If you are interested in Short Selling your property, you must get it closed by 12/31/12 to receive the benefits of the Mortgage Debt Relief Act. The Mortgage Debt Relief Act of 2007 generally allows taxpayers to exclude income from the discharge of debt on their principal residence. Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a foreclosure, qualifies for the relief.
February 26th - Valuation Notices from the County Assessor!
If you receive your valuation and feel that the assessment is too high, you have 60 days from notice to appeal the assessed value.
Property Tax Class - Watch Out!
There are two classes of Property Tax: 1. Class 3 = Owner Occupied. Owner Occupied homes receive a $200-$600 education rebate. Class 4 = Non Owner Occupied and you DO NOT receive the education rebate. Forms will be sent to all homeowners and you are required to return the form IF you are Class 3 (Owner Occupied). That is, the state is assuming all homeowners are Class 4 and you must return the form so that you get the education rebate as a Class 3.
