an effort to stimulate the economy, Congress has extended the $8,000 First Time Home Buyer Tax Credit. However, you will have to hurry to take advantage of the credit. The extension is only until April 30, 2010 that means there are only 70 shopping days remaining. The reason the number of days is significant is that the buyer do not have to pay the $8000 tax credit back to the government as long as the buyer resides in the home for 36 months after purchase.

This credit was part of the stimulus plan that President Obama signed into law.

The good news about the extension of the first time home buyer credit is that it now allows more potential buyers the ability to purchase a home. It now allows not only first time home buyer the ability to utilize the credit, but now move up buyer can take advantage of the credit. The extension also increases the gross income for single buyer from $75,000 to $125,000, and for married couples from $150,000 combined income to $225,000 combined income.

To qualify as a first time home buyer, you must be purchasing your first home and be will to remain in the home for at least 36 months after purchase.

To qualify as a move up buyer, you must have lived in your present home for at least 5 years and your new home must be less than $800,000.

To claim the credit, use Form 5405 on your 2009 or 2010 tax return. Remember, you will have to write your contract by April 30, 2010 and the deal must be closed by June 30, 2010 to qualify for the credit.

The tax credit, low interest rate, and lower than ever real estate prices should make homeownership a number one priority for anyone thinking of purchasing a home in 2010.

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Did you know that the $8000 tax credit expires 11/30/2009?  That means there are only 131 shopping days remaining.  The reason the number of days is significant is that the buyer do not have to pay the $8000 tax credit back to the government as long as the buyer resides in the home for 36 months after purchase.

This credit was part of the stimulus plan that President Obama signed into law. 

The credit, however, does not apply to everyone.  To qualify for the entire credit, your gross income must be less than $75,000 a year if you are a single home buyer and $150,000 if you are a married home buyer.    You can still get a partial credit if your gross income is greater than $75,000, but less than $95,000 as a single home buyer.  If you are married and your combined income is greater than $150,000, but less than $170,000, you can qualify for a partial credit, as well.  It is important to note, that in the case of a married couple both spouses’ homeownership history will be considered to determine eligible for the program. 

Unfortunately, the credit can not be used as a downpayment.  To qualify you must first purchase the home, then claim the credit using Form 5405 on your 2008 or 2009 tax return.

The tax credit, low interest rate, and lower than ever real estate prices should make homeownership a number one priority for anyone thinking of purchasing a home in 2009.

Give Serena a call at 219 803 4489 or email her at taylorbrownrealestate@yahoo.com to start building equity and create more tax write offs.

Originally posted 2009-07-22 15:37:01. Republished by Blog Post Promoter

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