Darla Zimmerman-Pilant

Should You Appeal Your Spokane County Tax Assessed Home Value?

In many of our recent home sales, we find that the current tax-assessed value is significantly higher than the current fair market value. (What a surprise!) With declining market values, it is not uncommon for assessed values to be $40,000 or more higher than today's actual market value.

If you believe this is true in your case, you may want to file a request with the Board of Equalization to have your property value reviewed. If your appeal is approved you will most likely save several hundred dollars on your annual tax bill. The process can take a little time but is not difficult.

You'll need to make your case by providing recent comparable sales data in your neighborhood. This is something that we can provide for you at any time. If you have purchased your home recently, you may also use the appraisal that was ordered by your lender at the time of purchase to support your case.

Tax exemptions are also available for seniors or disabled homeowners. Your local Board of Equalization is the place to start, and here are some helpful links for Spokane County:

Spokane County Board of Equalization

BOE Forms to Request a Valuation Review

How taxes are calculated in Spokane County

Appealing your Property Assessment in Washington State

If you have questions, or if you are just curious about the current value of your home, give us a call!

Darla and LeRoy Pilant are real estate brokers in Spokane, WA. Connect with them at TheRealEstateAces.com or SpokaneHomesforHeroes.com

Does the Obama Health Care Plan include a Real Estate Sales Tax?

There have been quite a few stories, emails and social media posts in circulation on this topic. Although everyone is entitled to their opinion about the Obama heath care plan, the story being promoted about a new real estate sales tax is misleading and inaccurate.

Here's an excerpt from a recent email that is circulating:

Did you know that if you sell your house after 2012 you will pay a 3.8% sales tax on it? When did this happen? It's in the health care bill. Just thought you should know. So, this is "change you can believe in"? Under the new health care bill - did you know that all real estate transactions will be subject to a 3.8% Sales Tax? The bulk of these new taxes don't kick in until 2013. If you sell your $400,000 home, there will be a $15,200 tax. This bill is set to screw the retiring generation who often downsize their homes.

Here's the truth. One of the provisions of the new health care legislation calls for high-income households to be subject to a new 3.8% Medicare tax on investment income starting in 2013. This has been frequently misreported as amounting to a 3.8% "sales tax" on all real estate transactions.

So who exactly would be subject to paying this tax? If you sell your home for a profit above the capital gains threshold of $250,000 per individual or $500,000 per couple then you would be required to pay the 3.8% tax on any gain realized above and beyond this threshold.

This is not a new tax on every home sale, and very few home sellers will be impacted by it. The tax is targeted at "high earners". You are allowed a net profit $250,000 as an individual or $500,000 as a couple when you sell your primary residence. The tax would only apply to any profit realized beyond those amounts.

Darla and LeRoy Pilant are real estate brokers in Spokane, WA. Connect with them at TheRealEstateAces.com or SpokaneHomesforHeroes.com

Introducing "Homes For Heroes" in Spokane County!

We are very excited to announce that we have partnered with an excellent program called "Homes for Heroes". As the exclusive affiliates in Spokane County, we have agreed to provide a rebate of 25% of the gross commission to local "Heroes" who are buying or selling a home.

Workforce heroes include but are not limited to teachers, firefighters, public safety officers, health care workers, military personnel, and other everyday heroes who serve the public every day. If you aren't sure if you qualify, give us a call or visit the Homes for Heroes website.
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The total amount of savings will vary with each transaction, based on the final sales price of the home and the applicable commission rate. But as an example, on a $200,000 home sale the rebate to the Hero at closing could be $1,500!

When we heard about the Homes For Heroes program we knew we wanted to get involved. It allows us to offer a significant discount to people who serve and make a difference in our community. But more than that, it gives us the chance to give back and say "thank you" to Spokane-area teachers, firefighters, law enforcement, health care and military personnel. Too often these everyday heroes are not recognized for the contribution they make, so we are proud to be affiliated with this program. For us, real estate is all about relationships, and we look forward to building relationships in the community as much as helping people with their real estate needs.

If you or someone you know is thinking of buying or selling a home, let them know about the Homes for Heroes program and tell them to contact us!

Darla and LeRoy Pilant are Real Estate Brokers in the Spokane, WA Area
Visit their website at www.TheRealEstateAces.com

We were recently presented with the "Real Estate Online Marketing Award of Excellence" from REALTOR.com®. The Award of Excellence recognizes top agents who consistently provide great marketing services on behalf of their buyers and sellers. We received the excellence award at a recent real estate marketing and technology seminar that demonstrated cutting edge techniques for leveraging the internet and technology in real estate marketing.

We know our seller clients appreciate how we can help bring more attention to the unique selling attributes of their home and ultimately help attract more qualified buyers. Buyers are also appreciative of a well presented home that has a better description and more ways to learn about the property before arranging an appointment.

"There are always some real estate agents who distinguish themselves from other agents by doing a little more for their sellers. In particular; when the home they are selling is placed on a well trafficked site such as the 1st ranked REALTOR.com®,1 even simple efforts like having more photos displayed, crafting better descriptions or adding a virtual tour can make a home stand out from competing properties.

The extra steps agents like LeRoy and Darla are taking on behalf of their clients is the reason we thought it worthwhile to call out the effort we have seen these agents make online and to recognize them for providing these added value services"
- Max Pigman, National real estate speaker and REALTOR.com® Vice President

REALTOR.com® is just one of the many ways we are leveraging recent trends in home buyer online behavior for our clients. If you're thinking of selling your home and interested in finding out more about our extensive online marketing program, contact us today!

Last November, Congress extended a tax credit of up to $8,000 for first-time homebuyers and authorized a new credit of up to $6,500 for existing homeowners who purchase another home.

First-time buyers and existing homeowners have until April 30 to take advantage of the credit, offered as part of President Barack Obama's economic stimulus package. Members of the military serving outside the U.S. have an extra year (until April, 2011) to buy a home in the U.S. and qualify for the credit.

A "first-time homebuyer" is defined as anyone who has not owned a primary residence for the past three years.

To be eligible for the credit, you must have a purchase contract accepted by April 30, and the purchase must close by June 30. There's still time to get the credit, but call us ASAP! We can help you get financing approval and we are available to show homes seven days a week. It takes time to find the right home, and sometimes it can be several days between a written offer and final acceptance, so you don't want to wait until the last minute.

To claim the credit you have to file a paper return; e-filing is not acceptable. You need to attach Form 5405, and include a copy of the final settlement statement for the purchase.

More tax credit information is available on the IRS Web page: http://www.irs.gov/newsroom/article/0,,id=215827,00.html

Contact us today!