The good news is that you may be able to have your home’s property taxes decreased due to that decline in value.

Here in Alameda County, the Tax Assessor’s office has a website with detailed information on how to determine if your home qualifies for  lowered property taxes.   Here is Alameda County’s site:  http://www.acgov.org/assessor/reassessments.htm, and examples that they have provided on that site to help you determine if it makes sense for you to apply for a reassessment:

• Decline in Value Qualifying Examples

  Example 1

  • I purchased my home in the early 1990s
  • The assessed value on my property for 2010-11 is $454,082.
  • The market value of my property as of January 1, 2010 was $660,000.

  Your property in this example does not qualify for decline in value relief, as the assessed value is lower than the market value.

  Example 2

  • I purchased my home in May 2008 for $600,000.
  • The assessed value of my property for 2010-11 is $610,548 ($600,000 x 1.01758).
  • Similar model homes in January through March 2010 sold for $575,000.

  Your property in this example qualifies for decline in value relief, as the sales of comparable properties indicate that the market value on January 1, 2010 is lower than the assessed value.

  Example 3

  • I purchased my home in September 2007 for $700,000.
  • As of January 1, 2009 comparable sales indicated a market value of $650,000.
  • I was provided a temporary reduction for the 2009-10 year because the market value was less than the assessed value.
  • As of January 1, 2010 comparable sales indicate a market value of $625,000.

  Since the property qualified for a temporary reduction for 2009-10, our office will automatically review the assessed value for 2010-11 and based on the indicated value the property qualifies for a further reduced assessment of $625,000.

 

If you’re not in Alameda County, you should be able to find similar information on YOUR county’s website.

If you need help determining your home’s current market value to see if it makes sense for you to apply to lower your taxes, call me at (510)  250-6702, or email me at MMitchell@apr.com, and I will provide you with sales prices of recently sold comparable homes.  

And remember, unless you’re comparing  homes within tracts with identical floor plans, online real estate sites such as Zillow.com can provide wonderful data, but their projected market values can vary greatly from actual values due to the wide variation in styles and amenities of  homes within a community

GOOD LUCK !

Still, there are indicators on which you can rely to determine whether your home’s value will rise.

KEEP THIS IN MIND:

• The unemployment rate in an area can help you determine if your home’s value is likely to rise. As the unemployment rate rises, fewer individuals are able to purchase homes, decreasing the demand, and driving down prices. To find your city’s unemployment rate and whether it’s rising or falling,  you can visit the Bureau of Labor Statistics’ Web site at;

http://www.bls.gov/lau

•  On average, foreclosed homes sell for 30 percent less than similar homes in the same area, however, that figure varies by housing market, according to an executive at RealtyTrac.com, which tracks foreclosures.  As foreclosures increase, the average price of homes in the neighborhood decreases.  To view  properties in various stages of foreclosure, including foreclosure filings, auctions, and bank repossessions, visit:

http://www.realtrytrac.com

•  Your  neighborhood’s  supply of homes for sale is also a good indicator. A supply of five to six months is considered “normal.” For the most extensive inventory level comparisons, you should contact a Realtor who specializes in your local neighborhood to provide a detailed analysis

• Following the list-to-sale-price ratios of your neighborhood can help determine the direction of home prices.   If the price difference is shrinking, that suggests the real estate market is improving.   Some real estate Web sites offer this information, or, once again, you can contact a local Realtor who can provide the average list-to-sales price ratio and a historical comparison for your neighborhood.

To read the full story, please click here:
http://www.smartmoney.com/personal-finance/real-estate/6-signs-your-home-will-increase-in-value/

When lenders do not receive payments, the first action taken by the lender is to report the missed payment to the credit bureaus by the first day of the next month. Sometimes this can happen in as little as two weeks from the due date, depending on when the payment is due. Generally, this action will leave a negative mark on a credit report and decrease the homeowner’s credit score by as much as 200 points.

Because of the negative mark on the homeowner’s credit report, within the next 30 days, homeowners can expect their other creditors to take note of the late payment and to take action. Credit card issuers may raise interest rates, lower credit limits, or close credit card accounts. The borrower’s auto insurance, student loans, and other forms of credit also may change, as these are tied to the borrower’s credit score as well.

If the homeowner does not pay for 90 days, the lender likely will start calling, trying to persuade the homeowner to enter into a loan modification. If a loan modification cannot be agreed upon between the homeowner and the lender, and the homeowner continues missing payments, the homeowner likely will be served with a foreclosure notice.

After the foreclosure notice is received, the lender asks a court to issue a
judgment against the homeowner, and a county sale is arranged.  Homeowners at risk of defaulting on their mortgages, or those who already are behind, should contact their lender immediately to work out a repayment plan and/or loan modification.

To read the full story, please click here:

http://www.modbee.com/business/story/913445.html