Your Real Estate Newsletter and More!
Kim Klapac...Locals Know!
Direct: 719-510-1038
ERA Herman Group Real Estate
January 2013 Issue
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* The Mortgage Forgiveness Debt Relief Act of 2007 extended for now: Specifically, a tax break for struggling homeowners who faced foreclosure or received a loan modification expires in the new year, and the recovering housing market could get hit, short sales in particular. *Stan Humphries, Forbes
* Net Investment Income Tax. The Net Investment Income Tax applies at a rate of 3.8% to certain net investment income of individuals, estates and trusts that have income above the statutory threshold amounts. Individuals will owe the tax first tax year beginning on (or after) Jan. 1, 2013 if they have Net Investment Income and also have modified adjusted gross income over certain thresholds dependent on filing status. Please see NIIT FAQs for detailed information. *www.irs.gov* Home Values and Inventory Levels: In 2013 sellers can look to not having to sell at the bottom of the market. Mid to end of 2012 saw home values rise and this will continue in 2013. Driving buyers to close deals is the continued low interest rates and low inventory of available homes. The supply of homes for sale across the nation has fallen 43 percent, which has fueled bidding wars and helped to buoy home prices in competitive housing markets. But for the housing market to fully recover, inventory needs to expand again.*Meg Handley, USNews
* Mortgage Insurance Premium deduction remains for now in 2013. The government is considering capping deduction amounts, eliminating or converting the MIP deduction into a credit in order to reduce the current deficient. Views vary on this subject - Some view it as being counter productive to the housing recovery and could have devastating impacts, while others see it as a sole benefit for wealthy homeowners. |
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Be an informed Home Owner
...know your Property Taxes
How does the Assessor estimate value? The assessment date is January 1 of each year, for taxes payable the following year. For residential properties, the Assessor must estimate actual market value. This is based on size, amenities, location, etc., then compare to like-properties that have sold during a 24-month time span. Those sales nearest to the end of the 24-month period would be the most representative. How property taxes are calculated:
$100,000 (market value) x .0796 (current residential assessment rate)
= $7,960 (assessed value) then;
$7,960 (assessed value) x .054454 (hypothetical mill rate)= $433.45 (approx. taxes due)
How often is my home assessed?
In Colorado, Real Property is reassessed every-other year (odd-numbered years.) The following, intervening (even-numbered) year, value remains the same, UNLESS a change has been noted affecting the value or use of the property. In May of re-appraisal years, a Notice of Valuation (NOV) is mailed to ALL property owners. The purpose of the NOV is to notify you of any change in your property valuation.
Can I dispute the assessor valuation of my home? On the reverse side of your Notice of Valuation there is an Appeal form. Follow the instructions on the form and submit it to the Assessor. Your Appeal will be reviewed and a response will be mailed to you in the form of a Notice of Determination (NOD) by the last working day in June.
Residential property owners only also have the option of Appealing their valuation through our web site, beginning May 1 annually.
*www.elpasoco/valuationrealproperty.com |
January Featured Events
Christmas Tree Recycling. $5.00! Support your community- Recycle your Christmas Trees. Trees will be ground into mulch at all locations and given away free - bring your own tools. For locations and details: www.treecyclecos.org.
Martin Luther King Day. Martin Luther King, Jr. Day is a United States federal holiday marking the birthday of Rev. Dr. Martin Luther King, Jr. It is observed on the third Monday of January each year. King was the leader for nonviolent activism during the civil rights movement.
Pottery By the Pound. When: January 11th - January 28th; 10:00AM - 6:00PM. Where: Commonwheel Artists, Manitou Springs. Pots By The Pound. Also includes fabrics, jewelry, glass, and prints. For more information and times: www.commonwheel.com.
Snoopy Soars to the Moon.FREE! Exciting traveling exhibit from the Charles M. Schulz Museum. Explore the exhibit. Play in Snoopy's Dog House. Learn about Space Technology and its impact on our everyday lives.Where: Pioneers Museum. When: Through April 20th; 10:00AM-5:00PM. www.cspm.org/tothemoon.
18th Annual Great Fruit Cake Toss. FREE! When: Saturday, January 12th; 10:00AM - 2:00PM. Where: Manitou Springs High School Track. www.manitousprings.org. |
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