This Deals with Property Tax rates, caps, homestead exceptions, etc.
The link to this lengthy, but very important bill is pasted here.
Please read my comments in previous blogs. Enjoy! Did I mention that "Keeping YOU # 1 in Real Estate" is our mission, goal, and work ehtic?
http://www.in.gov/apps/lsa/session/billwatch/billinfo?year=2008&session=1&request=getBill&docno=1001
317-698-5675
Saturday, April 26, 2008
Regarding Homestead Credits:
Please read the excerpt form House Bill 1001 below.
I offer the following caveat.
When buying an income property, seller second home, or any other property that is not homesteaded, remember that a homestead application will be done automatically whenever the property closes. The Buyer's taxes due will decrease. The pro-rated taxes will have to be adjusted. Make certain that you have this adjustment in writing and make sure everyone is clear on how over-charges or over-payments are to be disbursed.
Everyone in the transaction should be clear about this. That is one of the reasons you want to work with me or other competent Brokers. We are here for you!
Call me!
317-698-5675
I offer the following caveat.
When buying an income property, seller second home, or any other property that is not homesteaded, remember that a homestead application will be done automatically whenever the property closes. The Buyer's taxes due will decrease. The pro-rated taxes will have to be adjusted. Make certain that you have this adjustment in writing and make sure everyone is clear on how over-charges or over-payments are to be disbursed.
Everyone in the transaction should be clear about this. That is one of the reasons you want to work with me or other competent Brokers. We are here for you!
Call me!
317-698-5675
Homestead Deduction and Applications
A Homestead Application will automatically be done at the closing of a property! Hurray! The following is an excerpt from House Bill 1001:
Provides an additional supplemental standard deduction for homesteads. Provides additional homestead credits in 2008 of $620,000,000. Provides that in a county that adopted a local option income tax (LOIT) in 2007, the county auditor, with the approval of the county fiscal body may petition the DLGF to permit a portion of the additional 2008 homestead credit to be used instead to increase the additional state funded homestead credit provided for 2009 or in both 2009 and 2010. Provides $140,000,000 in homestead credits in 2009 and $80,000,000 in homestead credits in 2010. Provides that a school corporation may not impose a special education preschool property tax levy after December 31, 2008. Requires the department of education to make distributions equal to the product of $2,750 multiplied by the number of special education preschool children who are students in the school corporation. Increases the maximum amount of the state income tax deduction for renters from $2,500 to $3,000. Provides that an individual who owns a homestead with a gross assessed value of less than $160,000 and who has adjusted gross income of $30,000 (in the case of a single return) or $40,000 (in the case of a joint return) is entitled to a property tax credit to the extent that property taxes on the individual's homestead increase by more than 2% from the prior year. Repeals the expiration date for the state earned income tax credit. Provides that the maximum amount of the standard deduction is the lesser of $45,000 or 60% of assessed value for 2009 and thereafter. Requires the DLGF to adopt rules or guidelines concerning the application for the standard deduction. Increases the sales and use tax rates from 6% to 7%.
Provides an additional supplemental standard deduction for homesteads. Provides additional homestead credits in 2008 of $620,000,000. Provides that in a county that adopted a local option income tax (LOIT) in 2007, the county auditor, with the approval of the county fiscal body may petition the DLGF to permit a portion of the additional 2008 homestead credit to be used instead to increase the additional state funded homestead credit provided for 2009 or in both 2009 and 2010. Provides $140,000,000 in homestead credits in 2009 and $80,000,000 in homestead credits in 2010. Provides that a school corporation may not impose a special education preschool property tax levy after December 31, 2008. Requires the department of education to make distributions equal to the product of $2,750 multiplied by the number of special education preschool children who are students in the school corporation. Increases the maximum amount of the state income tax deduction for renters from $2,500 to $3,000. Provides that an individual who owns a homestead with a gross assessed value of less than $160,000 and who has adjusted gross income of $30,000 (in the case of a single return) or $40,000 (in the case of a joint return) is entitled to a property tax credit to the extent that property taxes on the individual's homestead increase by more than 2% from the prior year. Repeals the expiration date for the state earned income tax credit. Provides that the maximum amount of the standard deduction is the lesser of $45,000 or 60% of assessed value for 2009 and thereafter. Requires the DLGF to adopt rules or guidelines concerning the application for the standard deduction. Increases the sales and use tax rates from 6% to 7%.
Thursday, April 24, 2008
What is Happening In the Real Estate Business?
A new day has risen in the Real Estate Industry! Searches are virtual, Listings are National and Brokers are the formitable bridge that facilitates the deal, and brings it to a successful close. From the Seller-Side: Sellers, use a smaller Independent Brokerage. It will save you money. Why? Because there is no more mid-sized brokerage. The big guys are getting bigger absorbing the mid-sized brokerages and Independent Brokerages are growing by the day.
Big brokerages are becoming bigger and bigger. That translates to higher overhead, and for the seller, higher commissions charged. Why? Because it takes more gas to run a cadillac--
An independent brokerage will provide the same service, usually better service in personal-results-driven than the mega-brokerage.
Buyer-side: It does not cost you anything unless you are smart and structure something good. call me.....
Big brokerages are becoming bigger and bigger. That translates to higher overhead, and for the seller, higher commissions charged. Why? Because it takes more gas to run a cadillac--
An independent brokerage will provide the same service, usually better service in personal-results-driven than the mega-brokerage.
Buyer-side: It does not cost you anything unless you are smart and structure something good. call me.....
Monday, April 21, 2008
JUST THE FACTS FROM NAR
*JUST THE FACTS *
* The Latest Pending Sales Index and Forecast Release *
Little change is expected in existing-home sales over the next few months, before improving notably during the second half of the year, according to the latest forecast. Lawrence Yun, NAR chief economist, said the market will come into clearer focus this summer. “Existing home sales could start to show a sustained increase within a few months, unless there are some additional economic problems or excessive inflationary pressure,” he said. “We’re looking for essentially stable sales in the near term, before higher mortgage loan limits translate into more sales in high-cost markets. The wider access to affordable credit should increase sales activity notably this summer as pent-up demand begins to be met.”
This from the National Association of Realtors.
* The Latest Pending Sales Index and Forecast Release *
Little change is expected in existing-home sales over the next few months, before improving notably during the second half of the year, according to the latest forecast. Lawrence Yun, NAR chief economist, said the market will come into clearer focus this summer. “Existing home sales could start to show a sustained increase within a few months, unless there are some additional economic problems or excessive inflationary pressure,” he said. “We’re looking for essentially stable sales in the near term, before higher mortgage loan limits translate into more sales in high-cost markets. The wider access to affordable credit should increase sales activity notably this summer as pent-up demand begins to be met.”
This from the National Association of Realtors.
Wednesday, April 9, 2008
And Now a Word From Our Sponsor!
Who is our sponsor, you ask? Well, it is the Lord Almighty and Mother Earth of course! I can hear them both now, "Hey Folks, stop and smell the roses!" Except that it is not roses we have to smell today. It is the smell of good health clean earth as in soil.
If you are buying into the Green Movement,(please click on this.http://www.nytimes.com/2007/07/01/fashion/01green.html, you will soon note that what really matters is not the claim that something is earth-friendly. What matters is that one is friendly to the earth in our daily living. I can remember when "Grow your own" meant something WAY different. Today, grow your onw is the way to go. Grow your own food. Share some time with your friends and neighbors, improve the human condition at least in your corner of the world. Cultivate friendship and community through cultivation. And don't forget to smell the roses!
If you are buying into the Green Movement,(please click on this.http://www.nytimes.com/2007/07/01/fashion/01green.html, you will soon note that what really matters is not the claim that something is earth-friendly. What matters is that one is friendly to the earth in our daily living. I can remember when "Grow your own" meant something WAY different. Today, grow your onw is the way to go. Grow your own food. Share some time with your friends and neighbors, improve the human condition at least in your corner of the world. Cultivate friendship and community through cultivation. And don't forget to smell the roses!
Strong Markets Predicted Through 2008
More about land....I love the land and you should too! As Noted in Midwest Farm & Ranch, www.farmandranch.com volume7, pg. 23. Strong profit levels for farmers is predicted. The U.S. economy will hold strong and ethanol demand will continue to grow. From 2008 through 2010, the market will hold, demand for bio fuels should continue and world demand for commodities is expected to continue to be strong. 2010 and beyond presents an uncertainty with new administration and the question of continued bio fuel demand, but the new Energy Independence Security Act will provide some security in the market. Optimism continues in the far and ranch real estate market. Opportunities are available for both buyers and sellers......
Central Indiana is expected to continue its steady growth buffered by plenty of farm land. It is good to be in Indiana!
Call me...
Central Indiana is expected to continue its steady growth buffered by plenty of farm land. It is good to be in Indiana!
Call me...
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