New Albany Ohio Real Estate

With the $8,000 tax credit for 1st time home buyers about to expire on November 30th, I was expecting to see a lot more  New Albany homes for sale and Columbus homes for sale going into contract.  When the tax credit was announced, the experts thought it would jump start the housing market.  From my vantage point, there has been little “trickle up” effect seen in New Albany Ohio real estate.

Usually when one home sells, the seller buys another home, and the seller of that home buys another home and it goes on up the line with buyers trading up or down to different homes.  What has actually happened is that a large number of the buyers who have taken advantage of the tax credit have purchased NEW homes which means there is no ripple effect following the sale of that home.  The builders have moved a lot of spec inventory but the resale market remains unchanged.

New Tax Credit Being Considered

A bill was introduced in the Senate to extend and EXPAND the home buyer incentives.  It’s targeted at the “move up market” which was what was missing from the current incentive.  The passage of this bill is what I think will finally launch a recovery of the entire housing market.
The proposal being would extend a $15,000 tax credit to anyone who purchases a home through the end of next year.  A recent Moody’s Economy.com analysis suggests that the $15,000 credit would result in the sale of an additional 675,000 nationally – New Albany, Ohio and the Greater Columbus area would surely see the number of homes sold as well and, hopefully, a gradual return of some of the home equity that was lost during the past several years.  Stay tuned or contact Kate & Tony for any updates on the bill.

Until next time,

Kate

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 Time is of the Essence.

We see that phrase a lot in real estate contracts.  It’s also very apropos when it comes to requesting a tax adjustment on your New Albany Home, from the Franklin County Auditor.  The deadline for filing is just around the corner; March 31, 2009.

Can I get my Real Estate taxes lowered? Yes, In three easy steps.

1.)   Do you have a case?

Well, if you believe that your home’s Market value on the tax rolls is substantially greater that the amount you could sell it for in today’s market, you have a good case to plead with the tax man.  Check out the auditors Property Search  page.  Enter you street number and address.  You will then be taken to the “Summary” page. 

 2) Prove Your Case.

“Wow, that crazy auditor has my home’s market value just slightly north of the Bellagio Hotel. If he’ll buy it for that, he can have it!”  So now you’re clear that his valuation is out of step with today’s market, you just gotta prove it. Okay, back on the Auditor’s Property Search summary page look to the left and click on map (GIS). Check out the homes around you and see if they are valued more reasonably and begin to build a file of  “Comparable properties”.  (Hint, look for ones that have sold recently.)

Next, got to our web site, and click on the “What’s My Home Worth Right Now” tab to get a real-time market analysis.

The other option is to hire a professional appraiser to do a market valuation appraisal on your property.  We have a number of appraisers whom we can recommend.

3. Go get ‘em tiger!

Okay, you’re almost ready.  Download the “Complaint Against Valuation of Real Property” form fill it out and follow the instructions for filing. 

Help is just a phone call (or email) away if you need it.

We’ve assisted many clients in this process and almost all have been successful in getting their taxes adjusted to reflect true market value.  If you have any questions regarding the process or comps, just give us a shout at 614-939-8944. 

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