Michael Lee

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Tallahassee Realtor Tips-Rates are improving!

10-07-09

Don't you love it when there is good news? Look at what the Mortgage Banker's Association reported today:

Mortgage applications increased last week as mortgage rates declined for the third straight week.

The Mortgage Bankers Association weekly index rose 16.4 percent on a seasonally adjusted basis compared to the previous week. And was up 38.4 percent compared to the same week last year.

The unadjusted purchase index increased 12.9 percent compared to the previous week and was 2.2 percent lower than it was a year ago.

The refinance index increased 18.2 percent and was at its highest level since mid-May.

Thirty- and 15-year mortgage rates were well below 5 percent:

30-year fixed-rate mortgages decreased to 4.89 percent from 4.94 percent.
15-year fixed-rate mortgages decreased to 4.32 percent from 4.34 percent.
1-year ARMs increased to 6.56 percent from 6.40 percent.
Source: Mortgage Bankers Association (10/07/2009)

Buyer's need to get into gear before the $8,000 tax credit expires, take advantage of these amazing rates and buy their new home!

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Michael Lee

Tallahassee Realtor

Homes in Tallahassee

Piney Z Specialist

COMING SOON! CORTONA HILLS

Tallahassee Board of Realtors supports Habitat for Humanity

10-05-09

The Tallahassee Board of Realtors, as part of our ongoing mission to not only being the premier professional real estate organization in the state, but to making important contributions to the greater Tallahassee area community is once again building a Habitat for Humanity home. As part of that effort we are raising funds by sponsoring a concert by local country recording artist Jason Byrd.

Come on out for a fun evening and help us help Tallahassee! Information on the concert is as follows:

	Habitat Concert: Jason Byrd
	Habitat Concert: Jason Byrd To Benefit the Habitat for Humanity REALTORS Build Friday, November 6 at The Moon Doors open at 7 p.m. Show starts at 7:45 p.m. Reserved Seating: $30 General Admission: $15 Student Tickets: $10 Tickets: The Moon, 1105 Lafayette Street, 850-222-6666, www.moonevents.com VIP Tickets: $300. Limited stage seats, only 18 tables that seat 6. Front row, hors d'oeuvres in the VIP room, picture with Jason Byrd, each table receives 1 complimentary CD. Contact Christy O'Connell at 224-7713 for more information. Jason's new CD will be on sale for $15 (for each CD sold, he'll donate $5 to Habitat). If you're unable to attend and would still like to donate, please send contributions to: Habitat for Humanity c/o Tallahassee Board of REALTORS 1029 Thomasville Rd., Tallahassee, FL 32303 All net proceeds will go to Habitat for Humanity

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Michael Lee

Tallahassee Realtor

Homes in Tallahassee

Piney Z Specialist

COMING SOON! CORTONA HILLS

Tallahassee Realtor Tips-Avoid the coming draft!

10-05-09

Any fall home maintenance plan should include checking for leaky doors and windows. On of the simplest ways to do this is to hold a burning candle or lighter around the window or door frames to see if the flame moves. A flickering flame indicates a draft, which equals energy loss.

Usually, applying some caulk will do the trick or you can use one of the may sealing kits available at your favorite home improvement store. Some of these are applied to the outside of a window. Some are heat shrunk with a hair dryer to create the seal.

Doors that are going to be used can not be caulked, obviously, and require different treatment. Installing a new door sweep or one of the popular AS SEEN ON TV door guards might do the trick. Many use a towel or bean bag animal pressed against the bottom of a door to stave off the draft.

If your draft is a large enough problem, it may be time to consider energy star windows. Rebates often are available with these products. The energy savings over the life of a window can be dramatic. To be certain you are buying an Energy Star window or door:

All ENERGY STAR window, door, and skylight manufacturer partners offer products that meet the ENERGY STAR criteria. The key is to specifically ask for this type of window or door.

Windows, doors, and skylights should display an official ENERGY STAR label or equivalent custom label. There are a variety of custom labels, but all should include the same elements as the official label:

The ENERGY STAR Certification Mark
A map showing where the product is qualified
A qualification statement

Various tax credits apply when improving your home in this way. Everyone is coming to understand the importance of energy savings. Without question, investing in energy saving windows and doors improves the value of your home.

Regardless of whether or not you need new windows. Take time this fall to avoid the draft, check your windows and doors. Sealing or replacing them will save you time and money this fall and make your home more comfortable.

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Michael Lee

Tallahassee Realtor

Homes in Tallahassee

Piney Z Specialist

COMING SOON! CORTONA HILLS

Tips from a Tallahassee Realtor-Don't forget to obtain your homestead exemption!

10-02-09

Homestead exemption.

It is one of the things mentioned at every closing table here in Tallahassee and probably at nearly every closing table in the country. It is also one of those things that people forget to take care of causing them to pay higher taxes than necessary year in and year out.

Most, if not all counties, like Leon County here in north Florida, which includes Tallahassee, provide some tax relief to all residential properties that are occupied by the owner or homesteaded. The homestead concept is on of the oldest concepts in privately owned real estate.

Homeowners learn on MyFlorida.com what options there are:

The following is a general list of exemptions available in Florida.

When to File: Generally, initial application for property tax exemption must be made between January 1 and March 1 of the year for which the exemption is sought.

Exemption
Description

Homestead Exemption Up To $50,000

Every person who owns and resides on real property in Florida on January 1 and makes the property their permanent residence is eligible to receive a homestead exemption up to $50,000. The first $25,000 applies to all property taxes, including school district taxes. The additional exemption up to $25,000, applies to the assessed value between $50,000 and $75,000 and only to non-school taxes.

If one spouse holds the title, the other spouse may file for the exemption with the consent of the titleholder.

If filing for the first time, be prepared to answer these questions:

In whose name or names was the title to the dwelling recorded as of January 1?

What is the street address of the property?

How long have you been a legal resident of the State of Florida? (A Declaration of Domicile or Voter's Registration will be proof of date before January 1.)

Do you have a Florida license plate on your car and a Florida driver's license?

Were you living in the dwelling on January 1?

$500 Widow's and Widower's Exemption

Any widow or widower who is a Florida resident may claim this exemption. On remarriage, the widow or widower is ineligible for the exemption. A person who is divorced before the spouse's death is not considered a widow or widower.

$500 Disability Exemption

A Florida resident who is totally and permanently disabled may qualify for this exemption.

$5,000 Disability Exemption for Ex-Service Member

An ex-service member disabled at least 10% in war or by service-connected misfortune may be entitled to a $5,000 exemption on any property owned by the ex-service member.

$500 Exemption for Blind Persons

A Florida resident who is blind may qualify for this exemption. If claiming exemption based on blindness, the applicant must have a certificate of blindness issued by the Division of Blind Services of the Department of Education, the Federal Social Security Administration, or the Veteran's Administration.

Service Connected Total and Permanent Disability Exemption

An honorably discharged veteran with service-connected total and permanent disability may qualify for total exemption of homesteaded real estate used and owned as a homestead, less any portion used for commercial purposes. An existing exemption can be transferred to a new qualifying residence.

Under certain circumstances the benefit of this exemption can carry over to the surviving spouse.

If filing for the first time, bring proof of your service connected disability: such as, a letter from the United States Veterans' Administration.

Exemption for Totally and Permanently Disabled Persons

1.Real estate used and owned as a homestead by a quadriplegic, less any portion used for commercial purposes, is exempt from taxation.

2.Real estate used and owned as a homestead, less any portion used for commercial purposes, by a paraplegic, hemiplegic, or other totally and permanently disabled person, who must use a wheelchair for mobility or who is legally blind, is exempt from taxation.

A person seeking exemption under number 2 above must meet gross income limitations. Gross income includes veterans' and social security benefits. The gross income of all persons residing in the homestead for the prior year cannot exceed $14,500. However, beginning January 1, 1991, the $14,500 limitation will be adjusted annually. The adjustment will be based on the percentage change in the average cost-of-living index of the immediate year compared with the prior year.

If filing for the first time, a certificate of total and permanent disability from two (2) licensed doctors of this state or from the United States Department of Veteran Affairs is required. For the legally blind, one of the two certificates may be from a licensed optometrist of this state.

Additional Homestead Exemption for Persons 65 and Older

State law allows a city or county government to enact a local ordinance allowing an additional homestead exemption amount, up to $50,000, to any person who has legal or equitable title to real estate on which they make their permanent residence.

In order to apply for and receive this local option homestead exemption, the applicant's income may not exceed $24,289.00 as of January 1, 2008. The income limitation was established at $20,000 in 2001. The figure is adjusted annually, on January 1, according to percentage changes in the average cost-of-living index. The cost-of-living index is the national average of the monthly consumer-price-index figure for the period of January 1 through December 31. It compares the prior year with the year before it and is issued by the United States Department of Labor.

The income limitation for 2009 will be posted to the Department's website as soon as the new figures become available.

See the list of counties and municipalities that offer additional homestead exemption for persons 65 and older.

Homestead Property Tax Discount For Veterans Age 65 and Older With a Combat Related Disability

This amendment provides a property tax discount on homestead property owned by eligible veterans. To be eligible, a veteran must have an honorable discharge from military service, be at least 65 years old, be partially disabled with a permanent service connected disability, all or a portion of which must be combat-related, and must have been a Florida resident at the time of entering military service.

Homestead Tax Deferral

A person who is entitled to claim homestead tax exemption may elect to defer payment of part of the combined total taxes. The combined total includes property taxes and any non-ad valorem assessments that would be covered by a tax certificate sold by the tax collector. An annual application for tax deferral should be filed with the county tax collector onor before January 31, following the year in which the taxes and non-ad valorem assessments are assessed. Approval of an application for tax deferral will defer the portion of property tax that exceeds 5 percent of the applicant's household income for the prior year. If household income for the prior year is less than $10,000, all ad valorem taxes plus non-ad valorem assessments will be deferred.

A permanent resident of Florida 65 years old or older may defer that portion of the tax that exceeds 3 percent of the applicant's household income for the previous year. If any applicant's household income for the prior calendar year is less than $10,000, or is less than the amount of the household income designated for the additional homestead exemption pursuant to s. 196.075, F.S. and the applicant is 65 years of age or older, approval of the application shall defer the ad valorem taxes plus non-ad valorem assessments in their entirety.

For additional information as to the number of years, total amounts that may be deferred, and interest on deferred taxes, contact the local tax collector.

Installment Payment of Property Taxes

Taxpayers who want to prepay property taxes on the installment plan should file an application with the tax collector by May 1 of the year in which the taxes are assessed. After submission of an initial application, a taxpayer is not required to submit annual applications as long as he continues to elect to prepay taxes by installments. For additional information as to discounts and payment dates, contact the local county tax collector. Effective January 1, 1993, county tax collectors may accept an installment payment of property tax on the next business day following the due date, if the last day for payment falls on a Saturday, Sunday, or holiday.

Personal Property
For purposes of property taxation, personal property is divided into these categories:

Tangible Personal Property - All goods, chattels, and other articles of value capable of manual possession whose chief value is intrinsic to the article itself. "Inventory" and "Household Goods" are expressly excluded from this definition.

Household Goods - Apparel, furniture, appliances, and other items usually found in the home and used for the comfort of the owner and family. Household goods are exempt from property taxation.

Inventory - Items of inventory are exempt from property taxation. Inventory generally means goods, wares, and merchandise held by a business for sale.

Some items of personal property are not taxable, for example, licensed motor vehicles, boats, airplanes, trailers, trailer coaches, and certain mobile homes as defined by law.

Taxable items are assessed at just value based on an annual return that must be filed by April 1 with the county property appraiser. The year of purchase, original cost, and the taxpayer's estimate of just value is required on the return. The property appraiser has the duty to discover omissions and to place value upon personal property.

The amount of tax due is calculated by multiplying the value of the property by the tax rate set by the taxing authorities. The tax bill is mailed to the taxpayer, usually by November 1.

The payment must be made to the tax collector by April 1 of the following year. There are specific discounts allowed for early payment and penalties for delinquency, failure to file, and for unlisted property.

If you are looking for information on the $25,000 tangible personal property exemption, see the Frequently Asked Questions for Amendment 1 Implementation.

For more information about property taxes, contact your county property appraiser or tax collector.

Residents of Leon County can apply by going to the Leon County Property Appraiser's website at http://www.co.leon.fl.us/propappr/documents/Homestead%20Exemption%20Application%20Instructions.pdf for the application form and more information.

Don't pay more taxes than required. Be sure you file for the Homestead Exemption.

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Looking for a Tallahassee Realtor? Are you searching for a seasoned real estate professional that knows homes in Tallahassee and the real estate market and can get the results you desire? Are you in the market to buy or sell a home in the Tallahassee, Florida area? Let me put my knowledge and experience to work for you.

My goal is to help people find the best home for the best price with the most protection and least amount of stress possible. If this sounds like what you want, please allow me the opportunity to earn the right to serve your real estate needs. Call me, Michael Lee today at (850) 339-9346.

Michael Lee

Tallahassee Realtor

Homes in Tallahassee

Piney Z Specialist

Michael@frogrealty.net

www.tallahasseerealestatetoday.com

www.pineyzsales.com

www.MichaelDaleLee.com

www.tallahasseerealtor.net

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