Get Reassessed Follow Up

If you remember back in April we wrote an article about Getting Reassessed!!!. We talked about how prices of homes were dropping and doesn’t that mean we should be paying less on our taxes. The final answer? Yes!

Our very own, Ryan Mills, sent in his Application for Decline in Value Review and recently received a response from the County Assessor.

The assessor did in fact state that his property value decreased by about $75,000 and also mentioned what his current tax amount would be per year. Long story short, Ryan saved about $1,000 in taxes! It doesn’t seem like a lot compared to the loss in value, but for home-owners that aren’t planning on selling for a while, wouldn’t you like to have some extra cash?

More information can be found at the Ventura County Assessor Website.

Green Tip

Instead of running an air conditioner at a cost of 16 cents per hour or 43 cents per hour for central air, use a ceiling fan. If you use an air conditioner, select an ENERGY STAR variety, which will save 20 to 40 percent in energy consumption as compared with conventional air conditioners.

The Housing and Economic Recovery Act of 2008

Also known as H.R. 3221, the legislation will assist an estimated 400,000 homeowners facing foreclosure, many of whom reside in California, by allowing them to refinance their current mortgages with a Federal Housing Administration (FHA)-backed loan. The bill also will permanently increase FHA, Fannie Mae, and Freddie Mac loan limits in high-cost areas.

The bill permanently increases the conforming loan limit to $625,500. If you remember, in February, the Economic Stimulus Act of 2008 was signed, temporarily raising the conforming loan limit in high-cost areas to $729,750 from $417,000 until December 31, 2008.

A summary of key provisons of H.R. 3221 can be found here.