3 bedroom/2 bath home in Savage. Updated flooring including ceramic tile through the main level living room and kitchen area, brazilian cheery hardwood floors in the upper level bathrooms and travertine tile in the four season porch. Enjoy mature trees, a fenced in lot and two level deck. Walk out basement with fireplace.
MLS # 3935550
Taxes: $2,806
719 School District Prior Lake/Savage
Finished Sq Footage: 1,725
Great home, listed for $195K!
5 bedroom/3 bath home in Dufferin Park of Savage. This home offers three bedrooms on one level with a private 3/4 bath in the master suite.
The vaulted main level is open and spacious. The new patio door off of the dining area leads you to a 15 X 15 deck with steps down to the fenced in backyard.
The lower level was professionally finished with a large family room with a brick surround gas fireplace and custom bookshelves. There are two additional bedrooms, a full bath and laundry/utility area on the lower level.
List Price: $239,900
MLS # 3889572
Prior Lake School District 719
Taxes 09: $3,218
Finished Sq Footage: 2,318
Open House Sunday March 7th noon-1pm. Directions: CR 42, South on Ottowa , West on River wood Drive to property.
Christmas came a little early this year for us Realtors and those buying and selling homes. In early November the US government passed a bill to extend and expand the Home Buyer Tax Credit in early November. There was so much activity this fall due to the credit that most in the business started to grow concerned about what would come of our marketplace if the credit was illuminated. Most investors held back on purchases and sellers waited to list while the government came to a conclusion.
The extension will be a powerful force again in 2010, but my prediction is that it will not create the amount of transactions we experienced the second half of 2009. If a first time home buyer didn’t get motivated enough by the credit in 2009, then 2010 may not be there year either. In 2009, there are close to 1.5 million first time home purchases and of those 350,000 were due to the credit.
The best thing about the expansion is that it includes the “move up” buyer. Not that you have to buy a home more expensive than the one you currently live in, but there’s a $6500 credit for those who’ve lived in their home for the last five years as their primary residence and have decided to sell. This will benefit those folks who bought a home in the early 2000’s and haven’t seen an increase in value or even worse a decrease of anywhere from 10-20% in their property value. The incentive for move up buyers will hopefully post more sales for properties above the 250K mark. 2009 was the year of sales below the 200K and the supply was being snapped up quickly that it drove up values slightly (in some cities months of supply was less than one month). If this same thing can happen for higher priced homes, then we’re definitely heading in the right direction.
For example, pending sales in the later months of 2009 were up anywhere from 25-35% compared to the fall of 2008. This is a HUGE jump! But note the large majority of these sales prices were less than 200K. Again, if this Home Buyer Tax Credit Expansion can affect homes valued above 200K in 2010, we’re looking fab- like a cup of Folgers on Christmas morning.
Details on the Tax Credit:
As property valuation statements are mailed out and home owners open them up to only be astounded by an increase in market value when property values have been slowing declining since 2006/2007 my phone typically starts to ring. Home owners want to have an understanding of where their property values are coming from and how the county can determine values after not even seeing a home, especially in this market.
As a Realtor in Scott County, I respond to these requests by providing a Market Analysis to the home owner, so they can contact the county offices to bring some clarity to the situation. Below is the list of steps that can be taken in Scott County to appeal your market valuation:
How can I appeal the valuation or classification of my property?
If you believe the classification or the estimated market value of your property is incorrect, you have the right to appeal.
The first step is to do some research:
• Review sales information on similar properties in your area that have sold recently
• Check real estate ads in your newspaper to get an idea of the asking price of similar local properties.
Next, contact the Assessor’s office by telephone at 952-496-8115, or in person, or by mail at Scott County Government Center, Taxation Department, 200 4th Avenue West, Shakopee, MN 55379 to verify information about your property, such as its dimensions, age, and condition of its structures. You may also review records to determine the market value of similar properties in your neighborhood.
Regarding the classification of your property, ask the Assessor to explain the criteria used for classifying your property. You may also review the classification of other properties with the same use.
If, after following the steps above, you still believe your property value is too high, or the classification is incorrect, request an inspection of your property. The Assessor will suggest an appointment time to come out and review your property. Please note that if you refuse to allow the Assessor to inspect the interior and exterior of your property, you lose the right to appeal your property valuation. The Assessor’s office will work with you to find an acceptable time and date for an inspection. This informal appeal process should be completed prior to the April/May Local Board of Appeal and Equalization.
There is a three part formal appeal process:
1) You can appear at your city or township Local Board of Appeal and Equalization or Open Book Meeting. The date of this meeting is listed on your valuation notice, the meetings are held in April and May each year. Alternatively, you may also send a designated representative to the meeting, or send a letter prior to the meeting.
2) You may appear at the County Board of Appeal and Equalization. This date is also listed on your notice, the meeting is held during the last half of June each year. Please note that you cannot appear at the County Board meeting unless you have first attended the Local Board of Appeal meeting, if your city or township has one.
3) You may appeal to the Minnesota Tax Court, either the small claims division or regular division. Please see the section on Minnesota Tax Court (insert link) for more information on this process. All claims must be filed on or before April 30th of the year the tax becomes payable.
You may also chose to appeal directly to the Tax Court, without attending local and County board meetings.