Homestead no protection against tax increases this year
Florida homes have a market value (estimate of worth) and an assessed value (basis for property tax calculations). An owner’s assessed value, at first, should be market value minus $25,000, the homestead exemption and the local government applies its tax (millage) rate to that number. But Save Our Homes also impacts assessed value by capping it at a maximum 3 percent yearly increase. However, that cap is a yearly tool and applies anytime assessed value is below market value (minus $25,000). And for many of the state’s long-time homeowners, assessed value is significantly less than market value (minus $25,000). These owners will still see a tax increase this year, even if their market value of their home declines, as long as there is a gap between the just market value and assessed value of their home. In addition, SOH applies only to assessed values. If a local government opts to increase millage rates, property taxes for homesteaded homeowners would also go up. For more information, visit the Florida Department of Revenue Web site at
Thursday, August 23, 2007
Naples Florida Real Estate
What's Happening In Real Estate In Naples, Florida!
DID THE BUBBLE BURST?
Over the past few weeks, many friends, neighbors and customers have asked for my opinion of the curent real estate market in Naples and surrounding areas. The following is my perspective , backed by my analysis of multiple listing data and public records. While my comments will be forthright, please remember the conclusions are my opinion.
Just about two years ago, in the late spring of 2004, Naples area became an investor's paradise. It was as if someone ran an ad that Naples was on sale! As investors flocked to the area, inventory tightened, which led prices to rise to historical levels. These investors found that as their properties were ready to close, new buyers were ready to buy them.
It was just alittle over one year ago, in early summer of 2005, that the tides began to turn. The Feds became concerned about new loans being written at higher and higher levels for the same property. Guidelines for appraisals were tighened and without substantial cash, many could not qualify for loans.
The hurricanes also played a major role in the real estate business, although not having an impact on our area. Many visitors stayed away believing there was extensive damage.
Then we saw interest rates begin to rise.
All these factors took the spectacular out of the market. Investors unable to find buyers quickly, began lowering thier prices. Now prices are sliding back to last years levels and some lower. Giving us a buyers market. If you are considering buying, this is a great time. There are bargains at virtually every price point and in most neighborhoods. For long term investments, appreciation rates remain outstanding.
Naples is "ON SALE" again!!!!
Dominic Pallini
DID THE BUBBLE BURST?
Over the past few weeks, many friends, neighbors and customers have asked for my opinion of the curent real estate market in Naples and surrounding areas. The following is my perspective , backed by my analysis of multiple listing data and public records. While my comments will be forthright, please remember the conclusions are my opinion.
Just about two years ago, in the late spring of 2004, Naples area became an investor's paradise. It was as if someone ran an ad that Naples was on sale! As investors flocked to the area, inventory tightened, which led prices to rise to historical levels. These investors found that as their properties were ready to close, new buyers were ready to buy them.
It was just alittle over one year ago, in early summer of 2005, that the tides began to turn. The Feds became concerned about new loans being written at higher and higher levels for the same property. Guidelines for appraisals were tighened and without substantial cash, many could not qualify for loans.
The hurricanes also played a major role in the real estate business, although not having an impact on our area. Many visitors stayed away believing there was extensive damage.
Then we saw interest rates begin to rise.
All these factors took the spectacular out of the market. Investors unable to find buyers quickly, began lowering thier prices. Now prices are sliding back to last years levels and some lower. Giving us a buyers market. If you are considering buying, this is a great time. There are bargains at virtually every price point and in most neighborhoods. For long term investments, appreciation rates remain outstanding.
Naples is "ON SALE" again!!!!
Dominic Pallini
Tuesday, August 14, 2007
Naples Real Estate
RETIRE LATER, BUY THE HOUSE NOWWith prices in many areas at a low ebb, baby boomers should consider buyingtheir retirement home now, even if they're still years away from actuallymoving, allowing renters to pay the bills for now. Here's some advice for peopleconsidering this strategy:- Shop carefully. Buy a home that can be rented for a rate that, after taxconsiderations, covers the mortgage, real estate taxes and insurance.- Study housing trends. Ask the local or state planning department fordemographic and economic data. The information can reveal facts that willinfluence whether or not to buy. For example, big companies going out ofbusiness or military base closings can be bad news.- Don't forget maintenance. Property managers usually charge a percentage of themonthly rent. Family members may do the job for free but could be ill equippedto make repairs.- Consider financing. Boomers with sufficient equity in their current home cantap it to either buy their retirement home outright or secure a much lowermortgage rate compared to the loan rate usually charged to buyers of investmentproperty www.palliniSELLS.com
Tuesday, August 7, 2007
Naples Florida Real Estate
Has The Bubble BURST ? Prices have fallen 20 % in the last 18 months on property away from the coast but stabilization in the market is near. Properties that are fairly priced are selling 93% to 98% of asking price.Naples is a very unique area with weather that is only found in a few places in the US.The time to buy is NOW , we may never see a buyers market like this again. Visit my web site at www.pallinisells.com For all Naples Properties. Contact me for the latest list of Bank Owned Property
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