March is the time for local Assessing Offices to mail out to property owners, their Assessment Notices for the upcoming year. I welcome you to contact me if you have any questions about your notice. As a previous City Treasurer for nearly 12 years, and also as a Realtor/Assoc. Broker I understand these notices.
This Notice tells you a number of important things. A change in Assessed Values should tell you something about your very local market. These numbers generally (there are other reasons) change based on Sales of homes near your own, over the past 1-2 years. There are places in our community that actually are showing pretty significant decreases - which of course, we have not seen in a number of years. Changes differ from neighborhood to neighborhood though.
Your change in Taxable Value - if you just purchased - is important to examime because it was allowed to become "uncapped" and can move considerably the first year following your purchase. This new number establishes where you will go from here in large part with your property taxes, so you will want to take a good look at it.
If you didnt move last year, your Taxable Value is adjusted based on the following formula. TV will be adjusted by the Cost of Living (set statewide) or 5% whichever is less. This began with the passage of Proposal A in 1994. 2010 is the very first year ever that the Cost of Living is actually a negative number -- and therefore, Taxable Values went down slightly.
Taxation can be complicated. My advice of course is to contact your local authorities if you have questions. You only have so much time to discuss or appeal this information, so please heed the dates on your notice. I would encourage you to discuss your notice with the local authorities if possible first, and then understand that Board of Review is in place as an appeals process.
Good Luck!! ~Liz
Sunday, March 14, 2010
Tuesday, March 2, 2010
U.P. Builders Show Mar 5-7
Come check out the UP Builders Show this weekend. We consider it the kick-off to our Spring Real Estate Market. You'll also find vendors of all kinds, with new products and new ideas for all your home improvement projects. Its fun for the entire family. I'll be there Saturday morning. For additional information check out www.upbuildersshow.com
See you at the show! ~ Liz
Subscribe to:
Posts (Atom)