SF property tax appeal deadline is tomorrow, Sept. 15

SAN FRANCISCO — The filing period for a formal appeal of the 2017/2018 assessed property value in San Francisco will close Friday, September 15, the city assessor’s office announce. The period for appeals opened on July 2, 2017.

There are over 210,000 parcels in the City and County of San Francisco. The Office of the Assessor-Recorder is responsible for establishing a taxable value for each of those parcels. Every year in July, the Office of the Assessor-Recorder mails a Notice of Assessed Value (NAV) to all property owners.  The NAV includes the assessed value of the property, which is used to calculate the annual property tax due.

However, if property owners believe the market value of their property is lower than the assessed value found on the NAV, it is the owner’s right to file a formal appeal to temporarily lower the assessed value.

To file a formal appeal, taxpayers must submit an application form to the Assessment Appeals Board by September 15, 2017. After receiving the completed application and filing fee ($60), the Assessment Appeals Board will schedule a hearing and property owners will have the opportunity to provide evidence to support their claim. A translator can be made available upon request.

“Our office believes in arriving at a fair taxation value.  If you have additional information that supports your value, we want to hear about it and we want you to know about your rights,” said Assessor Carmen Chu.

The Assessment Appeals Board is a separate entity from the Office of the Assessor-Recorder and is responsible for independently hearing these appeals.

To file an appeal, property owners must complete an Application for Changed Assessment and submit a non-refundable $60 administrative processing fee no later than this Friday, September 15, 2017. For more information, please visit www.sfgov.org/aab.

To avoid penalties, property owners are required to pay their property taxes on time even if they have filed a formal appeal.

 

source: usa.inquirer.net

Quality living at The Alvendia

MANILA, Philippines – Premier property developer Rockwell Land Corp. recently introduced another exclusive community at The Alvendia. The launch was made after the success of its first foray into horizontal development, 205 Santolan by Rockwell.

The Alvendia by Rockwell will be a cozy neighborhood for those who choose a life of harmony and tranquility since only 28 low-rise residences will be built on the 4,000-square-meter property. It will rise in a peaceful district in San Juan, and will be near high-end villages in Greenhills.

This enclave of refined residences will be near well-known private schools like Xavier School, Immaculate Conception Academy, St. Paul and La Salle Greenhills as well as retail establishments on Wilson Avenue and Greenhills Shopping Center.

Providing quality living for families, The Alvendia by Rockwell features three-story units. With 300 square meters and three bedrooms, children of every age and heads of the family will surely find a space to call their own in each exquisite home.

Rockwell lifestyle

“The Alvendia will be another unique Rockwell community,” shares Valerie Soliven, Rockwell Land senior vice president for sales and marketing. “With many of our clients expressing their satisfaction with 205 Santolan by Rockwell, we look forward to creating another neighborhood where families can experience the prestigious lifestyle in which Rockwell prides itself.”

The Alvendia will provide discerning homeowners with the Rockwell lifestyle. This chic community will feature a swimming pool and a multipurpose area exclusive to its residents.

To retain the standard of quality in these residences, The Alvendia will be in the hands of the Rockwell Property Management Corp. will ensure that amenities and common areas are well-kept.

Premises of The Alventia are equipped with a CCTV system, closely monitored by expertly trained security personnel, and accessible only through an exclusive gated entrance. Like every Rockwell development, the Alvendia is also well-prepared for unfriendly weather, with 100-percent standby emergency power in all its common areas and facilities.

source:  business.inquirer.net

SSS selling real estate properties to boost funds

MANILA, Philippines — The Social Security System is on an asset-disposal mode, announcing that it is selling one of its prime properties in Bonifacio Global City in Taguig for at least P2.24 billion and that it intends to cash in on other pieces of real estate.

SSS President Emilio De Quiros Jr. on Monday said the state-owned pension fund deemed it prudent to sell some of its real estate properties over the short term, given how prices of these assets had become relatively high due to a spike in demand over the last few years.

“We started to look over the entire investment portfolio of the SSS, and we feel that it is a good time to unload our real properties,” De Quiros said at a press conference.

“The property market has gone up and down. Although nobody can really say whether it will continue to go up, based on the cycle we are already at the high side,” he added.

De Quiros said SSS was first selling its 8,300-square-meter property in BGC for a minimum price of P2.24 billion. The parcel of land, located in Bloc 56 at the corner of 25th Street and 10th and 11th avenues, is one of the two SSS properties in BGC. The other one is in Bloc 57.

A pre-bid conference for parties interested in buying the property is set on July 22, while the submission of bids is scheduled for September 4. The winner of the bidding shall be announced on October 2, De Quiros said.

SSS Commissioner Diana Pardo-Aguilar said at the press conference that the property up for sale was acquired by the state-owned pension fund in 2003 for P850 million.

Selling the property for at least P2.24 billion, therefore, would translate to a 164-percent return, Aguilar said.

“We think that a 164-percent return in 10 years–equivalent to over 16 percent per annum–is something that is fair for our members,” she said.

The commissioner said that once the property was sold, SSS would find ways to cash in on other real properties. All its real properties are estimated to have a combined value of P20 billion.

Aguilar said SSS might consider selling, leasing or entering into joint ventures with private firms to develop its other properties.

At the same briefing, SSS Executive Vice President Edgar Solilapsi said the pension fund was looking at buying several stocks given that equity prices had fallen significantly since going beyond 7,000 earlier in the year.

Solilapsi said part of the proceeds of the real-property sale could be used for buying stocks.

SSS is interested in stocks in the telecommunications, banking and finance, and power generation industries, officials said.

source: business.inquirer.net

Holsum Lofts among latest Las Vegas real estate bankruptcies

Commercial real estate bankruptcies continue to accumulate in Las Vegas — the latest two involving properties on Charleston Boulevard.

The owner of the Holsum Lofts redevelopment project at a former bakery, which has been hailed as key to the burgeoning downtown Las Vegas arts scene, filed for Chapter 11 reorganization on Thursday.

Headed by Jeffrey LaPour, the company formerly known as LaPour Grand Central LLC was sued last month in Clark County District Court by investors in its debt.

The creditors charged in the lawsuit that LaPour Grand Central had defaulted on debt of $6.46 million.

The Holsum Lofts retail and office complex has 46,505 square feet and 19 units that are leased, lawsuit records say. It’s at 231 W. and 241 W. Charleston Boulevard.

At the request of the creditors, Clark County District Court Judge Elizabeth Gonzalez on Thursday approved their request that the property be turned over to a receiver for management purposes while it’s foreclosed on — but her order may be delayed or blocked at least temporarily by the bankruptcy filing.

Under Chapter 11, businesses continue to operate while trying to restructure their debt. Creditors have a say in the process and can propose their own reorganization plan.

Separately, Charleston & 28th LLC filed for Chapter 11 reorganization on June 22 to block a threatened foreclosure.

That company is trying to restructure $2.33 million in debt backing a 7,985-square-foot, four-building shopping center at 2877 E. Charleston Blvd., east of Fremont Street.

source: lasvegassun.com

Seniors struggle as land rent for manufactured homes rises

Terrence Thudium sits at a bluish-gray “almost-granite” countertop in his recently refurbished kitchen. He speaks with a combination of fear and fight. The disabled Vietnam War veteran uses words such as “extortion,” “ridiculous” and “exhausted.”

Thudium lives in Mountain View Community, a manufactured housing park for seniors in Henderson. He signed a 20-year lease for land there and settled in a manufactured home he purchased for $75,000. Over the next five years, he spent another $75,000 transforming it into his home. He tore down a hall wall for circulation, added ceramic tiles in the kitchen and redesigned just about every feature to make it perfect.

Thudium is proud of the investment but faces a dilemma. The rent for the land his house sits on has jumped from $680 to $747 in four years. He pays almost the same amount in land rent as his neighbors pay to rent land and a home.

When Thudium settled in Mountain View, park owner Hometown America Communities allowed only homeowners to rent land. When Equity Lifestyle Properties, Inc., took over the park earlier this year, they opened it up to renters.

Thudium can move his home off the lot, but that would cost him more than $5,000. For a 67-year-old, that’s not practical.

“If you try and pay $1,000 per month in mortgages and $800 in rent, you got no money,” Thudium said. “It’s ridiculous. It shouldn’t be this bad. It’s not like renting the house and the land ... which is going for the same dollar figure I’m paying for land. Isn’t that extortion?”

Thudium’s lease dictates that park owners can raise the land rent a minimum of 3.5 percent as long as they give 90 days notice. Thudium signed the lease believing that would only happen in inflation emergencies. He was wrong.

Equity Lifestyle Properties agreed to freeze land rent for the next two years. But there is nothing preventing the company from increasing rent afterward.

So Thudium is trapped at the mercy of the park owners, hoping his rent doesn’t extend beyond what his disabled veterans benefits and social security income can afford. He has already been forced to put off any vacations or trips home to Chicago. He dreads the day rent creeps above $900, the maximum he can afford.

“Look at all I got invested,” Thudium said. “I’m 67, I can’t do this crap again another time. I’m exhausted, and I’m not done with (fixing the house).”

Equity Lifestyle Properties did not comment.

For the past 13 legislative sessions, the Nevada Association of Manufactured Homeowners (NAMH), which represents manufactured home owners, has proposed a rent justification bill to help homeowners like Thudium.

The bill would require park owners to justify raises in rent to a board if rent is increased more than a certain percentage. Each time, it failed.

Doris Green, president of the NAMH, said land rent at many manufactured home parks in Clark County has skyrocketed since the recession.

If owners, often seniors, become sick or lose a spouse, many are forced to move out. That opens the door for the park to take ownership of the homes and rent them new tenants. Green said she sees it frequently at Cabana Park, where she lives.

“Now what we have in our own park is people who have moved out or abandoned their home, and now (the park owners) are renting it (out),” Green said. “We have about one-third of the park out to renters.”

Pat McHugh, 74, has lived in Mountain View for the past 14 years. As the economy faltered and rent increased, she watched friends leave the mobile home park as their savings dried up. McHugh, who runs Pat’s Sunshine Shuttle service for her neighbors but barely breaks even with the business, fears that when her lease is up, she will suffer a similar fate.

“I am very fearful that in another four years I will not be able to afford to live here,” McHugh said. “I love living here, but I may not be able to afford it.”

Still, not everyone in Mountain View worries about rent. Joanne Miller, 78, said she has had no issues but also knows she’s lucky to continue to work.

A rent justification bill could help allay residents’ fears. Bob Varallo, a consultant for the NAMH since 1997, said members will try again to get the bill passed. He has little hope they’ll succeed.

Outside Thudium’s home, a moat of red rocks surrounds the walkway. Visitors are forced to trek up his driveway and around the corner of his house to ring his doorbell.

He wants to put eight cement steps in place to make access easier, but paying $1,200 for it makes no sense to him.

Improving the land around his house is pointless, Thudium said. If he decides to move his home to a new lot, it won’t go with him. If he abandons the home, it only will make it a more attractive property for the park to rent out.

Thudium sees no way out of his predicament. He has tried writing letters to park owners, but they just scan back the page of the lease he signed agreeing to accept land rent increases.

Thudium beamed with pride the day he signed those documents. Now, he’s not so sure.

“First time I owned a house,” Thudium said. “Boy did I get stuck.”

source: lasvegassun.com

Real Estate Affordability: What Is The State Of Affairs On The Field Today?

While certain areas in California have experienced some pricing stabilize, pushing the Affordability Index lower, there nonetheless are many Southern California sub-markets that remain at historically top levels of affordability. As an example, at the same time as the rest of the State was at more or less a 60percent average, all of Riverside County was experiencing affordability levels of over 70percent . Riverside and areas of San Bernardino counties still have incredibly great inexpensive priced new properties, significantly better than the higher urbanized centers in the State.

In larger Texas areas such as Dallas and Austin, costs have also dropped for housing; although, not as greatly as in small to medium sized communities. Across the globe, it has been declared that, 'now is the moment to invest'. With prices down roughly in all states, and the chance of owning in areas that were sky-high in pricing before, who wouldn't desire to purchase their own little portion of homes for sale in Florida?

New dwelling sales continue to improve, specially for first time buyers and those who could benefit from the tax credits. It occurs that the State is well on its way to extending the State tax credit, which is planned to comprise credits for both new and resale residences. The mixture of the lowest past pricing, low interest rates and tax credits, make the current market an excellent purchasers market and a positive time to purchase a new dwelling. Look for Florida homes for sale.

Though sales of new residences have been developing, historically the amount of gross sales are well below the previous 15 year average, at around 60% lower. New home supply has been reduced a lot over the 12-18 months and we can witness supply in some sub-real estate markets will not be able keep pace with the existing recovery and demand. This seems to also be the case for finished lots for builders. The finished lots in prime market locations have been insistently pursued by the big builders and the remainder supply is spotted in mostly the secondary market locations.

What does all this involve? The equilibrium amid supply and demand has definitely enhanced and complete pricing has stabilized, meaning that those who need a home should be out searching. Interest rates and tax credits will possibly be great for this year, but hard to say for the outlook.

A housing affordability market index price is your income capacity to home price percentage that defines if you can pay for a real estate, what sort of property you can shoulder, and whether or not your income array will make you noticeable to lenders. These indices can be put in print by growing communities, states, cities, and by a collection of other resource in an effort to help you evaluate your probability to be a property owner. Some affordability index kinds also consider how living in specific places may lessen your expenditure or enhance them for things like transports.

If you investigate real estate property you can trust Brevard County real estate.

When you investigate real estate turn to Best Homes for Sale in Florida.

Article Source: http://www.ArticleBiz.com