2-21-07 note to Visitors: I am TRYING this "new" and popular medium of sharing real estate information and ideas. I will add to this as time permits, so I encourage you to visit here often and also encourage you to e-mail me if there are any subjects you would like to see me address in the future. I hope you find these to be of interest and hopefully helpful as well!
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The TRIM Notice contains information on proposed taxes set by taxing authorities which affect you. The notice also lists the dates these authorities will hold public hearings to adopt tentative budgets and millage rates/taxes. You should consider attending these hearings as the size of a taxing authority's budget determines the millage rate (tax) necessary to fund it. Let your voice be heard!
The TRIM Notice also provides the market, assessed and taxable values of your property. Taxable value is assessed value less any exemptions such as homestead, widows, etc. If you think the value the Property Appraiser has set on your property is incorrect, or if you have questions about the exemptions on your notice, call or visit our office.
Following a discussion of your property's market value, if you are still not satisfied with the value placed on your property, you have the right to be heard before the Value Adjustment Board (VAB). To do this, all you need do is file a petition with the Clerk of Circuit Court who will set a date, time and place for your hearing. Petitions must be filed within a 25 day period which commences from the day TRIM notices are mailed. The filing deadline date is noted on the TRIM notice and on the petition. The VAB has voted to collect a non-refundable $15.00 filing fee for petitions to the board. Petitions and fees are to be filed at the office of Clerk of the Circuit Court.
The VAB's sole purpose is to hear evidence concerning whether properties are appraised higher or lower than market value and to hear appeals of the denial of exemptions. VAB members have no jurisdiction or control over taxes.
Following your appeal with the VAB, if you still remain unsatisfied with the value set on your property, you may file suit in civil court. Lawsuits must be filed within 60 days from the date the Property Appraiser certifies the rolls to the Tax Collector.
Sample TRIM Notice
TRIM Informational Supplement (pdf format)
Home
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FIRST TIME HOME BUYERS-please, do everyone (especially yourself!) a favor and
1) TALK TO (an honest and experienced) MORTGAGE BROKER / LOAN OFFICE FIRST. Probably this is NOT someone at your local bank. Ask around, I have 3 whom I have known personally for NUMEROUS years and done lots of business with and they are listed on my site (check "The Missing Links").
2) Ask for a "Good Faith Estimate" (in writing), from at least 2 of them, if not all 3 "up front"; BEFORE you pay them anything. This will tell you how much the loan will cost you, and how much "cash to close" you will need. There can be no expenses at closing which were NOT disclosed on this form. As you call them to ask for this, you will probably get an idea of which one you will feel the most comfortable working with, also.
3) Once you've decided on which person you feel the most comfortable with and the one that has the most competetive rates and terms (i.e. closing costs) you can THEN "apply" and get "pre-approved". Pre-qualifying is a waste of time and means nothing. Pre-APPROVAL will only happen AFTER your social security number has been provided and a (typically 3-bureau) Credit Report has been pulled and your Credit Score dertermined. Be sure that they tell you that you have a "credit underwritten" loan approval. They may need to verify income, employment, bank accounts, stock accounts and etc. to give YOU an approval. Ask them for a letter (on their company letterhead) confirming the fact that they have reviewed your credit, income and expenses, etc...and that you have been "pre-approved: for a loan. NOW you are ready for us to GET SERIOUS in our "Home Hunting" efforts.
You are now basically a "cash buyer". You are able to "close quickly" IF you (and/or the SELLER) want/need to. This frequently can transalate into LOTS of money saved by you...especially in today's maket with all of the HIGHLY MOTIVATED SELLERS who have had homes listed for sale for extended periods of time.
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