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Posts tagged property tax

Buy a Raffle Ticket, Win a House

Dec10
2009
Leave a Comment Written by Carrie

raffle

Aside from advertising, sellers often propose bonus incentives to make their homes even more appealing to prospective buyers. These incentives could be anything from a carpet allowance to a year’s worth of paid lawn maintenance to an offer to cover all closing costs. But imagine a scenario where your dream home, which is valued between $300,000 and $500,000, is being offered for only $100—sounds too good to be true, doesn’t it? It is.

A new trend in today’s real estate market is the house raffle. Raffles boast proven results, but only when enough raffle tickets are sold to cover the total sale price listed on a given site. For example, if the home is valued at $300,000, the homeowner would prefer to sell at least 3,000 tickets to cover the total cost of the house.

Last year, CBS News reported that a couple in Maryland sold over 6,000 raffle tickets for their four-bedroom farmhouse. This massive property sat on four acres and was valued at $390,000 when it was first listed. After two years of unsuccessfully trying to sell the home, Karen Crawford and Dennis Kelly decided to be creative and sell raffle tickets at $100 a piece, even reaching potential buyers in other countries.

And while the winner of the home did indeed only pay $100 for his ticket, he had to pay $150,000 in taxes, which, in this case, was still only half of what the house was worth, but a lot more than $100.

Posted in Market News - Tagged auction off house, buyer incentive, CBS News, home buying, raffle tickets, selling
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Understanding Property Tax

Dec01
2009
Leave a Comment Written by Carrie

money

Even if you can afford to purchase a house outright, without a loan or mortgage, the expenses don’t stop once the home is completely paid for. Aside from the cost of upkeep to manage the property, you will also be required to pay a yearly tax on it. If you’re new at this whole owning-a-house thing, you may be wondering, “What is a property tax?”

An annual property tax on a home is based on the value of the house coupled with the value of the land on which it resides. While property taxes vary between countries and even the local government, they are all assessed by an authority performing an appraisal of the monetary value of the property (both the building and the land, individually). A tax is then assigned in proportion to the total value of the property.

In the United States, property taxes are levied by each county.* Tax rates are determined by an appraiser by investigating the selling prices of similar houses in the area and creating tax maps to indicate the value of a particular area of land, as well as the buildings that exist on it (aka your house).

Your property taxes are generally used to fund the local government and may be doled out to finance schools, citywide improvements (on roads and such) or other endeavors your town wishes to take.

* Note: There are no counties in Louisiana or Alaska, so the individual cities control the taxes.

Posted in Buying Tips, Tips and Ideas - Tagged appraisal, buying a house, county, land, local government, United States, value
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