Get started on the road to going "green" with these five tips.
1. Change Your Light Bulbs
By replacing just five incandescent light bulbs with compact fluorescent (CFL) bulbs, you can save $100 per year on electric bills while using up to 75 percent less energy and removing greenhouse gases from the environment.
2. Buy ENERGY STAR® Appliances
ENERGY STAR-qualified appliances, such as refrigerators, washers and air conditioners, meet a higher level of energy efficiency set by the Environmental Protection Agency and U.S. Department of Energy than standard models. According to ENERGY STAR, if just one in 10 homes used ENERGY STAR-qualified appliances, the impact could be compared to planting 1.7 million new acres of trees. And, switching to these appliances is not only good for the environment, but easy on your pocketbook. Although these appliances may costs more, you can reduce your energy bill by $80 per year.
3. Seal Up
Cracks and air leaks represent cash seeping from your doors and windows. Get rid of air leaks in doors, windows and other areas by caulking gaps and cracks. This will help decrease your heating and air conditioning bill. But make sure you use silicone sealants. Acrylic caulk tends to shrink, while silicone sealants are waterproof and won’t shrink or crack, creating less waste.
4. Use Less Water
Did you know as much as 60% of your homes water consumption takes place in the bathroom. The largest culprit is the toilet, which accounts for 27% of your homes annual supply every year. By installing low-flow toilets, showerheads and faucets, you can save thousands of gallons of water each year. That slow dripping faucet can waste as much as 2400 gallons of water per year.
5. Adjust the Thermostat
When adjusting your home's thermostat, the rule of thumb should be: turn up the dial in the summer and down in the winter. Lowering the temperature by just one degree will reduce your home's energy costs. And if you have a programmable thermostat, you can program your air conditioning and heating systems to reduce output while you are away or at night while you are at sleep. Ceiling fans are also helpful to cirulate air to keep the room cool in the summer and warm in the winter.
By making a few small changes within your home, you can decrease energy consumption and help make the world a "greener" place.
Tuesday, December 22, 2009
Small Projects, Big Bang
Uncertainty and restraint are the order of the day in this economy, and that sense of caution is reflected in home owners’ return on their investment in remodeling projects, according to REALTORS® in 80 metropolitan markets surveyed by Remodeling magazine for this year’s Cost vs. Value Report.
The majority of the 10 remodeling projects with the best return on investment nationally are a testament to pragmatism. Six of the 10 projects—siding and window replacement using a variety of materials—involve home maintenance that costs less than $14,000.
Two more—adding an attic bedroom or a wood deck—reinforce the notion that boosting the amount of livable space in and around your home will attract buyers who are increasingly looking for more room for their buck. In past years, converting an attic into a bedroom was a project that landed squarely in the middle of the rankings, but this year it leapfrogged over other categories into third place. It’s an admittedly pricey project, with an average national cost of nearly $50,000, but it generates an average national return of 83.1 percent and a better-than-100 percent return on investment, according to REALTORS® in 14 of the 80 cities surveyed. Adding a wood deck is much more economical, with an average national cost of slightly more than $10,000. Its average national return is 80.6 percent, but in six cities, its return is estimated at 100 percent or greater.
The six siding and window home maintenance projects in the top 10, combined with the project with the biggest return on investment—a mid-range entry door replacement—prove something that every sales associate tells sellers throughout the country: First impressions count. A mid-range entry door replacement, a project new to the survey this year, is the only home remodeling project that REALTORS® expect to generate a full return for the money nationally. It’s the least expensive of the 33 projects included in the analysis, yet it brings a whopping average national return on investment of 128.9 percent. It generates a better-than-100 percent return in 48 of the 80 cities, according to REALTORS® surveyed, and in several cities, its return is estimated at more than double its cost.
Additional data prove the value of restraint. Upgrading kitchens and baths is still a smart bet. However, home owners will recoup the greatest share of their costs by foregoing super-deluxe projects in favor of mid-range kitchen and bath remodels. A mid-range kitchen remodel brings an average 72.1 percent return on investment, while an upscale kitchen re-do returns only an average of 63.2 percent of the money invested. A mid-range bathroom project has an average 71 percent cost recovery, but the average recovery on an upscale bathroom project is nearly 10 points lower, at 61.6 percent.
The majority of the 10 remodeling projects with the best return on investment nationally are a testament to pragmatism. Six of the 10 projects—siding and window replacement using a variety of materials—involve home maintenance that costs less than $14,000.
Two more—adding an attic bedroom or a wood deck—reinforce the notion that boosting the amount of livable space in and around your home will attract buyers who are increasingly looking for more room for their buck. In past years, converting an attic into a bedroom was a project that landed squarely in the middle of the rankings, but this year it leapfrogged over other categories into third place. It’s an admittedly pricey project, with an average national cost of nearly $50,000, but it generates an average national return of 83.1 percent and a better-than-100 percent return on investment, according to REALTORS® in 14 of the 80 cities surveyed. Adding a wood deck is much more economical, with an average national cost of slightly more than $10,000. Its average national return is 80.6 percent, but in six cities, its return is estimated at 100 percent or greater.
The six siding and window home maintenance projects in the top 10, combined with the project with the biggest return on investment—a mid-range entry door replacement—prove something that every sales associate tells sellers throughout the country: First impressions count. A mid-range entry door replacement, a project new to the survey this year, is the only home remodeling project that REALTORS® expect to generate a full return for the money nationally. It’s the least expensive of the 33 projects included in the analysis, yet it brings a whopping average national return on investment of 128.9 percent. It generates a better-than-100 percent return in 48 of the 80 cities, according to REALTORS® surveyed, and in several cities, its return is estimated at more than double its cost.
Additional data prove the value of restraint. Upgrading kitchens and baths is still a smart bet. However, home owners will recoup the greatest share of their costs by foregoing super-deluxe projects in favor of mid-range kitchen and bath remodels. A mid-range kitchen remodel brings an average 72.1 percent return on investment, while an upscale kitchen re-do returns only an average of 63.2 percent of the money invested. A mid-range bathroom project has an average 71 percent cost recovery, but the average recovery on an upscale bathroom project is nearly 10 points lower, at 61.6 percent.
Thursday, November 5, 2009
Congress expands homebuyer tax credit
WASHINGTON — Buying a home is about to get cheaper for a whole new crop of homebuyers — $6,500 cheaper.
First-time homebuyers have been getting tax credits of up to $8,000 since January as part of the economic stimulus package enacted earlier this year. But with the program scheduled to expire at the end of November, Congress voted to extend and expand the tax credit to include many buyers who already own homes.
Buyers who have owned their current homes at least five years would be eligible for tax credits of up to $6,500. First-time homebuyers — or anyone who hasn't owned a home in the last three years — would still get up to $8,000. To qualify, buyers in both groups have to sign a purchase agreement by April 30, 2010, and close by June 30
"This is probably the last extension," said Sen. Johnny Isakson, R-Ga., a former real estate executive who championed the credits.
The homebuyers tax credit is one of two tax breaks totaling more than $21 billion that the Senate included in a bill extending unemployment benefits for those without a job for more than a year. The other would let companies now losing money recoup taxes they paid on profits earned in the previous five years.
The credit is available for the purchase of principal homes costing $800,000 or less, meaning vacation homes are ineligible. The credit would be phased out for individuals with annual incomes above $125,000 and for joint filers with incomes above $225,000.
The credit would be extended an additional year, until June 30, 2011, for members of the military serving outside the United States for at least 90 days.
First-time homebuyers have been getting tax credits of up to $8,000 since January as part of the economic stimulus package enacted earlier this year. But with the program scheduled to expire at the end of November, Congress voted to extend and expand the tax credit to include many buyers who already own homes.
Buyers who have owned their current homes at least five years would be eligible for tax credits of up to $6,500. First-time homebuyers — or anyone who hasn't owned a home in the last three years — would still get up to $8,000. To qualify, buyers in both groups have to sign a purchase agreement by April 30, 2010, and close by June 30
"This is probably the last extension," said Sen. Johnny Isakson, R-Ga., a former real estate executive who championed the credits.
The homebuyers tax credit is one of two tax breaks totaling more than $21 billion that the Senate included in a bill extending unemployment benefits for those without a job for more than a year. The other would let companies now losing money recoup taxes they paid on profits earned in the previous five years.
The credit is available for the purchase of principal homes costing $800,000 or less, meaning vacation homes are ineligible. The credit would be phased out for individuals with annual incomes above $125,000 and for joint filers with incomes above $225,000.
The credit would be extended an additional year, until June 30, 2011, for members of the military serving outside the United States for at least 90 days.
Friday, October 30, 2009
Mortgages under 5% are back
The possibility of securing a mortgage rate at or below 5% has greatly improved in recent weeks, in a positive sign for would-be home buyers.Home mortgage rates fell for the sixth straight week, according to two key measures.
Mortgage tracker Bankrate.com said the average 30-year fixed loan slipped to 5.22% from 5.25% the previous week. The 15-year fixed rate also fell, Bankrate said, to 4.6% from 4.64% the week before.
The 30-year rate is influenced by the benchmark 10-year note's yield, which moves in the opposite direction of its price. Treasury prices have risen over the past week as $78 billion worth of auctions received above-average demand.
"Another disappointing employment report had investors questioning the strength and sustainability of the economic rebound," the Bankrate report said. "The resulting uncertainty drove investors into the safety of government and mortgage-backed bonds."
Rates are returning to levels not seen since the spring when, in an effort to cap mortgage rates, the Federal Reserve began a campaign to buy back $300 billion in Treasurys. The Fed hoped that it would spark demand and keep yields -- and therefore, mortgage rates -- in check.
Mortgage rates fell as refinancings abounded. But those benefits seemed to wear off, as rates started on a tear in the summer. By June, the benchmark 10-year bond's yield had increased steadily to hover around 4%.
Now the central bank has less than $15 billion left to spend on its buyback program, which led some investors to worry that yields would soar again. So far, that's not the case.On Wednesday, reports said Democratic congressional leaders were working to extend a $8,000 tax credit for first-time home buyers past the Nov. 30 expiration date and could even make it available to current homeowners who buy a new house.
Homeowners have received a boost from both the tax credit and the lower rates -- last year, the average 30-year fixed mortgage rate was 6.2%, according to Bankrate.
To translate the difference in mortgage rate into dollars, consider a $200,000 loan. At last year's rate of 6.2%, the monthly payment would be $1,224.94, or $124 higher than the monthly payment at the current rate.
Mortgage tracker Bankrate.com said the average 30-year fixed loan slipped to 5.22% from 5.25% the previous week. The 15-year fixed rate also fell, Bankrate said, to 4.6% from 4.64% the week before.
The 30-year rate is influenced by the benchmark 10-year note's yield, which moves in the opposite direction of its price. Treasury prices have risen over the past week as $78 billion worth of auctions received above-average demand.
"Another disappointing employment report had investors questioning the strength and sustainability of the economic rebound," the Bankrate report said. "The resulting uncertainty drove investors into the safety of government and mortgage-backed bonds."
Rates are returning to levels not seen since the spring when, in an effort to cap mortgage rates, the Federal Reserve began a campaign to buy back $300 billion in Treasurys. The Fed hoped that it would spark demand and keep yields -- and therefore, mortgage rates -- in check.
Mortgage rates fell as refinancings abounded. But those benefits seemed to wear off, as rates started on a tear in the summer. By June, the benchmark 10-year bond's yield had increased steadily to hover around 4%.
Now the central bank has less than $15 billion left to spend on its buyback program, which led some investors to worry that yields would soar again. So far, that's not the case.On Wednesday, reports said Democratic congressional leaders were working to extend a $8,000 tax credit for first-time home buyers past the Nov. 30 expiration date and could even make it available to current homeowners who buy a new house.
Homeowners have received a boost from both the tax credit and the lower rates -- last year, the average 30-year fixed mortgage rate was 6.2%, according to Bankrate.
To translate the difference in mortgage rate into dollars, consider a $200,000 loan. At last year's rate of 6.2%, the monthly payment would be $1,224.94, or $124 higher than the monthly payment at the current rate.
Proposal for extending first time home buyer tax credit!
First time buyer tax credit extended! A new Senate proposal will offer a first time home buyer tax credit extension to homes under contract by April 30, 2010. The former deadline was November 30, 2009. The home buyer tax credit will also be offered to people who have lived in the same home for five years, according to the proposal, which at time of writing hasn’t passed yet, but has bipartisan support.
First time homebuyers, the income level to qualify is $75,000/150,000 (couple).
For step up buyers the income level to qualify is $125,000/250,000 (couple).
For first time buyers the credit remains $8,000.
For step up buyers, they must have been residing in their primary residence for 5 years.
For Step up buyers the credit is 10% of the sales price, with a maximum of $6,500.
The credit runs from Dec. 1, 2009 to April 30, 2010.
For legitimate sales contracts as of April 30, 2010 you have 60 days to close.
There is a waiver for military.
An agreement reached yesterday by the Democrats would let homeowners who buy a new home qualify for a $6,500 credit if they have lived in their prior residence for five years, according to Regan Lachapelle, an aide to Senate Majority Leader Harry Reid.
“The compromise we have now would expand the credit beyond first-time homebuyers,” Lachapelle said. Lawmakers expect to consider the measure as part of a bill to extend unemployment benefits, she said. That measure has been held up by a disagreement with Republicans over other proposed amendments.
Lawmakers have said they want to keep home sales from slipping as the economy struggles to recover from the worst drop in home prices since the Great Depression. The plan would extend the homebuyers credit, due to expire Nov. 30, to home purchases under contract by April 30, 2010, with borrowers allowed another 60 days to close the sale, according to a person familiar with the details of the agreement.
The credit would be available to individuals earning up to $125,000, or $250,000 for couples, up from $75,000 for individuals and $150,000 for couples under the current law.
First time homebuyers, the income level to qualify is $75,000/150,000 (couple).
For step up buyers the income level to qualify is $125,000/250,000 (couple).
For first time buyers the credit remains $8,000.
For step up buyers, they must have been residing in their primary residence for 5 years.
For Step up buyers the credit is 10% of the sales price, with a maximum of $6,500.
The credit runs from Dec. 1, 2009 to April 30, 2010.
For legitimate sales contracts as of April 30, 2010 you have 60 days to close.
There is a waiver for military.
An agreement reached yesterday by the Democrats would let homeowners who buy a new home qualify for a $6,500 credit if they have lived in their prior residence for five years, according to Regan Lachapelle, an aide to Senate Majority Leader Harry Reid.
“The compromise we have now would expand the credit beyond first-time homebuyers,” Lachapelle said. Lawmakers expect to consider the measure as part of a bill to extend unemployment benefits, she said. That measure has been held up by a disagreement with Republicans over other proposed amendments.
Lawmakers have said they want to keep home sales from slipping as the economy struggles to recover from the worst drop in home prices since the Great Depression. The plan would extend the homebuyers credit, due to expire Nov. 30, to home purchases under contract by April 30, 2010, with borrowers allowed another 60 days to close the sale, according to a person familiar with the details of the agreement.
The credit would be available to individuals earning up to $125,000, or $250,000 for couples, up from $75,000 for individuals and $150,000 for couples under the current law.
Friday, October 23, 2009
Half of States Avoid Big Housing Drop
Parts of the U.S. with plenty of open space and moderate prices have mostly escaped the housing meltdown.
Over the past three years, home prices have risen in most of the metro areas of 23 states, according to analytics firm Fiserv. States mostly likely to escape the housing meltdown were in the South, the Plains states, and most of the non-coastal West.
The state that is the best example of this phenomenon is Texas, where home prices rose in all 26 metro areas over the last three years.
The 16 states hardest hit by the decline were in New England and the Northeast, plus California, Florida, Nevada, and Arizona.
The seven cities that are the best bets for a quick recovery are San Francisco, Seattle, Pittsburgh, Rochester, N.Y., Memphis, Tenn., Oakland, Calif., and Birmingham, Ala.
Source: CNNMoney.com, Les Christie (10/21/2009)
Over the past three years, home prices have risen in most of the metro areas of 23 states, according to analytics firm Fiserv. States mostly likely to escape the housing meltdown were in the South, the Plains states, and most of the non-coastal West.
The state that is the best example of this phenomenon is Texas, where home prices rose in all 26 metro areas over the last three years.
The 16 states hardest hit by the decline were in New England and the Northeast, plus California, Florida, Nevada, and Arizona.
The seven cities that are the best bets for a quick recovery are San Francisco, Seattle, Pittsburgh, Rochester, N.Y., Memphis, Tenn., Oakland, Calif., and Birmingham, Ala.
Source: CNNMoney.com, Les Christie (10/21/2009)
Tuesday, October 6, 2009
Important Issues for Texas Homeowners
By GABRIEL LOPEZ
On Nov. 3, 2009, the voters of Texas will once again have an opportunity to take a stand against the burdensome and uneven taxation of residential property. There are four amendments that will directly affect all property owners in the state, and the Texas Association of REALTORS® is imploring all homeowners to vote and be heard on these issues.
So what exactly are you voting for in this election cycle? If you’re like me, you have on more than one occasion glanced at a proposed amendment, scratched your head, and had a bewildered look on your face. The language is so full of legislative jargon, and without background information, it is difficult at times to figure out the intent.
I’m sure that anyone who has ever seen an episode of Star Trek has probably wondered, “How is it that aliens from all across the galaxy can speak and understand English?” The television show explained this phenomenon through the use of an accepted convention in science fiction called a “universal translator.” No matter what kind of gibberish was spoken, it would always come out as plain English. I have no doubt that anyone who has ever consulted with an attorney on a legal issue probably could’ve used something like this.
Yes, I am a lawyer. It is a much-maligned profession (and admittedly sometimes deserved). But in this case, I must rise to our defense. Believe it or not, there is a reason why the language of statutes and proposed amendments is so seemingly convoluted. Every word has to be carefully considered and painstakingly analyzed to make sure it meets constitutional requirements, is not overly ambiguous, and will not be misconstrued.
That being said, legalese is definitely not the best way to convey information to voters. So that is why I, your friendly neighborhood association legal counsel, will act as your universal translator for the upcoming election on the proposed constitutional amendments. I’m only going to translate those propositions on the Nov. 3 statewide ballot that directly affect homeowners. By the way, just to be clear, I urge you to join Texas REALTORS® in voting for all of these. Here we go …
Proposition 2
Legalese: The constitutional amendment authorizing the legislature to provide for the ad valorem taxation of a residence homestead solely on the basis of the property’s value as a residence homestead.
Translation: If you’re a homeowner in Texas, you are well aware of the astronomical increases in the appraised values throughout the state, especially if the property is not covered by zoning regulations. The central appraisers are using a practice called “highest and best use,” which is a method that allows a property to be valued on potential use rather than the current use. So if your residence homestead happens to be near a new commercial development, you could have a Spock-like, eyebrow-raising experience the next time you get your appraisal. Proposition 2 will fix this problem, mandating that a residence be appraised only as a residence, regardless of what the highest and best use of the property may be.
Proposition 3
Legalese: The constitutional amendment providing for uniform standards and procedures for the appraisal of property for ad valorem purposes.
Translation: There is currently a hodgepodge of rules and standards for appraisals throughout the 254 counties of Texas. Passing this amendment would allow the state to have direct enforcement and oversight over every appraisal district. This would ensure that there is uniformity of the appraisal processes across the state; and if there were inconsistent appraisal methods among the counties, the state would have the power to establish uniformity. If this amendment were to pass, property owners in counties throughout the state could be assured that they were being evaluated in a similar manner. This is important because state funding for public schools is based on the taxable property in each school district.
Proposition 5
Legalese: The constitutional amendment authorizing the legislature to establish a single board of equalization for two or more adjoining appraisal entities that elect to provide for consolidated equalizations.
Translation: The main responsibility of the board of equalization is to hear appeals of the appraised value to taxable property and to resolve disputes between taxpayers and the appraisal districts. Appraisal districts have had a difficult time appointing boards in rural counties. By allowing appraisal district to pool together their qualified applicants, it would enable those counties to ensure that the appraisal process is handled professionally and in a timely manner.
Proposition 11
Legalese: The constitutional amendment to prohibit the taking, damaging, or destroying of private property for public use unless the action is for the ownership, use, and enjoyment of the property by the state, a political subdivision of the state, the public at large, or entities granted the power of eminent domain under law or for the elimination of urban blight on a particular parcel of property, but not for certain economic development or enhancement of tax revenue purposes, and to limit the legislature’s authority to grant the power of eminent domain to an entity.
Translation: Surprisingly, this one is actually pretty self-explanatory. Both the U.S. and the Texas Constitution authorize the power of eminent domain. This power allows a governmental entity to take private property as long as it is for a “public use” and the owner is adequately compensated. This amendment would narrow the scope under which private property could be taken by eminent domain. It essentially would eliminate the taking of private property for either private economic development (e.g., a shopping mall) or to boost tax revenues. Lastly, as of Jan. 1, 2010, the power of eminent domain could be granted only by a two-thirds vote of the Texas Legislature.
Now that you’re armed with your very own universal translator, you can take the steps to live long and prosper. I’d start by voting for propositions 2, 3, 5, and 11 on the Nov. 3 ballot!
On Nov. 3, 2009, the voters of Texas will once again have an opportunity to take a stand against the burdensome and uneven taxation of residential property. There are four amendments that will directly affect all property owners in the state, and the Texas Association of REALTORS® is imploring all homeowners to vote and be heard on these issues.
So what exactly are you voting for in this election cycle? If you’re like me, you have on more than one occasion glanced at a proposed amendment, scratched your head, and had a bewildered look on your face. The language is so full of legislative jargon, and without background information, it is difficult at times to figure out the intent.
I’m sure that anyone who has ever seen an episode of Star Trek has probably wondered, “How is it that aliens from all across the galaxy can speak and understand English?” The television show explained this phenomenon through the use of an accepted convention in science fiction called a “universal translator.” No matter what kind of gibberish was spoken, it would always come out as plain English. I have no doubt that anyone who has ever consulted with an attorney on a legal issue probably could’ve used something like this.
Yes, I am a lawyer. It is a much-maligned profession (and admittedly sometimes deserved). But in this case, I must rise to our defense. Believe it or not, there is a reason why the language of statutes and proposed amendments is so seemingly convoluted. Every word has to be carefully considered and painstakingly analyzed to make sure it meets constitutional requirements, is not overly ambiguous, and will not be misconstrued.
That being said, legalese is definitely not the best way to convey information to voters. So that is why I, your friendly neighborhood association legal counsel, will act as your universal translator for the upcoming election on the proposed constitutional amendments. I’m only going to translate those propositions on the Nov. 3 statewide ballot that directly affect homeowners. By the way, just to be clear, I urge you to join Texas REALTORS® in voting for all of these. Here we go …
Proposition 2
Legalese: The constitutional amendment authorizing the legislature to provide for the ad valorem taxation of a residence homestead solely on the basis of the property’s value as a residence homestead.
Translation: If you’re a homeowner in Texas, you are well aware of the astronomical increases in the appraised values throughout the state, especially if the property is not covered by zoning regulations. The central appraisers are using a practice called “highest and best use,” which is a method that allows a property to be valued on potential use rather than the current use. So if your residence homestead happens to be near a new commercial development, you could have a Spock-like, eyebrow-raising experience the next time you get your appraisal. Proposition 2 will fix this problem, mandating that a residence be appraised only as a residence, regardless of what the highest and best use of the property may be.
Proposition 3
Legalese: The constitutional amendment providing for uniform standards and procedures for the appraisal of property for ad valorem purposes.
Translation: There is currently a hodgepodge of rules and standards for appraisals throughout the 254 counties of Texas. Passing this amendment would allow the state to have direct enforcement and oversight over every appraisal district. This would ensure that there is uniformity of the appraisal processes across the state; and if there were inconsistent appraisal methods among the counties, the state would have the power to establish uniformity. If this amendment were to pass, property owners in counties throughout the state could be assured that they were being evaluated in a similar manner. This is important because state funding for public schools is based on the taxable property in each school district.
Proposition 5
Legalese: The constitutional amendment authorizing the legislature to establish a single board of equalization for two or more adjoining appraisal entities that elect to provide for consolidated equalizations.
Translation: The main responsibility of the board of equalization is to hear appeals of the appraised value to taxable property and to resolve disputes between taxpayers and the appraisal districts. Appraisal districts have had a difficult time appointing boards in rural counties. By allowing appraisal district to pool together their qualified applicants, it would enable those counties to ensure that the appraisal process is handled professionally and in a timely manner.
Proposition 11
Legalese: The constitutional amendment to prohibit the taking, damaging, or destroying of private property for public use unless the action is for the ownership, use, and enjoyment of the property by the state, a political subdivision of the state, the public at large, or entities granted the power of eminent domain under law or for the elimination of urban blight on a particular parcel of property, but not for certain economic development or enhancement of tax revenue purposes, and to limit the legislature’s authority to grant the power of eminent domain to an entity.
Translation: Surprisingly, this one is actually pretty self-explanatory. Both the U.S. and the Texas Constitution authorize the power of eminent domain. This power allows a governmental entity to take private property as long as it is for a “public use” and the owner is adequately compensated. This amendment would narrow the scope under which private property could be taken by eminent domain. It essentially would eliminate the taking of private property for either private economic development (e.g., a shopping mall) or to boost tax revenues. Lastly, as of Jan. 1, 2010, the power of eminent domain could be granted only by a two-thirds vote of the Texas Legislature.
Now that you’re armed with your very own universal translator, you can take the steps to live long and prosper. I’d start by voting for propositions 2, 3, 5, and 11 on the Nov. 3 ballot!
No fun being number 1
Texas ranks 14th in the amount residents pay in property taxes. Our state is also first in how much we pay in property taxes. How can that be? It doesn’t seem possible, but both statements are true.
There are 13 states where the median property-tax bill is higher than the $2,232 figure in Texas. However, if you look at the median amount of property tax paid as a percentage of the home value, we unfortunately land at the top of the heap. All this according to the Tax Foundation, a nonpartisan educational organization that researches various tax topics.
Those who know a lot about state taxes will point out that Texas relies more on property taxes than many other states because we have no state income tax. Interesting, then, that the other six states without state income taxes don’t crack the top 10 in property tax paid as a percentage of home value.
How can that be? I wish I knew. I also wish I had the power to move us down that list a considerable bit.
You probably know about the option to protest your appraisal each year. That can be a successful way to keep your taxes in check, though the argument that your taxes just keep going up stands little chance of success.
Collectively, Texas REALTORS® have been working for years to make our state’s property-tax system more equitable and less burdensome to property owners. In fact, there are several proposed constitutional amendments that will help, if approved by voters November 3. Make sure you get to the polls this election. With your help, and with continued hard work by Texas REALTORS® and property owners, maybe one day we’ll find some other state atop that undesirable list.
By MARTY KRAMER, Consumer columnist
There are 13 states where the median property-tax bill is higher than the $2,232 figure in Texas. However, if you look at the median amount of property tax paid as a percentage of the home value, we unfortunately land at the top of the heap. All this according to the Tax Foundation, a nonpartisan educational organization that researches various tax topics.
Those who know a lot about state taxes will point out that Texas relies more on property taxes than many other states because we have no state income tax. Interesting, then, that the other six states without state income taxes don’t crack the top 10 in property tax paid as a percentage of home value.
How can that be? I wish I knew. I also wish I had the power to move us down that list a considerable bit.
You probably know about the option to protest your appraisal each year. That can be a successful way to keep your taxes in check, though the argument that your taxes just keep going up stands little chance of success.
Collectively, Texas REALTORS® have been working for years to make our state’s property-tax system more equitable and less burdensome to property owners. In fact, there are several proposed constitutional amendments that will help, if approved by voters November 3. Make sure you get to the polls this election. With your help, and with continued hard work by Texas REALTORS® and property owners, maybe one day we’ll find some other state atop that undesirable list.
By MARTY KRAMER, Consumer columnist
Tuesday, September 1, 2009
Want to get rid of that kitchen clunker?
A new rebate program could soon be sending you up to $200 for buying a new, high-efficiency appliance.
If you're one of the increasing number of homeowners embarking on a kitchen remodel, you might want to wait a couple of months to buy that new refrigerator or dishwasher.
Riding on the coattails of the popular Cash for Clunkers program is a similar $300 million program that hopes to encourage homeowners to upgrade to high-efficiency household appliances. Buy an appliance with the Energy Star seal, and you could get $50 to $200 back from the government. And this time, your old appliance is yours to keep (or recycle!).
Appliances consume a huge amount of our electricity, so there’s enormous potential to both save energy and save families money every month," said Steven Chu, secretary of the Department of Energy. "These rebates will help families make the transition to more efficient appliances, making purchases that will directly stimulate the economy and create jobs."
I realize it isn't quite as alluring as $4,500 for a new car, especially with department stores and other appliance retailers slashing prices left and right. But, apparently, that's part of the problem. Many of those retailers can't actually afford to slash prices; they just have no other choice.
Each state must outline its specific plan for the rebate program by Oct. 15, which means it will likely differ from state to state. The Energy Dept expects most of the funding to be doled out by Nov. 30 -- just in time to keep you busy with projects all winter long!
If you're one of the increasing number of homeowners embarking on a kitchen remodel, you might want to wait a couple of months to buy that new refrigerator or dishwasher.
Riding on the coattails of the popular Cash for Clunkers program is a similar $300 million program that hopes to encourage homeowners to upgrade to high-efficiency household appliances. Buy an appliance with the Energy Star seal, and you could get $50 to $200 back from the government. And this time, your old appliance is yours to keep (or recycle!).
Appliances consume a huge amount of our electricity, so there’s enormous potential to both save energy and save families money every month," said Steven Chu, secretary of the Department of Energy. "These rebates will help families make the transition to more efficient appliances, making purchases that will directly stimulate the economy and create jobs."
I realize it isn't quite as alluring as $4,500 for a new car, especially with department stores and other appliance retailers slashing prices left and right. But, apparently, that's part of the problem. Many of those retailers can't actually afford to slash prices; they just have no other choice.
Each state must outline its specific plan for the rebate program by Oct. 15, which means it will likely differ from state to state. The Energy Dept expects most of the funding to be doled out by Nov. 30 -- just in time to keep you busy with projects all winter long!
Tuesday, August 18, 2009
26th Annual National Night Out Set for Oct. 6
Sugar Land Neighborhoods will join forces with thousands of communities nationwide for the annual National Night Out (NNO) crime and drug prevention event on Oct. 6, from 6-9 p.m.
“Our City’s most important crime prevention tool is citizen involvement,” said Officer Harris Johnston, of the Crime Prevention Unit. “The Crime Prevention Program partners with residents to increase safety within the community through programs like NNO. In this spirit of cooperation, these partnerships positively influence the quality of life in Sugar Land.”
Neighborhoods, blocks or streets in Sugar Land are able to register their parties each year, and police officers, firefighters, the mayor, City Council members and other City officials visit as many parties as possible.
Register online at http://www.sugarlandtx.gov/ or call Officer Harris Johnston at (281) 275-2580
“Our City’s most important crime prevention tool is citizen involvement,” said Officer Harris Johnston, of the Crime Prevention Unit. “The Crime Prevention Program partners with residents to increase safety within the community through programs like NNO. In this spirit of cooperation, these partnerships positively influence the quality of life in Sugar Land.”
Neighborhoods, blocks or streets in Sugar Land are able to register their parties each year, and police officers, firefighters, the mayor, City Council members and other City officials visit as many parties as possible.
Register online at http://www.sugarlandtx.gov/ or call Officer Harris Johnston at (281) 275-2580
Tuesday, August 11, 2009
Preparing for a Storm
Have a Family Plan
It's important to plan now to protect your families, business, and property. Discuss evacuation plans with your family, friends and relatives BEFORE hurricane season begins, and review your plans from time to time. Here are some planning tips:
Start putting an emergency supply kit together and double check to ensure supplies are fresh.
Make a checklist of what you must do before you leave and review it.
Make sure you and your family members know how to get in touch with each other. Remember that phone service could be disrupted, so have a back-up plan such as an assigned meeting place, use of pagers, e-mail or other technology that does not depend on phone lines. In case telephones and cell towers are not operational, you may want to make a list of contact information on paper that you normally store in electronic devices.
If you plan to stay in a hotel or motel, make reservations and confirm your reservations before you leave.
Learn evacuation routes from your area before storm season. Plan for delays and longer drive-times than normal.
Call 2-1-1 to find out if you live in an evacuation area or you need transportation during a disaster
Prepare Your Home
Steps you can take NOW
Here are some steps you can take to protect your property before a storm hits:
Find out the elevation of your property and check floodplain maps.
Check your insurance coverage. Most homeowner insurance policies do not cover flood damage. Learn about the National Flood Insurance Program.
Find out if your home meets current building code requirements for high winds. Structures that meet current high-wind provisions have a better chance of surviving violent windstorms.
Install commercial shutters or prepare 5/8 inch plywood panels for your windows.
Garage doors are frequently the first feature in a home to fail. Reinforce garage doors so that they are able to withstand high winds.
If you do not live in an evacuation zone or a mobile home, designate an interior room with no windows or external doors as a "safe room."
Assess your property to ensure that landscaping and trees do not become a wind hazard. Trim all dead wood, and weak branches or overhanging branches from all trees. Certain trees and bushes are vulnerable to high winds and any dead tree near a home is a hazard.
Consider landscaping materials other than gravel or rocks.
Click here for the 2009 Emergency Preparedness Guide from the City of Sugar Land
It's important to plan now to protect your families, business, and property. Discuss evacuation plans with your family, friends and relatives BEFORE hurricane season begins, and review your plans from time to time. Here are some planning tips:
Start putting an emergency supply kit together and double check to ensure supplies are fresh.
Make a checklist of what you must do before you leave and review it.
Make sure you and your family members know how to get in touch with each other. Remember that phone service could be disrupted, so have a back-up plan such as an assigned meeting place, use of pagers, e-mail or other technology that does not depend on phone lines. In case telephones and cell towers are not operational, you may want to make a list of contact information on paper that you normally store in electronic devices.
If you plan to stay in a hotel or motel, make reservations and confirm your reservations before you leave.
Learn evacuation routes from your area before storm season. Plan for delays and longer drive-times than normal.
Call 2-1-1 to find out if you live in an evacuation area or you need transportation during a disaster
Prepare Your Home
Steps you can take NOW
Here are some steps you can take to protect your property before a storm hits:
Find out the elevation of your property and check floodplain maps.
Check your insurance coverage. Most homeowner insurance policies do not cover flood damage. Learn about the National Flood Insurance Program.
Find out if your home meets current building code requirements for high winds. Structures that meet current high-wind provisions have a better chance of surviving violent windstorms.
Install commercial shutters or prepare 5/8 inch plywood panels for your windows.
Garage doors are frequently the first feature in a home to fail. Reinforce garage doors so that they are able to withstand high winds.
If you do not live in an evacuation zone or a mobile home, designate an interior room with no windows or external doors as a "safe room."
Assess your property to ensure that landscaping and trees do not become a wind hazard. Trim all dead wood, and weak branches or overhanging branches from all trees. Certain trees and bushes are vulnerable to high winds and any dead tree near a home is a hazard.
Consider landscaping materials other than gravel or rocks.
Click here for the 2009 Emergency Preparedness Guide from the City of Sugar Land
Subscribe to:
Posts (Atom)
Posts
