Please President Obama-Stop Helping us!

I was a Realtor in the mid 1980’s when the values of homes in the Portland area dropped.  Interest rates topped out about 19% and then quickly began to go down.  In early 1990, everyone was excited because interest rates fell below 10%.  People were rushing into the housing market because interest rates were so low.  Housing prices also began to rise. You could get a loan for the first time above 90% of the purchase price.

Today, interest rates are around 5%. Some new construction banks are offering rates as low as 4%. Home values in the Portland metro area, however, are continuing to fall an average of 1/2% a month. . In some areas this number is higher.  How much lower does this need to go before the consumer will happily enter the housing market? 

Well, if I had to guess, I would say well into next year.  If we want a quicker recovery, then President Obama and Congress need to stop “helping” the economy. Cut taxes and give all new home buyers the $8000 tax credit and that would be sufficient to jumpstart the housing slump.

I told you the story about the real estate market in the mid1980’s because there was no stimulous package to bail out the falling housing market.  All by itself, and rather quickly, the market adjusted and then began to rise again.  We live in America-the land of opportunity.  With opportunity comes risk. We  don’t need to be treated like children who need mom and dad to get us out of trouble.  The market will adjust on its own.  Please let the market adjust without any more “help”

Property taxes for Multnomah, Washington and Clackamas Counties in Oregon are in.

October 29, 2008

“If you make any money, the government shoves you in the creek once a year with it in your pockets, and all that don’t get wet you can keep.”  —    Will Rogers     

Art credit: Harry Chen Thinks Aloud

 

On October 25^th 2008, the new property tax bills will be sent to homeowners.  If, in your opinion, the current property value is different from Real Market value, then you can appeal the property tax.  For the current tax year, your tax petition must be postmarked or delivered to the county that you live in by December 31, 2008.

 

If you own property, or are a person or business that holds an interest in real property that is subject to property tax, then you are legally allowed to appeal the property tax to the board of property tax appeals.  The real property tax petition can be obtained from the county you live in, and should be available on the day that the tax bills are sent out.  In some cases, you are allowed to have a personal representative with you at the hearing or sign the petition for you.  Please check the details for submitting a real property tax petition.

 

The appeal must include an explanation and evidence of why you think that the property value is incorrect.  Among the sources of acceptable evidence for property value are:

 

Documentation of a recent sale between unrelated buyer and seller (called an arm’s length sale)

 

A recent appraisal done by a licensed appraisal

 

Proof that the property was listed on the open market for a period of time at a price below the real market value on the tax roll

 

A comparative market analysis (CMA) of properties that are similar to the property being appealed in location, size, and quality.  This can be done by a licensed Realtor.

 

Cost of new construction by a professional contractor that took place close to January 1 of the assessment year.

 

Cost to repair your property (must include written estimates of repairs)

 

The board will be reviewing the appeals between February and April.

 

I would be happy to offer you my assistance with a comparative market analysis (CMA) on your home if you choose to appeal your own taxes.  Just give us a call.

                                                              

 

Sheryll Fong

Principal Broker

ReMax Equity Group

1975 NW 167^th #100

Beaverton OR 97006

503-939-2221

 

www.portlandhomesales.net