A topic that is on everyone’s mind and in the middle of a lot of discussion is about Property Taxes, so “Let’s Talk About Property Taxes” here in the Montgomery County / Dayton Ohio Region specifically… We know (or have heard) that the increases seen this past year due to the continued uptick in the Seller’s Market – has netted about a 34% INCREASE in property tax basis. What does that mean for the average homeowner? Higher Property Taxes, of course. Now that increase you pay isn’t 34% but it is HIGHER and with no real legislation or “control” in place – OHIO is one of the states that this tax can continue to be a burden and negative impact on the future of properties – if not addressed!
Our State Legislation currently has at least 5 bills under consideration – to address Property Taxes. From raising the Homestead Exemption from its current $25,000-$38,000 to a HIGHER AMOUNT; to restricting the amount of increase for those who are Elderly or Disabled or Fixed Income; to potentially a hybrid version that combines a little of all the bills to one. EITHER WAY YOU SLICE IT – People are being TAXED higher than they see the value necessary – and with continued ballot votes that offer LEVY and ASSESSMENTS that can ADD to the Property Taxes, people are just fed up.
This was the perfect time to have our guest speaker, John McManus, the Montgomery County Treasurer, on our recent podcast The Real-Tea – and was he an enjoyable treat to share! His view and perspective on things is coming from a place of “the people” and to hear that he UNDERSTANDS our perspective and feels the PINCH with us, was a welcome and unexpected benefit. I don’t know about you – but having someone in this position who understands and can relate to the plight of the people is certainly advantageous! I say we keep him in the position for a few more terms!?
Take a listen / look at our podcast – there was so much information we had to do a second episode – so don’t miss that one either!
Here’s a few of the tidbit details you may want to check out as well:
Do you know how much of your property tax goes to the school district?? 60% ! And levies can either increase or decrease additional funds for this purpose: New levies are making an INCREASE, or a RENEWAL is keeping the level as current. Montgomery County receives 2-4 %
Depending on your property location, the following ALSO receive a portion of your property taxes: Cities, Townships, Parks and Recreation, Emergency Services, Human Services, and Schools including Sinclair and / or Miami Valley Career Tech.
To see what YOUR property tax goes to cover specifically:
Search By Address (enter your property address as directed)
Select the Parcel for your property.
On the left side bar – Select the LEVEY DISTRIBUTION and you will see the breakdown of where your property taxes are being distributed.
BEWARE OF SCAMS:
County Recorder’s Office: Fraud Alert Notification System: Recordings filed against your property will be an immediate notification to you so that you can QUICKLY see if there is fraudulent activity against your property.
County Auditor’s Office: Buy with Confidence – a program to offer homebuyers information and resources to avoid being taken advantage of when buying property. https://www.mcohio.org/1480/Buy-With-Confidence
DON’T BUY HOUSES OF FACEBOOK MARKETPLACE or CRAIGSLIST without doing your DUE DILIGENCE TO VERIFY!
John’s passion project is with Financial Literacy for Adults and Children… This is a FREE Program that can be arranged to present information and education on understanding money / budget and financial planning. Contact the County Offices at 937-225-4010 to schedule.
Reverse Mortgages: Unveiling Insights and Pitfalls… At first glance, Reverse Mortgages may seem like a beneficial financial option, especially for seniors looking to tap into their home equity. However, our episode uncovers the hidden complexities and potential risks associated with these arrangements. Through a detailed analysis and invaluable insights, we empower you with a deeper understanding of Reverse Mortgages.
Our mission is clear: to equip you with the knowledge necessary to make informed decisions. By dissecting the intricacies of Reverse Mortgages, we provide you with the tools to navigate this financial option with confidence and clarity. Whether you’re considering a Reverse Mortgage or simply curious about its implications, this episode is a must-listen.
Join us as we unravel the mysteries surrounding Reverse Mortgages and offer practical advice to help you avoid common pitfalls. By staying informed and aware, you can protect yourself and your assets while making sound financial choices for the future.
Tune in to our podcast episode and gain a deeper understanding of Reverse Mortgages. Don’t let the allure of quick cash overshadow the importance of due diligence and informed decision-making. Your financial well-being is paramount, and we’re here to guide you every step of the way.
** This episode is dedicated to Mildred Elrod, mother of Tammy Lilly, and the subject case of today’s topic. Her passing in December of 2023 brought to light not only the issues of a Reverse Mortgage; but it spotlights the unconscionable preying on our seniors. From their real estate holdings to potential inheritance by family; the government’s insatiable appetite to misrepresent a “solution” that ultimately is a scheme to deteriorate what should be the people’s rights of ownership, wealth accumulation and future generation of wealth inheritance. **
We hinted about a project late last year, and are happy to announce that The Real-Tea Podcast is Available Now!
This twist on a Real Estate Podcast presents from a Professional view with a Client Perspective, join Tammy Murphy and Elle Sollenberger, as they spill The Real-Tea about buying and selling Real Estate. You will get to meet our hosts and learn what brought the Realtor and Client together for this fun and sometimes quirky podcast. The years they have shared in working together in multiple deals and different market scenarios is beneficial for anyone looking to Buy or Sell a house.
This year has been especially difficult for the real estate market – and in many ways has opened our eyes to be ever more diligent about PROTECTION and RIGHTS. Along that lines, criminals seek opportunities to take advantage of a chaotic environment and rely upon those not keeping up with all the things going on / happening. Our desire is to PROTECT YOUR RIGHTS in Real Estate and assist with helpful information – so please take this message as your PSA to: Protect Yourself from Deed Fraud.
Naturally, if you are in the process of buying a home with us, we are going to share with you the BENEFITS OF A TITLE POLICY – and we have seen a number of instances where the client DID follow our advice and ultimately this SAVED THEM from title troubles and legal costs to correct. While ultimately it is the client’s decision as to if they want to purchase a title policy, we believe that being INFORMED and EDUCATED about What is a Title Policy and What does it do for YOU – is the best way to ensure you make the right decision for yourself.
Our counties have registered an INCREASE in Fraudulent DEED ACTIVITIES in 2023, and for this reason, many counties are taking actions to establish further steps in the recording process, as well as setting up notification systems. Even if you are not buying a home anytime soon, or for that matter, even if you do not plan to SELL your home – having a FRAUD ALERT set on your DEED with the County CAN HELP PROTECT YOU. “The sooner you know something is wrong – the sooner you can do something about it.”
Our “Building a Secure Future: Estate Planning and Real Estate Workshop” is planned for Thursday, August 24, 2023 and will be held from 11 AM – 1 PM. This FREE event will be held at the American Legion Post 598 at 5700 Kentshire Drive, Kettering OH 45440. Please reserve your seat in advance so that we can adequately be prepared with Refreshments and Hand-outs!
We have Attorney, Nancy Ann Roberson of Roberson Law to speak about Estate Planning and to answer YOUR QUESTIONS on Building a Secure Future! Planning in advance of medical or life-changing situations is KEY to protecting your assets!
Tammy Murphy, REALTOR, will also be available to answer any REAL ESTATE questions, and is proud to HOST this FREE event.
Additional partners will be available to answer questions having to do with LOANS / TITLE / INSURANCE and FINANCIAL PLANNING.
Our “Building a Secure Future: Estate Planning and Real Estate Workshop” is planned for Thursday, August 24, 2023 and will be held from 11 AM – 1 PM. This FREE event will be held at the American Legion Post 598 at 5700 Kentshire Drive, Kettering OH 45440. Please reserve your seat in advance so that we can adequately be prepared with Refreshments and Hand-outs!
Here are a few Helpful Tips to Assist Planning for You & Your Loved Ones:
Start Early: Begin your estate planning process as soon as possible. Don’t wait until it’s too late or you’re faced with an unexpected event. Planning ahead allows you to make informed decisions and ensures that your wishes are carried out effectively.
Define Your Objectives: Clearly identify your goals and objectives for estate planning. Whether it’s protecting your assets, minimizing taxes, providing for your loved ones, or supporting charitable causes, having a clear vision will guide your planning process.
Create a Comprehensive Estate Plan: A well-rounded estate plan typically includes a will, power of attorney, healthcare directives, and trusts. Tailor these documents to your specific needs and circumstances, considering factors such as real estate holdings, investments, business interests, and family dynamics.
Regularly Review and Update: Life circumstances change over time, so it’s crucial to review and update your estate plan periodically. Major life events like marriage, divorce, births, deaths, or significant financial changes may require adjustments to your plan.
Involve Trusted Professionals: Seek the guidance of experienced professionals such as estate planning attorneys, financial advisors, and tax experts. They can help you navigate complex legal and financial matters, ensuring your plan aligns with applicable laws and maximizes your benefits.
Consider Long-Term Care: Incorporate provisions in your estate plan to address potential long-term care needs. This may involve setting up healthcare proxies, living wills, or establishing trusts to safeguard assets and provide for your care in the event of incapacity.
Maximize Real Estate Planning: Real estate is often a significant asset in an estate. Consider how to pass on property to heirs efficiently, minimize tax implications, and explore strategies like gifting, trusts, or establishing family limited partnerships to manage and protect your real estate assets. Working with your Trusted Realtor is a start to ensure timing in the market is maximized.
Communicate with Loved Ones: Openly discuss your estate planning intentions with your family and loved ones. Clear communication can help prevent misunderstandings, disputes, and challenges in the future. It also allows you to address any concerns and provide explanations for your decisions.
Continually Educate Yourself: Stay informed about changes in estate planning laws, tax regulations, and financial strategies. Attend workshops, seminars, or seek educational resources to enhance your knowledge and make informed decisions.
Seek Professional Guidance: While this list provides helpful tips, it’s important to remember that every individual’s situation is unique. Therefore, consult with a qualified estate planning professional who can provide personalized guidance based on your specific circumstances and goals.
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