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Beat the Rising Interest Rates!

by Jon Smith, CRB, CRS, GRI

Mortgage Rates have risen to the highest level since 2014, with a likely hood to keep increasing through out the year. What does this mean for you? Acting sooner than later will make sure that you are locking in a lower rate.

Rates have already passed 4% in the last months, property economists have predicated that mortgage rates may rise to as high as 5.5% by 2018. This small percentage difference may not seem like a lot, but over the life of a mortgage, this can mean tens of thousands of dollars to the buyer. 

Following the increase in mortgage rates, home prices are predicted to see an equal increase in 2017. This means that home buyers will see a double hit in the cost of owning a home in the next year. Combining higher mortgage rates with home values going up, it will become more difficult to buy that home you are looking for. So beat the increase, go find your future home! 

Your New Property Assessment

by Jon Smith, CRB, CRS, GRI

By now Iowa property owners have recieved thier new 2011 assessment in the mail. Property owners in Iowa have from April 16 through May 5 to appeal your assessment. Thursday, The Des Moines Register reported that the average property in Polk County had dropped in value by 3.1%. Jim Willett of the Polk County Assessor's Office says "We are required to revalue property every two years so the changes you see in your 2011 assessment is a result of what the market has done in your area during 2009 and 2010". The Polk County Assessors office shows that the sales trend for 2009 through 2010 has been approximatly 98% of the assessed value. If you disageree with your new assessment you may obtain an appeal form at your local Courthouse or at the following links.

Appeal Form

Iowa Association of Assessors Links

 

Resources: Des Moines Register, Polk County Assessor,  Iowa Property Owners Alliance

Iowa Property Taxes

by Jon Smith, CRB, CRS, GRI

The Iowa Department of Revenue issued its annual assessment limitations, or rollback, order today for property values. No adjustments were ordered for the commercial, industrial, railroad and utility property classes because their assessed values did not increase enough to qualify for reductions, the department said. The total assessed value of residential properties was calculated at $132.4 billion with a taxable value of $62.1 billion, or 46.9094 percent of the assessed value. By comparison, the 2008 residential rollback was 45.5893 percent of the assessed value. Agricultural property, which is assessed at its productivity value, had a 2009 assessed value of $38 billion; the taxable value is $25.2 billion, which is 66.2715 percent of the assessed value. State law permits no more than a 4 percent annual increase in taxable value for agricultural, residential, commercial and industrial properties. County auditors will apply the adjustments to each property class to compute the taxable values used for property taxes.

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Contact Information

Photo of Jon Smith, CRB, CRS, SRES, SFR Real Estate
Jon Smith, CRB, CRS, SRES, SFR
Iowa Realty
3521 Beaver Ave.
Des Moines IA 50310
515-240-2692
Fax: 515-453-6404
 

 

 

Licensed in the State of Iowa