Archive for August, 2007
Hi, as you have likely read on my site, I am a licensed Real Estate Agent in Provo, Utah. I specialize in Investment real estate both for myself and for my clients. If you are located in Utah, particularly Utah county, chances are I can find you several properties worth investing in. I also offer out of state clients a variety of services including notification of deals found on the MLS, property management, and digital tours of properties (even For-Sale-By-Owners) for those unable to visit the property themselves.
If you have any questions about real estate in Utah, investing, or just need a good referal to someone competent please feel free to call me.
Many are finding themselves struggling under a Second Mortgage here in Utah, as well as across the nation. Few realize that they can very easily pay down that mortgage with a loan at a much lower interest rate, as little as 6%.
Even Utah Community Credit Union is offering a 6.75% rate on a ten year loan with many closing costs waved.
In an effort to increase recruitment, the United States Army is exploring a proposal that would allow new recruits to accrue up to $45,000 over the course of their enlistment, tax free, towards the down payment of a home. With Veteran benefits already offering generous loans to veterans, it is certainly easier to buy property as an enlisted man.
But is it worth it?
According to a local paper, the county assessors office decided to have a wild time with appraisals this year, giving many homeowners inflated appraisals claiming their homes appreciated over 60% this past year alone. My home’s appraisal, as I mentioned yesterday, came in $50,400 higher than last years. That’s more than 40% appreciation for one year’s time.
The county is further obscuring the true effect of this tax hike by raising taxes minimally. For example, my taxes are going up less than 20% on a 40% appreciation. This minimal rise amounts to roughly $150. For many Utah tax payers, this amount may seem more moderate, and possibly trivial, keeping them from protesting the incredible appreciation claims. What few residents realize however, is that EVERY single one of Utah County’s government branches is clamoring for more tax money. That means that if I allow the county to increase my appraised value 40%, I may well see my tax liability nearly double by next year.
The Daily Herald article goes on to state: The Provo School District is looking for a 6 percent increase — as much as $1.2 million — on the amount it gathered last year, to pay for rising energy costs, personnel and keeping up with inflation. It’s the first such increase in five years, said business administrator Kerry Smith.
“I can assure you it has nothing to do with the assessed values,” Smith said. “It’s not ‘Get while the getting’s good.‘ “.
So the government is claiming the money grab and clamoring for more taxes has nothing to do with the increase in property values and potential tax yield. Ya…right.
I just got a letter from Utah County stating that they’ve decided to raise my taxes quite a bit as a result of a claimed 43% appreciation in value over the past year. I knew Utah had gone up in Value, but I think I’m going to dispute a 43% increase in appraised value. In this County, one must first call to make an appointment, so I’ve got to do that today.