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Update on Tax Credit Extension

by Mark Rieger, Duke Warner Realty

This is some good information for the housing market which might be of interest to you. The final vote should be very soon. Call me should you have any questions.

Thank you,

Mark Rieger, Duke Warner Realty

541-480-7441

Deal struck to expand home-buyer tax credit

By Robert Schroeder, MarketWatch

Last Update: 5:35 PM ET 10/28/09

WASHINGTON (MarketWatch) -- Senators have struck a deal to extend a popular tax credit for home buyers beyond those buying their first house, Senate Majority Leader Harry Reid's office said Wednesday.

Legislators also have agreed to extend the tax credit through the end of April, according to a Reuters report.

An $8,000 credit for first-time home buyers is set to expire at the end of November. Under a compromise reached by senators, the credit would be expanded to those who have lived in their home for five consecutive years, a Reid spokeswoman said.

The credit for repeat buyers would be $6,500.

The credit reportedly would be available for individuals making up to $125,000 a year and couples earning up to $225,000 per year, up from the current income limits of $75,000 and $150,000, respectively.

Reid wants to attach the tax-credit measure to a bill that would extend unemployment benefits.


Robert Schroeder is a reporter for MarketWatch in Washington.

 

Property Taxes, Bank Failures, and More

by Mark Rieger, Duke Warner Realty

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

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

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