Tag Archives: property taxes

San Diego: Property Tax Hike for 2014

Low inflation will mean a very small increase in property valuations and corresponding tax bills for most San Diego County owners, according to county assessor Ernest Dronenburg Jr.

Values will go up 0.45 percent for the December 2014 and April 2015 property tax bills, he said, less than a quarter of the increase imposed last year. The rate is tied to the consumer price index. Taxes will rise accordingly, although in some places, new voter-approved bonds will increase the bottom line further.

“Gasoline is a such a significant part of (inflation rate) and it’s been dropping — and that’s one of the reasons this dropped,” Dronenburg said.

Under the voter-approved 1978 Proposition 13 tax reform measure, annual property tax increases are tied to the inflation rate but they can rise no more than 2 percent annually. The rate has gone up less than 2 percent seven times in the past 30 years and actually declined once in 2011 during a brief spate of deflation. The 2014 increase will be the smallest increase on record.

The change will be reflected in the assessed valuation as of Jan. 1, 2014, and tax bills mailed out in September.

For a home assessed at $400,000 last year and carrying an average tax bill of $4,400, including special assessments and voter-approved bond repayments, the new value would increase $1,816 and the corresponding tax increase would amount to $20.09. If the increase had been at the maximum 2 percent level, the value would have increased $8,000 and the tax bill would have gone up $88.

read more at: http://www.utsandiego.com/news/2013/dec/28/tp-property-tax-hike-for-2014-tiny/

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Unsettling Times for Property Owners

For one of the least productive congressional sessions in modern history, the final word about tax reform last week was entirely in character: Nothing’s happening.

But is that good news or bad news for homeowners, buyers and small-scale real estate investors? A bit of both.

When House Ways and Means Committee Chairman Dave Camp, R-Mich., announced that not only will he not reveal the details of his long-awaited comprehensive tax reform bill this year but he also will not seek passage of a so-called “extenders” bill for expiring tax-code benefits, it was a sweet and sour mix for real estate interests.

Camp’s big reform bill, which would attempt to lower individual and corporate income tax rates to a maximum of 25 percent, is expected to call for significant cutbacks — possibly elimination — of prized deductions for home mortgage interest, local property taxes and other write-offs in order to pay for lower marginal rates. With major changes like these now pushed back well into 2014 for even preliminary debate — in the middle of a re-election year for Congress — homeownership advocates are at least moderately relieved.

But there’s a key negative here as well: The failure of tax writers to put together an extenders bill means that important expiring Internal Revenue Code provisions affecting large numbers of homeowners — especially relief from taxation on mortgage debt forgiveness by lenders in most states, plus current deductions for mortgage insurance premiums and energy-saving home improvements — will lapse Dec. 31.

read more at: http://www.utsandiego.com/news/2013/Dec/15/tp-unsettling-times-for-property-owners/?#article-copy

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What is a Zombie Foreclosure and Who is on the Hook?

zombie

In a zombie foreclosure, the owner has gotten a foreclosure notice and subsequently packed up and moved, apparently thinking it’s over — the banks will finish the job. But many banks, for various reasons, haven’t followed through with the rest of the process, and the homes languish in the absent homeowners’ names.

And the homeowners, sometimes years later, find out they’re still on the hook for property taxes.

Contact the appraisers at www.scappraisals.com for your value questions.

There are about 302,000 “zombies,” according to RealtyTrac, a housing data company that studies foreclosure activity.

In an edited interview, RealtyTrac Vice President Daren Blomquist discussed how zombie foreclosures affect their communities (and, belatedly, their former owners), and where we seem to stand, as a nation, in our efforts to put the foreclosure horror show behind us.

Read more at: http://www.chicagotribune.com/classified/realestate/foreclosure/sc-cons-0418-umberger-20130419,0,2297043.column

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