Thursday, March 20, 2014

What Is "Save Our Homes"? Amendment 10

Amendment 10 - "Save Our Homes"

What Is "Save Our Homes"?

Save Our Homes" (SOH) spearheaded by Mr. Wilkinson, approved by Florida voters in 1992, effective January 1, 1995. SOH places a limitation of 3% on annual assessment increases on homestead exempt property. For all property first granted homestead exemption in the prior year, that year’s assessed value will be the base value for the implementation of "Save Our Homes". Thereafter, the assessed value will not increase more than 3% or the percentage change in the Consumer Price Index, whichever is less. The property’s market value may differ from SOH assessed value. SOH assessed value will never be greater than market value.

What properties are affected?

Homestead exempt properties only.

How does a divorce or death of a spouse affect your SOH cap

The cap remains in effect upon the change of title due to divorce or death of a spouse as long as the remaining owner originally made application and continues to live on the property as their permanent residence.

Does a house with partial homestead qualify?

Yes, but only the portion applicable under the homestead guidelines.

Does SOH apply to homestead parcels with multi-buildings?

Yes, but only the portion applicable under the homestead guidelines.

Does SOH apply to homestead parcels with agricultural classification?

Yes. The residence and curtilage applicable to the homestead portion qualify.

What is curtilage?

The land and structures, on an agricultural classified property, immediately surrounding the homesteaded residence.

What happens when I sell my property and buy a new home?

When a homestead property sells, the SOH assessed value returns to market value in the year following the sale. That market value assessment then becomes the base value for SOH purposes for the new owner/homestead applicant.

What happens to the value of my homestead property when I make additions or improvements?

The additions or improvements are valued at market value in the year of construction, and that value is then added to your capped assessment. SOH then applies to these additions/improvements in subsequent years.

What happens if errors are made in arriving at any annual assessment due to a material mistake of fact concerning an essential characteristic of the property?

The assessment must be recalculated for every such year and corrected only for the current assessment. Florida Supreme Court case of Smith v. Welton, 729 So. 2d 371 (Fla. 1999).

Example of SOH scenario involving the assessment of a duplex with a Homestead:

Base Year: Correct Assessment

1) 1998 market value:

$50,000

(1st yr homestead assess)

-$25,000

homestead exemption

=$25,000

taxable value (correct)

2nd Year: SOH Incorrect as Exemption Was Applied To Entire Duplex Value

2) 1999 market value increases:

$80,000

(1st year of SOH cap)

$51,500

SOH Value (1998 Assess. +3%)

-$25,000

Homestead Exemption

=$26,500

taxable value (incorrect)

2nd Year: If SOH Was Correct Exemption Applied Only to 1/2 Duplex Value

3) 1999 duplex market value

$80,000

(1st year of SOH cap)

$65,750

SOH Value (1998 Assess. +3%)

-$25,000

Homestead Exemption

=$40,750

taxable value (correct)

In #3 the correct 1999 SOH value of $65750 is calculated as follows:

1998 value of 1/2 duplex = $50,000/2 = $25,000

1998 SOH capped 1/2 duplex value + $25,000 + 3% = $25,750 1999 capped value

1999 value uncapped 1/2 duplex = $80,000/2 + $40,000 = $67,500 assessed

Can my Taxes go up more than SOH capped percentage?

Yes, SOH is a limitation on the assessed value of the homestead property, not the taxes. Millage rates (determined by the various taxing authorities) may increase or decrease as those taxing authorities determine their budgets. In addition, on multi-dwelling/agricultural parcels only the homesteaded portion is subject to the SOH limitation.

What is the "recapture" rule?

Governor Chiles and Cabinet approved a Department of Revenue rule in 1995 directing property appraisers to raise the assessed value of a qualifying homestead property by the maximum of 3% or the percentage change in the Consumer Price Index (CPI), whichever is less, on all properties assessed at less than full market value whether or not that property’s value increased during the calendar year. 

For example, Property A’s market value increases by 10 % this year. As a homestead property, the property appraiser can only increase the value by 3% or CPI, which ever is less under SOH. 

In the next year, Property A’s market value did not change. Since its assessed value under SOH remains under market value, the property appraiser must increase the assessed value by 3% or CPI, which ever is less, to bring its value closer to full market value.

In 2004, the SOH Amendment protected over 165.1 billion dollars of homeowner’s value from taxation statewide. Just in Lee County, the 2005 protected value exceeded 8.5 billion dollars.

 

Source: Lee County Property Appraiser last updated on 03/20/2014

 

 

 

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Wednesday, March 5, 2014

Strongest growth in home prices since 2006

Wednesday's Daily Pulse

What you need to know about Florida today

| 3/5/2014

Strongest growth in home prices since 2006

Home prices in the U.S. increased in January by the strongest margin in seven years, according to CoreLogic. In January, national home prices, including distressed sales, increased 12 percent from the previous year, marking the 23rd consecutive month of yearly increases. More from World Property Channel and the Jacksonville Business Journal.

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Cape Coral Florida
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1136 N.E. Pine Island Rd. Ste.#14

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Saturday, February 22, 2014

Fannie Mae zahlt alles zurück

Hoher Gewinn der US-Immobilienbank

Fannie Mae zahlt alles zurück

Fannie Mae verbuchte 2013 einen Gewinn von 84 Milliarden Dollar.

Die mit Steuergeldern gerettete Immobilienbank Fannie Mae entwickelt sich für den US-Staat zu einer gewinnbringenden Investition. Das im Zuge der Hypotheken- und Finanzkrise verstaatlichte Unternehmen verbuchte im vergangenen Jahr einen Gewinn von 84 Milliarden Dollar - umgerechnet etwa 61,3 Milliarden Euro. Damit wurde der Vorjahresgewinn fast verfünffacht.

Ausschlaggebend für das gute Ergebnis waren den Angaben zufolge nicht nur der Aufwärtstrend auf dem US-Immobilienmarkt, sondern auch steuerliche Effekte aufgrund der vorangegangenen Verluste sowie die Einigung mit Großbanken auf Entschädigungen im Zusammenhang mit Betrugsvorwürfen bei Hypothekengeschäften. Für das laufende Jahr rechnet Fannie-Mae-Chef Timothy Mayopoulos erneut mit satten Gewinnen - allerdings werde das Ergebnis von 2013 nicht wieder erreicht.

Rettungsgelder komplett zurückgezahlt

Fannie Mae kündigte an, im kommenden Monat weitere 7,2 Milliarden Dollar in Form einer Dividende an den Staat zu überweisen. Damit hätte das Unternehmen nicht nur die gesamten 116 Milliarden Dollar an Rettungsgeldern zurückgezahlt, die es vom Staat im Jahr 2008 erhalten hatte. Zusammen mit den bisher überwiesenen 114 Milliarden Dollar wären damit mehr als 121 Milliarden Dollar von Fannie Mae an die US-Regierung geflossen. Damit hätte sich die Verstaatlichung vollends zu einer ertragreichen Investition entwickelt. Auch nach der vollständigen Rückzahlung bleibt der Konzern - genauso wie das ebenfalls mit Staatsgeldern gerettete Schwesterunternehmen Freddie Mac - unter Kontrolle des Staates.

Stand: 21.02.2014 17:41 Uhr

 

 

 

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1136 N.E. Pine Island Rd. Ste.#14

Cape Coral, FL 33909

 

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Friday, February 21, 2014

Housing affordability gap is growing

The American dream of home ownership has become drastically less affordable for many working families in Southwest Florida, new figures show.

A trio of reports released this week say the cost of real estate is drifting further out of reach for potential buyers earning median salaries — with general housing expenses rising well beyond stagnant worker wages.

With rents in the area also escalating, families in Sarasota and Manatee counties are now dedicating a greater portion of their earnings to basic housing than what is considered financially stable.

These new measures of the lack of affordability come as a stark turnaround from just three years ago, when home ownership during the Great Recession on a percentage of income basis was among the least expensive in state history.

Housing has recovered regionally faster than the general economy, spurred by strong demand from investors and affluent retirees. Together, those groups have sparked steep price hikes nationwide.

Economists warn the trend could eventually shut out an entire generation of young Americans and disrupt a cycle of move-up purchases that the housing industry depends on for growth.

Read more

 

 

 

http://www.heraldtribune.com/article/20140220/ARTICLE/140229970/2416/NEWS?p=1&tc=pg

 

 

 

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1136 N.E. Pine Island Rd. Ste.#14

Cape Coral, FL 33909

 

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Friday, February 14, 2014

Florida housing market gains momentum

·         Florida housing market gains momentum

·         Florida's housing market ended 2013 with higher home sales and higher median prices compared to the year before, according to Florida Realtors. However, going forward the Florida housing market faces obstacles that could impede a stronger recovery, such as limited inventories of homes for sale, overly-restrictive mortgage credit, increasing interest rates and flood insurance costs, the report states. More at WPC and the Orlando Business Journal.

 

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1136 N.E. Pine Island Rd. Ste.#14

Cape Coral, FL 33909

 

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Thursday, January 23, 2014

5 ways buying a house just changed

5 ways buying a house just changed

WASHINGTON – Jan. 22, 2014 – New mortgage regulations mandated by the Consumer Financial Protection Bureau went into effect this month. The rules are meant to hold lenders liable for bad loans and protect borrowers from loans they can’t afford.

Here are five ways the rules affect a home purchase:

1. New servicing standards:
Existing homeowners will either get a monthly statement or a coupon book from their lender showing the current loan balance, payment amount and next due date. While some borrowers already receive monthly statements, all mortgage lenders are now required to provide them.

2. Underwriting criteria:
Lenders will require more documentation of ability to repay from new homebuyers applying for a loan. At a minimum, creditors generally must consider eight underwriting factors:

• current or reasonably expected income or assets
• current employment status
• the monthly payment on the covered transaction
• the monthly payment on any simultaneous loan
• the monthly payment for mortgage-related obligations
• current debt obligations, alimony, and child support
• the monthly debt-to-income ratio or residual income
• credit history

3. Debt ratio: The Consumer Financial Protection Bureau set a number for determining if a buyer can afford their mortgage payments. The number – the debt ratio, or what percentage of monthly income is used to pay debt – is 43 percent. Debt includes payments on student and auto loans, credit cards, alimony and child support.

A loan to a borrower with a higher than 43 percent debt ratio is considered high risk and might not get approved. Before, consideration of debt to income was at the discretion of the lender.

Lenders can still make loans that don’t meet the 43 percent debt ratio standard, but might not be able to sell these loans, which creates more risk for the lender.

4. Struggling borrowers:
Lenders now have certain obligations to meet with people having trouble paying their mortgages. For example, a foreclosure cannot be initiated before 120 days of default. During that time, lenders are to work with homeowners on loan modifications or refinances to keep them in their home.

5. Timeliness: Other rules require lenders to fix issues quickly and credit payments quickly. Mortgage servicers will now have to call or contact most borrowers by the time they are 36 days late on their mortgage.

One thing that hasn’t changed:
Past payment history is still a big deal, including your credit score, for obtaining a home loan.

Sources: Consumer Financial Protection Bureau; and Tim Mislanky, senior vice president and chief lending officer of Wright-Patt Credit Union Inc.

Copyright © 2014 the Dayton Daily News (Dayton, Ohio). Distributed by MCT Information Services.

 

 

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1136 N.E. Pine Island Rd. Ste.#14

Cape Coral, FL 33909

 

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Thursday, November 7, 2013

Cape Coral home listed at $290000 with pool and west exposure on freshwater canal

View our new Cape Coral home listed at $290000 with pool and west exposure

 

View Cape Coral Vacation Home for sale Listing

 

 

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There are still plenty of Florida Vacation Homes  in Cape Coral for great rates available compared to other cities in SW Florida.

 


Cape Coral Florida
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lic. real estate company

www.floridacapecoral.info

www.floridacapecoralrealestate.com

www.capecoralflorida.de

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Ph# for Juergen Hahn: 1-239-634-6677
Office: 1-239-298-9264
Fax: 1-800-976-6499

 

1136 N.E. Pine Island Rd. Ste.#14

Cape Coral, FL 33909

 

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