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property tax: DC Residents: Have you received your Property Tax Assessment? - 03/04/09 08:16 PM
Well if you haven't; you will very shortly.  Washington DC residents were sent last week their 2010 Proposed Property Tax Assessments. 
What you should know:
 
-You need to make sure it's correct.   A favorite saying: "I think Tax assessors sit in a windowless room and dream up numbers."  They're NOT always correct.
-Make sure your Home Deduction is listed.  If you live in DC and this property is your Principle residence; you should qualify for this.  The Homestead Tax      deduction was increased from $64,000 to $67,500.  This will lower your tax bill by hundreds of dollars.
-If it's not right … (2 comments)

property tax: Maryland - Homestead Tax Deduction - 01/03/08 01:04 PM
This year the State of Maryland is going to make all Maryland property owners re-apply for their Homestead Deduction. 
Property owners who use a residence as their Principle Residence will be receiving (starting Jan 1, 2008) their property tax assessments for 2008.  The envelope will contain the standard Tax Assessment Notice as well as 2 additional pages.
These pages are NOT JUNK - I am sure many folks will miss this and toss these pages in the trash.
One page is informs property owners that everyone must re-apply for the Homestead Tax Deduction and the the other page is the actual application.
Property Owners will have the ability to mail in the paper … (2 comments)

property tax: What is in my Monthly Mortgage Payment? - 12/02/07 11:07 PM
Well the First most important thing when you are obtaining a mortgage on a property is: WHAT DOES YOUR MORTGAGE PAYMENT include?
Knowing what type of mortgage you have is part of the answer to this question!
Most Mortgage payments include a couple of components. 
First and (sadly) foremost is the Interest on the loan.  Unless you have an Interest-Only Mortgage Loan; your payment will also include Principle.  (Principle is part of the actual sum of money you are actually borrowing / Interest is the cost of borrowing that money). 
Your first payments are mostly interest; every payment afterwards you pay more and more towards … (0 comments)

property tax: In Escrow vs. Escrow Account ... - 12/02/07 10:40 PM
With my recent posts about "Escrow Accounts" some folks have emailed me questions about what "Escrow" really means.
I want to clear up a few points....
What is "Escrow" or "Being in Escrow"  compared to an "Escrow Account" ??
In different parts of the country we have different words, language or terms for the same thing (or process).  It is like saying  'Toe-may-toe' or 'toe-ma-toe' ... 'pea-can pie' or 'peh-con pie'.  Well you get the idea...
So in terms of "Escrow" there are a few things I perhaps should have started with before I posted a blog read by people from all over the country.
There … (0 comments)

property tax: Escrow Anaylsis - 11/28/07 11:36 AM
If you do not what an Escrow Account is then read my Post : What is an Escrow Account?
What is an Escrow Analysis?  Your lender (or the company who services your escrow account), will run a report generally every 12 months.  The purpose is to compare the amount of money being put INTO the account through your monthly payments vs. the money being PAID OUT, for taxes and insurance.
How is this done?  The lender takes the current balance of your escrow account, and estimates the next 12 months worth of tax and insurance payments.  Their estimates also include a "projected" increase in costs; based on the … (1 comments)

property tax: Washington DC Property Tax Rate lower for 2008 - 11/19/07 10:44 PM
 
In 2008; Washington DC property owners will be paying lower property taxes.  This is the 2nd such cut in the past 2 years in the District of Columbia.
The Office of Tax and Revenue has said that because of the substantial market price increases of the past several years; many property owners have paid higher and higher taxes. 
The new property tax rate for residential property changed October 1 from $0.88/$100 to $0.85/$100.
It's not a HUGE savings; but every bit helps. 
A quick breakdown:
$350,000         Assessed Value
-$64,000         Homestead Deduction (for qualified owner/occupied residents)*
$286,000/100  Divide by 100
2860 * .85       Multiply by Tax rate
$2431             Yearly Tax (Split between the 2 … (1 comments)

 
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James Downing - REALTOR®,GRI, ABR - DC Real Estate

Washington, DC

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Coldwell Banker Residential Brokerage

Address: 5028 Wisconsin Ave NW, Suite 100, Washington, DC, 20016

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