Archive for February, 2009
The 3 Types of Pinellas Home Values determined by the Pinellas Property Appraiser … Explained – Part 1 of 3
February 19th, 2009 categories: Property Taxes & Insurance
The Pinellas County Property Appraiser’s office uses many terms and calculations to determine the value of Pinellas homes. These values are then used to calculate the 
property taxes owed (which will be the subject of an upcoming post here on The Pinellas Peach).
There are THREE values used to determine ad valorem taxes:
- Market (or Just) Value: The market value is also known as the “Just” value and is based on recent sales and market information. This value is established January 1st of each year. Two truly equal houses will have the same Just or Market value. Recent Palm Harbor foreclosures and short sales can be included as comparables to determine the value of your home.
- The Assessed Value: This is the value that is capped by the ‘Save Our Homes Cap‘ which prevents the assessor’s office from increasing the value of your home by more than 3% per year or the Consumer Price Index, whichever is lower. So, with homes that aren’t homesteaded, the Market/Just value and the Assessed Value will be equal.
- Taxable Value: The taxable value is simply the value after any exemptions are deducted, which most often include the $50,000 homestead exemption. There are other exemptions which we’ll cover in a future post.
It’s important to note that because of the Save Our Homes cap, it’s impossible to compare assessed values or taxes with your neighbors. Assuming you and your neighbor own identical Dunedin homes, and he purchased his home and filed for the homestead exemption 5 years ago, and you just purchased your Dunedin home a month ago, his assessed value and taxes could be lower than yours.
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Are You on the Edge of a Dunedin Short Sale?
February 9th, 2009 categories: Stop Tampa Bay Foreclosure
When you’re on the edge of being upside down on your Dunedin home, and you’re thinking of selling and your asking price allows you just barely enough wiggle room to pay for closing costs including Realtor commissions, what do you do?
Most homeowners opt for these two sure-to-fail options:
1) Attempt to sell a Dunedin FSBO (For Sale By Owner) to save on commissions entirely
2) Attempt to find a low cost “budget” agent who may cut their 6% commission to perhaps 5%.
In this Pinellas Real Estate market, more than ever, this is THE KISS OF DEATH!
It’s enough to make a caring, knowledgeable, professional Palm Harbor Realtor with the skills to get the job done want to cry.
Palm Harbor home sellers: You don’t want to hear this but you deserve the truth: Time is of the essence in this market. Sure, a low budget agent can slap a sign in the yard, put your house on the MLS at a discount fee, do ZERO marketing, and pray. Yet, offering a discount commission to buyers agents isn’t going to get you many showings (they have to survive, too, and they are going to show the 95% of listings that offer 3% or more commissions before showing yours which offers less).
Sure, you might sleep well for a few nights beleiving you saved $1500 or so on the sale of your $150,000 house, but chances are you sold your heart, soul, credit rating and your future to the lender.
If this is you, know that we are in the process of gathering testimonials from people that we’ve been talking to for the past couple of years. Testimonials of people like you who once opted for the no-budget or low-budget plan when they still had wiggle room, and, today, are seriously upside down. Now we’re successfully doing short sales for them – that could have been avoided! Some aren’t even talking to a Pinellas Real Estate professional and are facing foreclousre.
It’s heartbreaking and it’s still oftentimes avoidable! This is not the time to go it alone or with an inexperienced agent without a track record of results. THESE ARE SERIOUS TIMES. That is said with all of the love in the world to you and yours. Feel free to call us at (727)366-0324 or contact us here for a confidential assessment, and time willing, a clear path out.
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