Dan O’ Meara’s Blog

I’ve just sold a Resale - single family property at 9022 Derby Ln in Port Richey. Come and visit my site to see other properties in that area. If you are interested in looking for or selling your home, please Contact Me.

I’ve just sold a Resale - single family property at 3331 Blayton in Holiday. Come and visit my site to see other properties in that area. If you are interested in looking for or selling your home, please Contact Me.

I’ve just sold a Resale - single family property at 3331 Blayton in Holiday. Come and visit my site to see other properties in that area. If you are interested in looking for or selling your home, please Contact Me.

I’ve just sold a Mobile home with land property at 6822 Albatross Lane in Hudson. Come and visit my site to see other properties in that area. If you are interested in looking for or selling your home, please Contact Me.

I just opened my mail to find,

2008’s Notice of Proposed Property Taxes. The intent of this notice is to inform us of the valuation of our property, the amount of exemptions, and the amount of taxes levied by different taxing authorities.

Remember!  If you feel your market value is inaccurate, does not reflect FAIR market value, or if you are entitled to an exemption that is not reflected, You can contest!  September 15th is the LAST DAY to file for an appeal to the County Value Adjustment Board. And is the LAST DAY to file a late application for an exemption. Everyone needs to file for every exemption available to them. THIS SAVES YOU MONEY.

All property values are determined based on the condition of the property as of January First. Florida Law requires that Market Value be determined each year. The assessed value is the market value less any benefits for the “Save Our Homes” Cap. For Homestead properties, this value cannot annually increase more than 3% But in instances where the market value exceeds the assessed value (most cases), the assessed value will increase regardless of a change in market value. So, although the real estate market continues to decrease in value, most homesteaded properties will continue to increase in value by 3% The limitation for increases to Non-Homesteaded properties is 10% and at no time can the assessed value exceed the market value

This means the taxes will continue to increase no matter the state of the Real Estate Market. Over the past few years I have watched property values Triple in some areas and Double in most. So did Our Taxes and Insurance Premiums. Now that values are retreating back to where they were, Shouldn’t Our Taxes and Insurance Premiums retreat back as well?

Speak Up, Let me know what you think 

Attention First Time Home Buyers:

President Bush signed a major housing bill (H.R. 3221) into law. As part of the housing bill, congress has created a new, temporary tax credit to provide an incentive for first-time home buyers. The $7500 credit will be available for the purchase of a principal residence on or after April 9, 2008 and before July 1, 2009.

What does this mean to me?

Well, if you purchase a principal residence in the next 11 months, or in the past 4 months you become eligible to borrow up to $7500 from the Federal Government. You will have 15 years to pay back this interest free incentive. To apply for the tax credit, simply claim the credit on your next tax return.They haven’t worked out the details of “How” the money will be paid back yet. But if you take advantage of the full $7500 credit, the payment would be around $500 per year. If you sell your house before the 15 year period expires, any amount of the credit that has not been repaid will become due.

If you have been sitting on the fence, watching the market, waiting for the right time to buy…………..This is it.

Buying your first home is a very stressful experience. Most first time home buyers, have to skimp and save every possible penny they can to get into their First Home. Things are normally very tight the first couple of years. This Tax Incentive could be put to some good use.

Unlike a home equity loan, this credit is not based on your income to debt ratio or the amount of equity left in your home.

Please consult your tax advisor with questions about using this new Tax Credit.

I Love Florida. I’ve lived on  Pasco County’s Gulf Coast for the past 25 years. I’ve been enjoying all my backyard has to offer. From the Golf Course to a Gulf of Mexico beach. I live in Hudson on a canal that feeds to the Gulf. I enjoy taking the boat out fishing or to the island for a day. There is a sand bar just north of Anclote Island, Anclote Island is located at the mouth of the Anclote River. I use Anclote River as dividing line between Pinellas and Pasco Counties. From Hudson it’s only about a half an hour boat ride. My parents own a place on the river in New Port Richey, it’s not unusual to see dolphins or manatees by their dock. How cool is that? I was over there the other day, and there was an otter chasing fish. Gotta Love It !  Seaworld in my backyard. I grew up on the river, and have an intimate knowledge of all of Pasco’s waterfront. I specialize in Waterfront Properties for sale and for rent. If you need any information on the local waterfront market, Just Ask, I’ll be more than happy to share my local knowledge with you.

Dan O’Meara   Http://www.DannyO.com

Assessed Value (or assessment)

The value of any parcel of land along with any improvements.

The County Property Appraiser determines the  value, and that serves as the basis of computing property taxes.

All assessments should be made on the basis of just valuation, or Fair Market Value.

Remember; Assessed value is for taxes and Appraised value is for the lender

Appraisal:

An estimation of value of Real Property, or items of Personal Property as of a specified date.

The appraisal report contains the Appraiser’s analysis, estimate, or conclusion of the properties value as of a given date.

Most banks will only use state certified appraisers.

Agency Disclosure:

Before any contract is signed involving the sale, purchase, lease, or exchange of real property. Real estate licensee’s must disclose to all parties thier agency(or relationship).

Example: when an agent represents a seller, and he sells their property, he must make written disclosure to the buyers that he does not represent them, he represents the seller