Neighbor's dandelions lowering property values?
butterflywings09
14 years ago
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WendyB 5A/MA
14 years agoiforgotitsonevermind
14 years agoRelated Discussions
Dandelion control killing conifers?
Comments (26)Here's a news story from AP. I don't know if this refers to the same weed-killer under discussion here: By Val Brickates Kennedy DD (MarketWatch) -- E.I. DuPont de Nemours & DD -3.72% is considering recalling and discontinuing the sale of its popular weed-killer Imprelis due to complaints that it can kill trees, according to the Environmental Protection Agency's website on Thursday. In a letter to DuPont dated Aug. 3, the agency acknowledged that DuPont was considering removing the product from the market. The letter also informed DuPont that the EPA was concerned that the company has claimed that certain toxicity studies for Imprelis should not be made public because they are "confidential business information." The EPA said it believes it is in the public interest that the information be released. In a second letter, also dated Aug. 3, the agency informed DuPont it also believes Imprelis' labeling is inadequate in advising of the product's potential risk to large plants such as trees...See Morebuying our neighbors house and joining the properties
Comments (18)1. What if we claimed it's for a bed and breakfast? >>> A B&B is a business and requires zoning approval, business permits, inspections, business insurance, and tax considerations on a federal, state, and local levels. The purchase of the home for use as a B&B is a purchase of investment property and also requires zoning approval, business permits, inspections, business insurance, and tax considerations on a federal and state levels. 2. Or would it be better to say it's for 100% personal use to treat it as a primary residence for better interest rates? >>> You can only have one primary residence. Claiming both homes as a primary residence would be FRAUD. Your homeowner's insurance company would also consider this FRAUD. Be aware too that insurance companies share information on homes insured including past claims and homeowners. This would give your insurance company grounds to claim fraud and not cover any claim on either home. 3. Maybe a mortgage broker would give us a break if we do 2 mortgages at the same time? >>> Doesn't hurt to ask. I would expect though that since one is for a principal resident and one is for a rental investment property with differing interest rates it will not be discounted. 4. A friend suggested we officially rent out our own house with a fake lease and move into the other house as our primary home, but that sounds too fishy to me, doesn't it? >>> You would be committing FRAUD against the bank, insurance company, and IRS. 5. We were otherwise thinking of constructing a guest house on our own property (lots are large - it's a rural area). >>> Check your local zoning laws to see if you can and what restrictions there may be. Many areas do not allow more than one home unit on a property regardless of the size of the property. We live rural on 10 acres and it is not allowed. 6. The property doesn't have to be joined officially, in case we in the future want to sell it again. >>> Once officially joined it is doubtful that they would separate the properties. Without the properties being officially joined you can not get a single loan to cover both. The bank will easily determine this when a title search is done. 7. We would use the house for a combination of extended family visits and short term vacation rentals for a few years (we are expecting our income to go up substantially in a few years, so we wouldn't have to rent it out later). >>> If the house is rented it is an investment property with rental income. It may be converted to personal property but when you sell the home you will have to claim recapture of the depreciation taken while a rental. 8. (From another poster) If you were just short term renting it out I don't see why that's fraud it financed with a home loan. All these folks that are renting out houses or vacation properties don't have busniess loans, they have home loans. >>> The may or may not have a home loan but once they rented it out it becomes a rental investment property and they claim it as a rental investment property to the IRS and insurance company. Saying it is a 2nd home and not a rental (and not claiming it as a rental investment property) is FRAUD. There are some very helpful folks here offering some good advice to help you find a mortgage product and keep you from getting into legal trouble. Buying a home (whether your principal residence or an rental investment property) will involve your mortgage lender, credit bureau, lawyer, title company, insurance company, and eventually the IRS since it gets copies of your mortgage interest. I suggest you talk to a mortgage lender to see what options they suggest and then talk to a tax adviser about owning a rental investment property. IF you would actually go talk to a tax adviser you might find out that it's to your ADVANTAGE to claim it as a rental property! Gosh, YOU SHOULD really go see the thread "Principal Residence" on the Household Finances Forum ... it sounds just like what your asking about!...See MoreChallenging a Property Tax Assessment
Comments (9)Your town/city/state would be more than happy to have you pay more taxes, if that is what you want! I agree with the other posters ... your logic is a bit flawed. Depending on your town/city and how they calculate RE values (and how often), you could have assesments that are close to market value or very different. My old town in Mass kept assesments pretty current and in "normal" markets they used to lag about $100K from market value. In todays market with short sales and foreclosures the numbers can be all over the place. CA is a crazy place with Prop 13. It sets the assesment value at the purchase price, with controlled increments. So you can have neighbors with similar houses worth $1 mill, but one might be paying $2k in taxes and the other $12K. A flawed system that they also applied to commercial real estate! One of the many reasons the state of CA has major money issues. Your future buyers, if they use a bank, will be required to have an apparaisal. The assesment won't matter ... what will matter is the current RE market at the time of the sale....See MoreCan we talk about real estate property taxes?
Comments (46)Timely subject. Our neighborhood just received our property tax assessments for 2016, payable in 2017. Our property taxes have gone up 45%. Our home values have not. We had a refi appraisal within the last year & our home value was less than the current property taxes, prior to this increase. A 45% increase & our taxes are already high. Illinois is number 50, of 50 states, in public pension debt. In the recent past, the federal government has given Illinois stimulus money for education. The majority of that money has NOT gone to schools & students - it has paid for pension debt. We're going to need another bailout from the states that have been fiscally responsible. Edit: We will be appealing - we do every year. The first time we used an attorney, whose fee was 50% of of the tax savings. Then we started doing it ourselves. We have the choice to appeal based on "uniformity" or "overvaluation." "Uniformity" involves collecting & submitting comps of other comparable homes. "Overvaluation" is submitting a home appraisal with a date of Jan 1, 2016 so we get tax credit for the entire year. We've had better results with the home appraisal, overvaluation method. Everyone in our neighborhood's home value has jumped up by between $200,000 - $400,000, according to the taxing authority. I'd have no problem with it if our home value had truly increased, but it hasn't....See Moreaegis1000
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