Does your phone also work as your TV remote?  Fantastic!

What’s in a name?   A Rose by any other name smells the same, but will it sell  the same? Maybe… Maybe not.

We however, are single focused, we represent buyers and sellers of real estate.  Fireflyrealestate.com

We don’t do “everything” we just do this one thing well.

Efforts are made daily to continue to service and work on the behalf of buyers and sellers of real estate in Oregon.

For more information or an appointment to meet to discuss your needs and wants:

Call Aimee Davis

Principal Broker dba

Firefly Real Estate

279955 S. Hwy 213

Mulino, Oregon 97042

503-829-8328

Aimee@molalla.net

Do your New Year’s Resolutions include buying a new or resale home in Oregon?

Start here, with Firefly Real Estate.
Together we can create some of our own radical collaboration and work together to create a number of solutions for your goals.  Think of it as Firefly Collaboration.
We are your Real Estate Resource for the Portland-Metro and Salem areas in Oregon.
Visit us online at www.FireflyRealEstate.com or in person at 27955 S. Hwy 213, Mulino, Oregon 97042.
Give us a call anytime at 503-829-8328, or e-mail us at FireflyRealEstate@live.com.
Happy New Year and Happy New Home Buying!

http://www.youtube.com/watch?v=5PB79is7iH4

 Can you find Fred?

Be the first to find Fred and collect your prize…..

The Oregon Association of Realtors provided enhanced protections and clarity for Oregon consumers involved in short sales.  HB 2916A, provides that a lender or its assignee may not collect on a deficiency in a short sale transaction if a 1099-C is issued in connection with the sale. 

The Oregon Association of Realtors helped to ensure that Oregon remained fully connected to incentives in the federal tax code to bolster job creation. SB 301B, particularly important for commercial property owners, it ensures that Oregon business enjoy the benefits of accelerated depreciation designed to stimulate investment.

The Oregon Association of Realtors teamed with industry allies to ensure Oregon has enough prime employment land available for companies looking to relocate, expand or start up in Oregon. SB 766B, allows for the creation of state and regionally significant industrial areas, which will allow  for expedited permitting to make sure employment land is readily available throughout the state.

The Oregon Association of Realtors put a stop to the imposition of new, costly transfer taxes on the sale of real property.  HB 2518 ensures the imposition of real estate transfer taxes remain solidly in place.   (Protect Oregon Homes campaign will be on the ballot in 2012)

The Oregon Association of Realtors stopped increases to the document recording fee and stopped the limiting or elimination of the mortgage interest deduction.  Stopping HB 2245 and HB 2351, ensured that additional fees would not be imposed on buyers and sellers of real estate. Also, they stop0ped BH3008 which would have eliminated the mortgage interest deduction in  6 year,  And HB 3663 which would only have allowed $15,000 per year in interest to be deducted.

The Oregon Association of Realtors stopped costly, mandatory energy audits at the point of sale.  They Stopped HB 2839, HB3400, and HB 3535.

To read more see: http://www.oregonrn.org/displaycommon.cfm?an=1&subarticlenbr=439

By: Barbara Eisner Bayer

Published: October 8, 2009

To successfully appeal your property tax bill, you first need to do a bit of sleuthing into your real estate assessment.

Read your assessment letter

A real estate assessment is conducted periodically by the local government to assign a value to your home for taxation purposes. An assessment isn’t the same as a private appraisal, and the assessed value of your home isn’t necessarily how much you could sell it for today. Real estate assessment letters are mailed to homeowners annually, or perhaps every two to three years, depending where you live.

The letter will include some information about your property, such as lot size or a legal description, as well as the assessed value of your house and land. Additional details—number of bedrooms, for example, or date of construction—can often be found in the property listing on your local government’s website. Your property tax bill will usually be calculated by multiplying your home’s assessed value by the local tax rate, which can vary from town to town.

If you think your home’s assessment is higher than it should be, challenge it immediately. The clock starts ticking as soon as the letter goes out. You generally have less than 30 days to respond, though the time frame varies not just between states, but within each state. Procedures are often outlined on the back of the letter.

Gather evidence

Start by making sure the assessment letter doesn’t contain any mistakes. Is the number of bathrooms accurate? Number of fireplaces? How about the size of the lot? There’s a big difference between “0.3 acres” and “3.0 acres.” If any facts are wrong, then you may have a quick and easy challenge on your hands.

Next, research your home’s value. Ask a real estate agent to find three to five comparable properties—”comps” in real estate jargon—that have sold recently. Alternatively, check a website like Zillow.com to find approximate values of comparable properties. The key is identifying properties that are very similar to your own in terms of size, style, condition, and location. If you’re willing to shell out between $350 and $600, you can hire a private appraiser to do the heavy lifting.

Once you identify comps, check the assessments on those properties. Most local governments maintain public databases. If yours doesn’t, seek help from an agent or ask neighbors to share tax information. If the assessments on your comps are lower, you can argue yours is too high. Even if the assessments are similar, if you can show that the “comparable” properties aren’t truly comparable, you may have a case for relief based on equity. Maybe your neighbor added an addition while you were still struggling to clean up storm damage. In that case, the properties are no longer equitable.

Present your case

Once you’re armed with your research, call your local assessor’s office. Most assessors are willing to discuss your assessment informally by phone. If not, or if you aren’t satisfied with the explanation, request a formal review. Pay attention to deadlines and procedures. There’s probably a form to fill out and specific instructions for supporting evidence. A typical review, which usually doesn’t require you to appear in person, can take anywhere from one to three months. Expect to receive a decision in writing.

If the review is unsuccessful, you can usually appeal the decision to an independent board, with or without the help of a lawyer. You may have to pay a modest filing fee, perhaps $10 to $25. If you end up before an appeals board, your challenge could stretch as long as a year, especially in large jurisdictions that have a high number of appeals. But homeowners do triumph. According to Guy Griscom, Assistant Chief Appraiser of the Harris County (Texas) Central Appraisal District, of the 288,800 protests filed in his Houston-area district in 2008, about 58% received reduced assessments.

How much effort you decide to put into a challenge depends on the stakes. The annual U.S. median property tax paid in 2008 was $1,897, or 0.96% of the median home value of $197,600. Lowering that assessed value by 15% would net savings of about $285. In some parts of New York and Texas, for example, where tax rates can approach 3% of a home’s value, potential savings are greater. Ditto for communities with home prices well above the U.S. median.

There are a few things to keep in mind as you weigh an appeal. The board can only lower your real estate assessment, not the rate at which you’re taxed. There’s also a chance, albeit slight, that your assessment could be raised, thus increasing your property taxes. A reduction in your assessment right before you put your house on the market could hurt the sale price. An easier route to savings might lie in determining if you qualify for property tax exemptions based on age, disability, military service, or other factors.

For Specific Oregon Tax law see http://www.oregon.gov/DOR/PTD/index.shtml

This article provides general information about tax laws and consequences, but is not intended to be relied upon by readers as tax or legal advice applicable to particular transactions or circumstances. Readers should consult a tax professional for such advice, and are reminded that tax laws may vary by jurisdiction.

Barbara Eisner Bayer has written about mortgages and personal finance for the past 15 years for Motley Fool, the Daily Plan-It, and Nurse Village, and is the former Managing Editor of Mortgageloan.com and Credit-land.com. She has successfully challenged her real estate assessment.

By Stephen Fishman
Inman News™

“With home mortgage interest rates at historic lows, many homeowners are seeking to refinance their mortgages. If you are planning to refinance, knowing the interest deduction rules and how they apply to your property may help you maximize your tax savings.

Interest deduction

If the old mortgage is paid off, but no additional cash is received by the homeowner, all of the interest payments on the new loan are tax deductible up to a loan limit of $1 million.

The rules differ if the new mortgage is larger than the original mortgage — that is, the homeowner refinances the old loan and also obtains additional cash. That portion of the new loan that is used to replace the original loan is treated the same as the original loan — the interest paid on the amount is fully deductible.

Tax treatment of the portion of the new loan used to obtain cash depends on what the cash is used for. If the cash is used to improve or remodel the house, the interest is fully deductible.

However, if the cash is used for some other purposes — for example, to pay for a child’s college education or medical bills — the interest is deductible only up to a loan amount of $100,000.

Deducting points

Points paid to obtain a refinanced mortgage must be deducted over the life of the loan. To figure the annual deduction amount, divide the total points paid by the number of payments to be made over the life of the loan.

Usually, this information is available from the lender. For example, a homeowner who paid $2,000 in points on a 30-year mortgage (360 monthly payments) could deduct $5.56 per payment, or a total of $66.72 for 12 payments. Taxpayers may deduct points only for those payments actually made in the tax year.

A homeowner who uses part of the refinanced mortgage money to pay for improvements to the home, and meets certain other requirements, may generally deduct the points associated with the home improvements in the year paid, spreading out the rest of the points over the life of the loan.

When refinancing for a second time, or paying off a loan early, a homeowner may deduct all the not-yet-deducted points from the first refinancing when that loan is paid off.

Closing costs

Other closing costs, such as appraisal fees and processing fees, generally are not deductible.

Prepayment penalties

Some loans contain a clause that charges a penalty if the mortgage is paid off early. This penalty is generally deductible as a mortgage-interest expense in the year that it is paid.”

Internal Revenue Service Publication 936: Home Mortgage Interest Deduction has more details on deductions related to refinancing.

Stephen Fishman is a tax expert, attorney and author who has published 18 books, including “Working for Yourself: Law & Taxes for Contractors, Freelancers and Consultants,” “Deduct It,” “Working as an Independent Contractor,” and “Working with Independent Contractors.” He welcomes your questions for this weekly column.”

Get Dialed in to your Real Estate Goals and Dreams with Firefly Real Estate. 

If you are purchasing in Oregon, give us a call at 503-829-8328 and let us know where your life journey is taking you and how these goals include your next real estate sales or purchase. 

 We listen to your wants and needs to set you up with options and opportunities to make your dreams and goals happen. 

Or stop by the office at 27955 S. Hwy 213, Mulino, Oregon 97042.  We have not only our current properties for sale in the window and on display; we also have a couple of real estate magazine displays and a flyer box for your information gathering.  Walk- in’s are always welcome.  We are open Monday-Friday 10am until 5pm and all other hours and days by appointment. 

Or visit us online at www.FireflyRealEstate.com or www.callAimee.net.

We want to help you get dialed in to your real estate goals and dreams.

Here’s hoping you have a wonderful day!