Home Appraisal Tips & AdviceCalifornia Home Values Are Falling: Can There Be an Upside?
September 30, 2008Home sale prices are down and most people have seen a loss of home value in their neighborhood. Can there be a hidden benefit?
Selling Your Home Successfully in Today's Market
September 8, 2008Yes, the home selling market has slowed in the past year; however, houses are still being purchased on a daily basis. What is the secret to successful home selling?
Home Renters Beware: The Foreclosure Crisis Affects You as Well
August 11, 2008Home foreclosures have created an overlooked victim: what happens when the home you rent goes into foreclosure?
What is my house worth?We show you how to get a free house values report sent to your email!
If you are thinking to refinance your mortgage, getting ready to sell your home or perhaps just want to know how much your home is worth and equity gained over the years, then please use our free online form to find out. Here is what you will get:
- A free estimate of your current market house value sent via email.
- Comparative market analysis of your house based off of the recent selling price of other similar houses sold in your neighborhood.
Today's Featured Home Appraisal Article
California Home Values and Property Taxes: Are the Laws What They Should Be?By Sheryl Landrum
Home Worth Columnist
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It has been thirty years since California voters passed Proposition 13, the landmark decision that determined that home property taxes would be based on the purchase price of a house and also capped how much property taxes could increase each year. Almost every year since that time, bills have been submitted before Congress to change it. Proposition 13 definitely has had its critics over the years and its supporters. What are the issues surrounding each?
Critics Say Lost Homeowner's Tax Dollars Hurt the State EconomyStates are generally the advocates to repeal tax laws such as Prop 13, asserting that needed tax dollars are lost and that schools and state-funded services suffer for it. Prior to the passage of Proposition 13 in 1978, property taxes were based on the current value of a home; if the house value increased, so did the amount of property tax the state could collect. When Prop 13 passed on June 7, 1978, property and home values returned to 1975 levels, resulting in a 45.2 percent reduction in tax receipts. California's tax repercussions were almost immediately evident. First, there was a cut back in free and state-funded programs; then new fees and charges were initiated to offset the rollback in tax receipts.
Does the Homeowner's Gain Offset the State's Tax Loss?Others say "baloney" to the state's claim that schools and state services are suffering due to Prop 13. In California between 1980-1981 and 2005-06, property tax revenue skyrocketed from $6.4 billion to $38.3 billion…an increase of more than 500 percent. Not only has the state not suffered from a loss of income, but numerous homeowners have been able to stay in their homes because of it.
Remember, Proposition 13 was designed to help those on fixed incomes stay in their homes and not lose them to increased valuation and the resultant increase in property taxes. If you are buying a California home this year, your property tax base will be approximately one percent of the purchase price. This will be your tax base until you sell your house.
For those looking at retirement, or trying to plan and budget for the future, knowing property taxes are set can make a difference between security in the future or insecurity about what lies ahead. Homeowners who bought houses in the past few years when home prices skyrocketed should contact their local assessor's office to see if they might be eligible for a reduction in the home's assessed value and therefore property taxes.
Propositions 13's Influence Monumental 30 Years Later and Lucky 13, The San Diego Union Tribune, Friday, June 6, 2008.
About the Author
Sheryl Landrum is a Senior Loan Officer with First Capital Mortgage of San Diego at the Prudential Realty Office in Bonsall, California.
Home Appraisal Library
- California Home Values Are Falling: Can There Be an Upside?
- Selling Your Home Successfully in Today's Market
- Home Renters Beware: The Foreclosure Crisis Affects You as Well
- The vicious circle of declining home values and rising foreclosures.
- Home Selling Success: What You Need to Know
- Do short sales help you avoid the stigma that comes with a bankruptcy?
- Your Home's Value and Property Taxes
- Dropping Home Values: How You May Benefit
- Free Home Value Calculator Tools Assist in Planning
- Home Values: Knowing Important Numbers
- Changes Ahead for Home Appraisal
- Home Improvement Projects: Considering Home Value and Equity
- Real Estate Professionals Assist in Determining Accurate Home Value
- Home Improvement Basics - Interview the Contractor
- Landscaping and Home Worth
- Remodeling and Your Home Value
- The Real Estate Roller Coaster and Home Value
- Home Worth: Key in Mortgage Lending
- Finding the Right Fit: Shopping for a Home Loan
- Understanding How Negative Amortization Impacts Your Home Equity
- Planning Home Improvement Projects Can Add to Home Worth
- Home Value and Financial Planning
- Home Worth and Your Mortgage
- Why it is Time to Review Your Home Insurance Policy
- Refinancing and Your Home Value Estimate
- Why Home Value Can Change
- Landscaping Can Add to Home Value
- Home Value Plays a Big Role in Refinancing
- Free Home Value Estimate: The First Step in Budget Management
- The Connection between Home Value and Mortgage Loans
- Understanding Changes in Your Home's Value
- Free Home Value Calculator Helpful in Planning Home Sale and Purchase
- How to Protect Your Home's Value from Foreclosure Damage
- What's My Home Worth?
- Free Home Values are Useful in Financial Planning
- Home Value Significant in Planning Home Improvement Projects
- Home Value Plays Role in Foreclosure Alternatives
- Your Home Value: Who Wants to Know?
- Factors That Contribute to Home Value
- Outdoor Kitchens Can Add Value and Convenience
- What's My House Worth?
- Mortgage Refinancing: The Danger Signs of Predatory Lending
- Free Home Value Estimates Assist in Planning Financial Goals
- Estimate Home Values with Online Calculators
- Home Value: Understanding the Difference between an Appraisal and an Inspection
- Home Values Fluctuate: Now May Not Be the Right Time to Sell
- How Much is Your House Really Worth?
- Online Tools Help You Understand Home Values
- The Rise and Fall in Home Values -- Worrying Gains You Nothing
- Correct Pricing is the Key to Quick Home Selling
- Automated Appraisal Services--are they an Accurate Portrayal of Your Home's Value?
Visit Our Featured Home Value ResourcesWhat is my home worth is something we all ask before selling or getting ready to refinance a mortgage. If you are here simply to find out the current house values of your property, then be sure to visit this page that will give you the current values in your neighborhood. If you're not ready to search for a comparative market analysis or look for house appraisals in person, you can receive a free home value report online by filling out our simple online form that will give you an estimate on the worth of your property.
We'll try to provide as much helpful info as we can before you decide to refinance your house, with so many choices it can be hard. Many home owners search online for information to refinance a mortgage but don't know where to start, or who to ask. We can also provide you with a way to refinance your mortgage online using our secure form that will help you get started.
If you want to increase the value for your property with home improvement that you can do yourself, we'll provide hints, tips and some suggested reading to help you increase house values before you sell. We have quite a few excellent books for sale on the subject, in addition to other resources to help you get started on home repairs or improvements.
Once your have sold your house you may be in the market to find homes for sale in your area. Well, what if you are a first time buyer and are looking for help? Or maybe you have bought a home before, but want to do it right this time. We'll do our best to set you on the right path with links and up to date information for the modern home buyer.
If you already know you want to sell, you're going to need to find a real estate agent to sell your home. Feel free to use our resources and find a qualified agent who is eager to sell your house at the highest possible price and shares the same values as yourself. We give you access to a large database of qualified real estate agents who want to help you sell.