Property Taxes in Your State

Just as the housing boom has worn thin, property taxes are catching up with the one-third rise in the median value of all homes since 2000.

Property taxes — the principal source of revenue for cities, counties and school districts — are calculated by multiplying the nominal property-tax rate by the assessment ratio (the percentage of the value of the property that is taxed) by the value of the property. A USA Today analysis in 2006 said property taxes now consume a greater share of income (3.4%) than at any time since 1992.

Facing rebellious homeowners, at least 10 states cut property taxes in 2006, often counting on additional income and sales taxes to make up the difference.

The figures in this table, put together by the nonprofit Tax Foundation, are for property taxes paid by households on owner-occupied housing. As a result, they exclude property taxes paid by businesses, renters and others.

If you have any questions/concerns relating to the article you may contact us or leave us your comment below.

Credit Score Scheme Raises Fraud Worries

When your credit scores don't qualify you for the home mortgage you want, where do you turn?  That's an especially timely question now, as banks and mortgage companies tighten underwriting standards for applicants with less than perfect credit.

Federal and state authorities fear that some borrowers are turning to a fast-growing business on the Internet: Companies that claim to boost scores by transplanting the credit DNA of people with excellent payment histories into the files of people with subpar histories — ostensibly without breaking any law.

Read more about these credit score schemes here:

Then leave us your comment about the article. We would love to hear from you!

Selling Your House

When you put your house on the market, in order to attract the potential buyers, you spend days cleaning it; painting and even planting flowers in the garden.  What sellers tend to forget about is that houses for sale have to be de-personalized so that buyers can easily imagine themselves living there.

The process can be really painful, especially when sellers still live in the house when it is already on the market.

Houses are usually full of memories and filled with things that help us remember. Pictures of children on walls, drawings firmly attached to a fridge or any religious exhibitions need to be taken away or at least put in the place where they would be hard to see.  Shelves should be emptied of any travel souvenirs and any toys left by our children on the floor should be taken out of sight.

It can be really hard, especially for somebody who has raised his family there.  But a seller needs to understand that once he decides to sell his house, it is not really his home anymore.   We need to provide a lot of free space in our house for our potential buyer so he can easily visualize himself living in it surrounded by things dear to his heart.

Have you sold a home before?  If so, please leave your thoughts for other potential home sellers on "de-personalizing a home."

Home Buying Glossary

Are you in the market for new house or already in the process of buying a house? There are some expressions you should get acquainted with: 

Appreciation - An increase in the value of a property as a result of market change, renovation of a property, or other factors.

Comparative Market Analysis - It is a real estate analysis that assesses the current market value of a house by comparing it with other properties recently sold in the area.

Deed – (also referred to as a TITLE) A written document disclosing the ownership of the property, signed by current owners and including the legal description of a property.

Fair Housing Act – It is a law that prohibits any form of discrimination (on the basis of race, sex, religion, social status etc.) during the home buying process.

Homeowner's Insurance – Insurance that protects a property against damage from fire, storms and other hazards.

Zoning – The ability of a local government to decide about how land will be used in a particular area.  For example, a piece of land might be zoned for residential or commercial use.

If you want to get acquainted with more terms connected to the home buying process, we encourage you to keep coming back to our blog.

If there is any expression/vocabulary connected with the home buying process that you are unfamiliar with, contact us or leave us your question below.

What Makes Up Your Dream House?   

A marble manse stuffed with art?  A swinging pad where the stereo's always thumping and the hot tub's always bubbling?  A clean, well-lighted place … that also has a Viking range and a Sub-Zero fridge?  

Your answer says a lot about your values and attitudes — and may have a lot to do with when you were born.  That's according to the authors of a study of 1,000 home owners nationwide.  The market research company GfK Roper Reports asked Americans to prioritize the amenities they'd have in their dream home — not necessarily amenities they already have, or will have in their next home.  The different responses, from baby boomers through first-time generation-Y buyers, reflect how different features appeal to different ages and also how tastes have shifted over time.

Take a look at the different value sets among the generations…

Leave us your comments below.  Which generation fits you?