Commercial real estate finance does not require an advanced degree from an Ivy League school, but it’s a very complex process. In any given situation, there are many opportunities and pitfalls.
Owners choosing to structure a loan themselves or work with a professional involves considering trade offs of time, money and, especially, risk. To get the best result, specialized insight is ESSENTIAL. Here is a look at the seven key steps required to put together a deal. (we will go into more detail concerning each step in future blog posts)
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As you may already know, Texas does not have a state property tax, the property tax rates are locally assessed. Property taxes are the major source of revenue and bring in most of the money to provide services offered by the local government. The Texas government offers special protections for the property owners in Texas and one such protection is the over 65 exemption. WHAT IS THE PROPERTY TAX EXEMPTION FOR OVER 65?Homeowners aged 65 years or older qualify for this exemption. All homeowners aged 65 years or older qualify for a standard $25,000 homestead exemption. Other than this, the Texas school districts offer a $10,000 exemption for qualifying homeowners aged over 65. An additional exemption of $3,000 is offered by many cities and counties as well. Get to know about the additional exemptions by contacting the appraisal district. WHEN DO I QUALIFY?You qualify for this exemption on the day you turn 65. To claim for this exemption all you have to do is submit proof of your age. This can be either a copy of your driving license or your birth certificate. In situations where the 65 or older homeowner dies, the surviving spouse continues to receive the exemption. However, the spouse has to be 55 years or older, must live in the house, own it, and apply for the exemption. In the case of a disabled person who is 65 or older, he/she can receive both the exemptions during the same year, but the taxing units must differ. APPLYING FOR THE ADDITIONAL $10,000 EXEMPTIONYou have up to one year’s time after you turn 65 to apply to your appraisal district. Once your application is approved by the appraisal district you will receive the exemption for the entire year you turned 65. Ever since 2005, if your DOB is mentioned on the original homestead application form or any other written document submitted to the appraisal district about your homestead, you will automatically receive this exemption without applying. But you must be entitled to a general homestead exemption. TYPES OF EXEMPTIONS There are different types of exemptions available to people who are aged 65 or older. These include:
BENEFITS OF QUALIFYING FOR AN OVER 65 PROPERTY TAX EXEMPTIONFor those who qualify for the over 65 exemption, there is something called the property tax ceiling. This automatically limits the school taxes to the amount you paid in the year you qualified for an over 65 property tax exemption. If your county, city, or junior college adopts the tax ceiling they might limit the taxes for an over 65 exemption. In situations where there are improvements made to the home, the tax ceiling increases. If there are no improvements made the school taxes might go down the tax ceiling but not above. Apart from this, if you purchase or shift to a different residence in Texas, you have the option to transfer the percentage of the school taxes you paid. This will be based on the previous home’s school tax ceiling and is termed Ceiling Transfer. For this, you will have to relocate only within the same taxing unit. If the new house is in a different district, a certificate from the appraisal district for the previous home is required and it has to be taken to the appraisal district where the new house is located. No one will enjoy paying a lot of property taxes. Having a little knowledge about the exemptions will help you save money every year. Read more on how Texas seniors can limit the impact of property taxes. Say, you opted to file a protest on your property taxes and you just had a hearing before the appraisal review board. If you do not agree with the decision made by the ARB, there are three options you have in hand to appeal. You can either appeal to the district court, opt for binding arbitration, or opt for a SOAH. Let’s take a detailed look at all three options. Starting with appealing to the district court.
HERE ARE THREE OPTIONS YOU CAN TRY IF YOU DO NOT AGREE WITH THE ARB’S DECISIONAPPEAL TO THE DISTRICT COURTEvery property owner has the right to appeal to the district court. In order to appeal, a lawsuit has to be filed with the district court first. This has to be done within 60 days of receiving the written notice about the decision made by the ARB. It is always a good idea to consult an attorney if you decide to take your appeal to the district court. BINDING ARBITRATIONNot all properties qualify for binding arbitration. To know if you should do a binding arbitration or not, you can refer to this blog that better explains “Should I Opt For A Binding Arbitration?”. If you wish to opt, fill in the request binding arbitration form.
If you still have questions about binding arbitration get them cleared here. Know more @ https://www.cutmytaxes.com/ Since Covid-19 began, real estate experts have seen major changes in business and execution of contracts. At present, some cities and states have paused transactions for real estate. Apart from that, market prices are being monitored as there is a difference in views as to how real estate pricing will fare during the pandemic. Some are expecting a downturn, while others feel that there will be minimal effects on how commercial real estate is priced down the line.
With that said, this is how Enriched Real Estate views the movement of real estate values in the era of the pandemic. How Real Estate Reacts to Major Financial FalloutsIn the Covid-19 era, how can we understand “value” to make wise investment decisions both now and in the future? Will those decisions be based on the “old paradigm” or the new, unknown post Covid-19 paradigm? Following are material factors to consider: Real estate experts around the world are attempting to understand the impact Covid-19 will have on all aspects of human activity “post-Covid-19”. Yet, how is this possible given its unprecedented nature in a highly advanced global economy? In the real estate market how can we understand “value” to make wise investment decisions both now and in the future? Will those decisions be based on the “old paradigm” or the new, unknown post Covid-19 paradigm? What will be the magnitude of the value loss? How long will recovery take? Just as importantly, how can investors be sure of “value sustainability” in real estate after seeing such a value decimation on Wall Street in two to three short weeks? Archstone, in a unique collaboration with the National Council of Commercial Real Estate Fiduciaries (NCREIF), Archstone Appraisal Group, Enriched Data, and Value Expose sought to answer these questions from a variety of viewpoints. Historical Perspective of Real Estate Values During Economic FalloutsThe unprecedented economic fallout from the COVID-19 pandemic prompted our team to study previous market corrections for guidance on how to value commercial real estate moving forward. After analyzing the Great Recession, post 9/11, Dot-Com Bust, Real Estate Crash of 1990, market corrections of the 1970s and 1980s and the Great Depression, we concluded that the Real Estate Crash of 1990 is the most analogous prior period because:
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