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Milwaukee Development: The Growing Trend Keeps Growing
By M
Many of us will remember that gleaming train of Development, that departed the cities of North America in the 1980s, heading for points north, east, south, and west, and depositing, at regular Read more...
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Real Estate Articles
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Understanding Property Taxes In Your Real Estate Market
By Lou
Property tax increases are a popular method used by municipal and county governments to raise revenue, but they can also have a big impact on the local market. For example, a slight tax increase may drive demand for local homes down, a shift many might characterize as "negative". But a clear understanding of local market conditions can help professionals, buyers, and sellers take advantage of any new tax scenario and get the most for their property investment.
In most cases property taxes are levied as a percentage of a home's value, or an acceptable representation of the home's value. Governments generally assess homes at 100 per cent or less of their estimated market value in an attempt to keep taxes affordable. By this method, local trends are kept at arm's length, and property owners don't have to worry as much if a neighboring home sells for $10 million. Property taxes often generate the majority of a city or county's annual operating budget for hospitals, school systems, waterworks, parks, libraries, police, and other expenses.
Cities and counties can use a variety of taxation strategies beyond an outright increase to control revenue, stem urban sprawl, or change the local market. One of the more common strategies for this is land value taxation, which separates the value of a property from its improvement value,
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applying a gradually lower tax rate as more improvements are made to a property. Using this tax rule, developers can make significant improvements to a property, like building an apartment complex, while still being able to afford the taxes. This method is commonly used to make high density housing more economically feasible in downtown areas. Current-use valuation is another familiar property tax control, whereby properties are valued only according to their current use, and not potential uses - this is often used to protect large undeveloped areas like farms from urban sprawl.
Some property taxes are also limited to a certain cross section of homes, or homes above a certain market value, in order to protect affordable real estate. One example of this was seen in summer 2007 in Ulster County, New York, where a proposed transfer tax was only meant to apply to homes above the median sale value for the area. Values here were destined to shift as buyers searched out properties below the median price range.
Every property tax change is a new marketing opportunity for professionals and their clients. The trick is knowing what to expect from different tax strategies, and how long those effects will last.
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How To Organize Your Real Estate Blog
By M
Bloggers like to tinker and constantly update things, which is part of what makes them so fun to watch. If you follow a blog you've probably noticed its look changing over time, and the writer's Read more...
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Short Sales Afford Opportunity For Smart Buyers
By Charlie
Southwest Florida has some of the most sought-after high priced oceanfront real estate in the nation, but many buyers are also finding great deals here. A wide variety of new custom condos and homes Read more...
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Naples and Southwest Florida Real Estate Is Hot!
There has never been a better time to Invest in Southwest Florida Real Estate!
Collier County is ranked number one, and Lee County ranked number two in the entire State of Florida in Existing home (re-sales) sales ending February 2004. Collier County saw a 28% gain and Lee County had an 18% gain in sales of existing homes from February 2003 to February 2004.
New home sales put Lee County number one in the United States for the 4th quarter in a row and Collier County number five. These figures are based on the number of new home permits issued per thousand people.
We are seeing incredible appreciation figures, and rental rates are at an all time high. If you purchase a home in Southwest Florida, you should realize an unparalleled appreciation, and the figures indicate that, if you choose to rent your property out when you are not here, you should easily find a tenant.
The Median sales price for the same period saw Collier County with a 42% increase ($273,100 to $389,000) and Lee County with a 31% gain ($130,500 to $170,000). Once again, these value increases show that real estate in Southwest Florida out paced most other forms of investment. Collier and Lee County Sales Figures
The Berry Realty Group will update sales figures for Collier and Lee Counties on a weekly basis to make it easy to chart the incredible equity growth figures we are currently experiencing with no end in sight
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