The Real Estate Professional

1. 

   ourearthhome
   July 4th, 2008 - 17:35

   Real estate prices are periodically bid up way beyond their real value by people looking to make money on resale. This is called real estate speculation and is completely destructive of the housing market although while it is happening everyone is happy to jump in. There is an 18-20 year boom and bust cycle. think back to the early 1990s. it will happen again around 20 27-2029 unless we call a halt to buying and selling real estate merely for profit and not exclusively for use.
2. 

   SpeedingStudent
   July 4th, 2008 - 17:53

   I’m here.

   Too many weirdos in Austin, though.
3. 

   youngviv
   July 4th, 2008 - 21:20

   Come to Bethlehem pa…real estate is doing great here!!!
4. 

   roger w
   July 4th, 2008 - 17:29

   Oregon is rather unique in that although property taxes are
   based on the county assessor's estimation of real market value there have been several property tax limitation initiatives passed that limit how much the counties can increase taxes each year.

   You are right that propery taxes are the main revenue for schools and public services but due to what is in my opinion, gross mismanagement and top heavy administration our schools are not worth what we're paying for them and Multnomah County (the county in which Portland is located)alone has several billion dollars in deferred street maintenance at present.

   The people of my state have taken a firm stand against a sales tax but can't stop whining about their property taxes and the state of the schools. No one is a part of the solution and everyone is a part of the problem.

   Riverfront property is very highly valued and so has higher taxes.

   On top[ of the tax base there may also, depending on the county, be amounts paid for levies for services and improvements so taxes will vary quite a bit from county to county with the urban properties carrying a lot of the load.

   Despit all of that, this is a lovely state with a nice climate, no hurricanes, tornados, and relatively stable property values due to our Urban Growth Boundary which helps maintain the values due to supply and demand.
5. 

   Gary
   July 4th, 2008 - 18:06

   There are filings each month at the courthouse. The sales are required to be filed at least 22 days ahead of time. What counties are you looking in?
6. 

   jandean61
   July 6th, 2008 - 01:02

   Thank God ! I LEFT FLORIDA IN 2007 !….MOVE TO AUSTIN,TEXAS ! MOVE TO AUSTIN,TEXAS!
7. 

   snazzydogwear
   July 5th, 2008 - 18:52

   Property taxes vary depending on school district and area, to give you an idea I have a property listed down the street from Sea World, the combine taxes for the year on this property are $2597.33 on a $116,000 home.
   below is a link to the San Antonio tax assessor and rates, and exemptions. and also a link to my youtube listing of the propery I am talking about to give you an idea of what type of home $116,000 can buy you.

   http://www.co.bexar.tx.us/links/taxoffice/Tax-About/TAX_-_Property/Tax_Rate/tax_rate.htm

   http://www.youtube.com/watch?v=OEikQnGQTfY

   Hope this helps!!!!!
   Realtor
   Keller Williams
8. 

   DrewDownsManagement
   July 6th, 2008 - 21:12

   Nice Vid. I enjoyed it. We market properties and other things on youtube, we hope to create a large network of people interested in making money. Your video gets a five star rating from us. I hope you feel the same about ours.
9. 

   miron900
   July 6th, 2008 - 15:18

   Depending on the circumstances, it is not always a good idea to add adult childrens' names onto real-estate property – here are the pro's and con's:

   Pro – Easy inter-family transfer, when parents pass on, the child does not need to wait for the property to pass through probate. (This issue can be avoided also by setting up a revocable living trust.)

   Pro – No need to file a "Gift Tax" tax return. Gift tax returns must be filed when a taxpayer makes a gift of $12,000 or more in one year ($24,000 or more when given by a married couple.) As another poster mentioned, that is simply a report, tax isn't triggered until the total gifts add up to $2 million.

   Con – And this is a big one: No stepped up basis! Generally, people pay Capital Gains tax when they sell their homes. There's an exemption of $250,000 per taxpayer. So, if someone buys a home for $100,000 and sells it for $400,000 – the difference is $300,000. They get to exempt $250,000 and pay capital gains tax on $50,000.

   Now, if your parents die and you inherit the property, you get a new basis of the value of the home at the time your parents die. So, lets say mom buys a house in 1970 for $50,000. She dies in 2010 when the house is worth $450,000. I sell the house in 2015 for $600,000.

   If my mother put my name on the house – I inherit her basis – meaning I have a gain of $600,000 – $50,000 = $550,000 gain! EEK! After my $250k exemption, I pay tax on $300,000!

   However, if I inherit the house, my gain is only $600,000 – $450,000 = $150,000 gain. All is exempted under my $250,000 exemption and I pay no tax!

   So, as you can see.. if you are expecting a gain of more than $250,000 on the house when you sell it, its better to inherit than to transfer it within the family.
10. 

    anonymous4849
    July 7th, 2008 - 00:07

    Looks like its time to buy a home for CHEAP!
11. 

    Michaelwiseguy
    July 7th, 2008 - 03:38

    I don’t think those town houses are such a great deal. If You look on Zillow at for sale listings, you can find new homes for under 100K, No HOA fees and larger lots.
12. 

    kobie8819591
    July 7th, 2008 - 06:07

    and you grt killed on the taxes
13. 

    InternetIncomeMentor
    July 7th, 2008 - 06:50

    forget real estate for builing your wealth – I spent 8 years of 60 hour weeks… visit
    mib income . com and see why i got out!
14. 

    Sport A
    July 7th, 2008 - 07:30

    The real estate tax box is for the property taxes on your home.

    The property tax box is for personal property taxes assessed by some states.

    I live in MO and we have to pay personal property taxes on all vehicles, trailers, and livestock and farm equipment. I put the personal property tax amount for my cars in the property tax box.
15. 

    qtrinh
    July 7th, 2008 - 14:43

    Try AK47 buddy…the hatians all have those
16. 

    Colleen E Y
    July 7th, 2008 - 10:21

    Find the site that is hosted by your county. This information should be free. In my county, you go to the treasurers website and type in the property address. If your county doesn't have a website you'll have to call.
17. 

    Shelly D
    July 7th, 2008 - 12:28

    Hi!

    Real estate taxes are just what they say. It is a tax that you pay on land and buildings. That is what is considered real property.

    Personal property tax is what you pay on things that are not real property. The most common is a personal property tax on cars. Also mobile homes, boats, toy haulers, etc.

    Hope this helps.

    Virginia Cunning, Enrolled Agent, Master Tax Advisor
    H & R Block

    **This advice was prepared based on our understanding of the tax law in effect at the time it was written as it applies to the facts that you provided.

    Click on my profile to read more.
18. 

    lksbrown
    July 7th, 2008 - 15:07

    Well, that took a little work to get the correct figure. This is the best I could verify for Danville, VA

    For 2005 the rate was 1.83% of the assessed value for residential property.
    1.92% of the assessed value of non-residential property.

    It is unlikely that the total % charged on the assessed value has changed more than a fraction of a percent from one year to the next.

    Hope that gives you what you wanted.
    Happy New Year.
19. 

    Julie
    July 7th, 2008 - 19:39

    Approximately 140,000 * .3 * 1.5 * 5/100
20. 

    ycl
    July 7th, 2008 - 19:43

    Start with the Saipan Chamber of Commerce:

    http://www.saipanchamber.com/doingbusiness.asp

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