Hello Everyone- In this blog I have attached several links to Articles of Interest regarding various topics relating to bank failures, the first time home buyer tax credit winding down, land use issues, and more. I've also attached 09/10 Deschutes County property tax information to help you understand more about the values on your Oregon property tax statement, how you can make an appeal, property tax exemptions, and much more. If you have any questions or need any assistance, please don't hesitate to call.

Articles of Interest

• Awaiting decisions in a land use limbo | The Bulletin

http://www.bendbulletin.com/apps/pbcs.dll/article?AID=/20091026/NEWS0107/910260389/1041&nav_category=

• Sisters Featured as Top 100 Adventure Town in U.S. | National Geographic

http://www.cascadebusnews.com/index.php?m=2&s=106&id=808

http://adventure.nationalgeographic.com/weekend-getaways/oregon/sisters-travel

·         Bank failures top 100, only part of industry woes | The Associated Press

http://www.oregonlive.com/business/index.ssf/2009/10/post_14.html

·         Clock is ticking on first-time home buyer credit  | The Oregonian

http://www.oregonlive.com/business/index.ssf/2009/10/clock_is_ticking_on_first-time.html

·         Refinancing lifeline fails to reach most ‘underwater’ homeowners | The Washington Post (by Renae Merle)

A seven-month-old government program to help homeowners with little or no equity refinance their mortgages has so far reached fewer than 3 percent of those targeted, with many struggling borrowers deciding that the benefits of a new loan aren't worth the closing costs.

http://www.washingtonpost.com/wp-dyn/content/article/2009/10/23/AR2009102303472.html?referrer=emailarticle

09/10 Deschutes County Tax Information

http://www.co.deschutes.or.us/go/government/departments/assessor's-office/index.cfm

2009-2010 Tax & Assessment Help

• Tax & Assessment Summary (Updated 10/13/09)
• Tax Statement Insert (Updated 10/13/09)

To Contact Us:

• Reach us by phone at:  (541) 388-6508
• Fax us at (541) 382-1692
• Email your questions or comments to us at:  assessor@co.deschutes.or.us

**Property Value Appeals**
If you have questions regarding the values on your tax statement, the assessor's staff will be available to discuss the values with you. If you desire, an appraiser will review your appraisal with you and answer any other questions you may have. 

If after your discussion with the assessor's staff, you feel the market value shown on your tax statement is too high; we encourage you to file an appeal with the Board of Property Tax Appeals.

• The deadline to file your petition in person with the County Clerk's Office is January 4, 2010 5:00pm.  If you mail your petition it must be postmarked by January 4, 2010. 

• Petition forms to file your appeal are available at the County Clerk's office or you can find them online at The Clerk's website. The Clerk's phone number is (541) 388-6548.  They are located at 1300 NW Wall Street, Suite 200, in Bend.
  
  You can contact our office to receive a Petition Form to file your appeal. If you have additional questions or if you need assistance, you may contact our office at (541) 388-6508. If you miss the above deadline, or you disagree with a prior year's value, you may file an appeal with the Magistrate Division of the Oregon Tax Court. Appeal forms may be obtained by calling Oregon Tax Court, Magistrate Division, 503-986-5650 or on the web at Oregon Tax Court.

CERTAIN STANDARDS MUST BE MET TO HAVE APPEALS TO THE MAGISTRATE HEARD. All appeal forms are available in the Assessor's Office.

Property Tax Exemptions
http://egov.oregon.gov/DOR/PTD/exemptions.shtml

Exemptions are defined as property that has been removed from the assessment roll, thus excluded from taxation. There are approximately 62 different exemptions and/or special assessments that qualifying property owners and lessees can apply for.

There are three types of exemption: full exemption, partial exemption, and special assessment. The portion of the property that's use qualifies for the exemption determines whether a full or partial exemption is granted. Specially assessed properties are valued using an assessment technique that results in a lower taxable value than would be the case if the usual assessment practice were used. This, in effect, results in a partial exemption.

The bulk of exemptions fall into the special organization category. The most common qualifying entities are religious, fraternal, literary, benevolent, or charitable. Property for which this type exemption is requested must be actively occupied and used by the organization in a way that furthers its stated purpose. The property must also be reasonably necessary. Any portion of a property that does not meet these criteria is subject to assessment and taxation the same as all other taxable property.

Types of special assessments include but are not limited to historic, enterprise zone, and open space.

For more information on Real and Property Tax Exemptions:

·         Disabled War Veteran or Surviving Spouse Property Tax Exemption

·         Disabled War Veteran or Surviving Spouse Exemption Claim

·         Enterprise Zone Exemptions Forms

·         Property Tax Exemptions for Special Organizations

·         Application for Cancellation of Assessment on Commercial Facilities under Construction

·         Exemption for Property Leased by an Exempt Body to Another Exempt Body

·         Exemption for Lease or Lease Purchase Property Owned by Taxable Owner and Leased to an Exempt Public Body, Institution, or Organization

·         Exemption for Specified Institutions and Organizations

·         Oregon Active Military Service Member's Property Tax Exemption Claim

·         Food Processor Exemption Claim

·         Application for Property Tax Relief By a Nonprofit Home for the Elderly

·         Request for Computation of Payment in Lieu of Taxes

Hello Everyone

There was a great article released last Thursday indicating that signs are pointing toward the housing sector starting to heal. I thought it was worth while sending you all a link to this article.

As always, if you are looking to Buy or Sell real estate in Central Oregon, please let me know.

Click here to read the article.

Real Estate Outlook: Indicators of Recovery

You may not be quite ready to accept the idea that housing on a national basis has moved beyond bottoming out and is now in slow recovery mode.

But think about this: Even if you're bearish on the market, you've got to notice that some extraordinarily positive signs are popping up that point to recovery.

New mortgage applications last week for home purchases and refinancings were up 77 percent from the same week in April 2008, according to the Mortgage Bankers Association. That's a statistic that's hard to ignore!

Mortgage rates continue to average well below 5 percent -- 4.7 percent last week on average for 30-year fixed-rate loans and 4.5 percent for 15 year loans. Rates like these are a major factor pushing applications way up, no question, but sharply lower housing prices in many markets are an important part of the equation as well.

Nearly 600,000 homebuyers have already claimed either the $7,500 tax credit from last year, or the $8,000 credit for this year, according to IRS data cited by the National Association of Home Builders.

Many of these buyers are true first timers, but plenty of others are people who are now jumping back into real estate after not owning for a few years, drawn in by today's much more affordable prices and financing.

California offers a separate $10,000 tax credit for buyers of new (never occupied) homes.  These buyers do not need to be 1^st time buyers and this tax credit is helping to move excess inventory in California.

The rebound underway in mortgages is even creating a mini hiring boom! The Bank of America has just announced that it will be adding 5,000 new positions around the country -- just to deal with its red hot mortgage business, which closed nearly 400,000 new loans during the first quarter. Other big lenders are hiring loan officers and processors again too.

Hard-hit local housing markets continue to roar back with sales gains. On Florida's west coast, in the Sarasota and Bradenton areas, sales were up 28 percent in March over last year, and pending sales -- pointing to more purchases in the pipeline but not yet closed -- were up 27 percent.

Inventories of unsold houses in the Sarasota-Bradenton area are down 31 percent, to the lowest level since December 2005, according to a report from Trendgrafix.

Nationally, house prices have begun moving up again after many months of declines. According to the Federal Housing Finance Agency, prices rose by seven tenths of a percent on average last month - after falling by six and a half percent during the previous 12 months.

Kenneth R. Harney writes an award-winning, nationally-syndicated column on housing and real estate from Washington, D.C. He is also managing director of the National Real Estate Development Center, a professional education company. He is a past member of the Federal Reserve Board's Consumer Advisory Council, a committee that by federal statute reviews all Fed actions on home mortgage, consumer credit and banking industry regulation.

If you have any questions, or if you or someone you know is looking to either Buy or Sell Real Estate in Central Oregon, please let me know. I'm here to help!