Realtor Tips: Real Estate Tax Increase
Lots of questions are coming in about the recent real estate tax increase notice you’ve received in the mail. Ohio mandates that your property value get revaluated every 6 years and updated on the 3rd year in between. Tax values actually went down after the Great Recession and no one complained. But since then, home values have headed up and consequently tax values with them and people naturally grumble. For 2024 you’ll see a sharp increase since we’ve had a string of years of steady appreciation in Dayton Ohio real estate. 41 Ohio counties have experienced a 29% average property tax evaluation hike! But it’s not as bad as it sounds, that does not mean the amount you pay is going up 29%. Your property value may have gone up 29% but not the taxes you’ll pay as they are fractional. I know of a home that had a 45% tax value increase that translated into a 9% tax payment increase. Substantial, for sure but this helps put it in perspective. You can challenge your tax value if you think it’s overly inflated but don’t delay, you have to do it between Jan 1, 2024 and only have until March 1, 2024. The best evidence of value is a recent sale but if the home has not been sold an appraisal by a certified appraiser is beneficial. This may cost you around $500.00 but if it gets your taxes reduced by more than that then it is worth it. Feel free to reach out to your friendly neighborhood realtor with any questions surrounding this or other home ownership needs today!
Realtor Tips: Mortgage Assumption
All VA loans are assumable and most FHA loans are too. Most conventional loans are not. When you assume a loan you are taking over with the same terms as what the original seller had. So, if their rate is 3.5% with 15 years left on the loan you step right into that. Wow, that could be a big savings over what you could get with a new loan. There must be a negative side right? Let’s say they have the loan paid down to 150k and the sale price of the home is 250k. The seller may be willing to ‘give away’ their rate for you to assume but they won’t give away their equity. You would need to bring the difference, 100k in this example, to the closing table to assume this mortgage. That knocks a lot of would-be buyers out of the assumption game if there is a big difference in the price and outstanding loan balance. A big misconception is you must be a veteran to assume a VA loan. Not true. Anyone can assume a VA loan. As a seller allowing an assumption, you’ll want to make sure your VA eligibility is restored so that you can use it on the next home if necessary. As a local Dayton, OH Realtor with Wright Patterson Air Force Base in my backyard I see lots of VA loans. An assumption can add value for your next buyer if the rate and terms are better than what is currently available.
Dayton Ohio: Quick release ice cube tray invented here
Dayton, Ohio has been the home to many inventions over the years. I bet you didn’t know the quick release ice cube tray was invented right here! Prior to 1959 you had to wrestle frozen cubes out of the tray or at least run hot water over it to free them up. This frustrated Arthur Frei, a local Dayton inventor. He devised a lever that allows a single strong tug to break loose the frozen cool stuff. A simple design yet effective and it revolutionized the way people made ice. Arthur turned his frustration into innovation and provided yet another patent that came out of the Dayton area. As a local Realtor here, I enjoy sharing the rich history of Dayton with those considering it home.
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