Orlando Property Taxes | FAQs

by Phil on February 22, 2010

Orlando Property Taxes | Frequently Asked Questions – Tax season is approaching and I am getting more and more questions about property taxes. Questions like, what are property taxes? How much are property taxes? How do property taxes affect buyers and sellers? Let me start out by stating that I am not a property tax professional. And I highly recommend that you seek professional tax advice when you have specific questions about taxes. Now, let me see what I can do to clear up some of the basics.

Orlando Property TaxesQuestion: What are property taxes?
Answer: Property taxes, also known as real estate taxes, and ad valorem taxes (Latin for: according to value) are taxes paid based on the value placed on real property (real estate). Keep in mind, this is the assessed value of the property, not what you paid for the property. Usually the assessed value is less than the market value, but if you got an extremely good deal on the purchase of your home, the assessed value could be more than you paid. It is always a good idea to check with the:
Orange County Property Appraiser
Phone: 407-836-5044
Website: http://www.ocpafl.org/

Question: How much will I have to pay in property taxes?
Answer: The short answer is that it depends on two things. First: what is the assessed value of the property; second: what is the millage rate for the property’s specific location.
Now that you collected your data, it’s time for a little math:

1) Take the assessed value (for our example let’s use) $200,000
2) You will then pay your millage rate on every $1,000 of assessed property value. In this case, $200,000 divided by $1,000 is 200 (millage units).
3) Now we multiply our millage rate (for our example let’s use $17.50) X our 200 millage units, and we get our property taxes of $3,500.

Example:
Property’s Assessed Value                      $200,000
Millage Rate X 200 millage units                $17.50
Property Taxes Due                                  $3,500

You can also use the Orange County’s Tax Estimator Tool

Question: When are my property taxes due?
Answer: Property taxes are due by March 31 of each year. Property taxes are considered delinquent on April 1st of each year.

Question: How do I pay my property taxes?
Answer: If you own property in Orange County Florida (the Orlando area), You should pay your taxes to the:
Orange County Tax Collector
Phone: 407-836-2709
Website: http://www.octaxcol.com/

Note: In many cases when you have taken out a mortgage on the property, the mortgage company will collect money from you throughout the year in an escrow account and they will use that money to pay your property taxes on your behalf. You should check with your mortgage company to see if they are handling the property taxes for you. Always double check with the County Tax Collector to ensure your mortgage company is paying your tax bills. It is ultimately your responsibility to ensure your property taxes are paid. Post comments, or ask other questions. I hope this helps. Good luck!

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Low Cost Home Staging Tips

by Phil on February 18, 2010

“You can’t judge a book by its cover” may be great advice but today’s home buyers won’t do more than glance at your home, “the book,” unless it has something that draws them in. Furthermore, you need to ensure that your home doesn’t have issues that may actually repel buyers. If you want buyers to look at more than just “the cover,” and seriously consider buying your home you will need to prepare your home to make a great first impression.

Staging Ideas - Red Front DoorKeep in mind, first impressions are critical and most buyers decide whether they are interested in your home within the first few seconds of walking through the front door. Take a look at your home from a buyer’s perspective so you can better understand what needs to be done to ensure your home makes that great first impression.

A trip to the home center and a little work can make a big difference in buyer interest, and what they are willing to pay for your home. Here are some tips and low cost home staging ideas that will make a big difference in your home’s appeal.

Declutter -

If you ask real estate agents for their number one recommendation to sellers, most would agree that you should “declutter” your home. I can’t tell you how many times I have been showing homes to buyers, when we walk into a very cluttered home and the buyer’s body language immediately tells me that they are ready to go. Some of these homes had great potential, but the buyers couldn’t see the potential through all the clutter.

Books, magazines, sticky notes, pens, video games, sports equipment, lawn equipment, litter boxes, phones books, grills, broken grills, lawn furniture, sitting next to broken lawn furniture, and so much more can really hurt your chances of selling your home.

Buyers are looking for a home that will meet their needs and space for their things is critical. The more clutter you have the less space they will see for their things. And if buyers don’t see the space they need for their things they will move on. I’m sure you get the “declutter” idea, so let’s move on with the “less is more” rule in mind.

Curb Appeal -

From the moment prospective buyers pull into your driveway for the first time they will be judging your home. What will they see as they pull into your driveway? Will they see a clean, nicely edged driveway? Or will they have to dodge the trash cans, only to see the dirty driveway with grass growing through the cracks? It doesn’t cost anything to edge and sweep the driveway, and this will make a big difference in your home’s curb appeal. While your out there, don’t forget to put away those trash cans.

Entrance -

Now that the buyers are out of the car and approaching the front door, what are they seeing? Are they walking down a nicely edged and clean walkway, are the hedges trimmed, are the flower beds freshly mulched? And what about that door? Is the door clean, or better yet freshly painted? Is the doorbell working and not hanging by the wire? Has your welcome mat seen its better days? A new welcome mat is a very inexpensive way to make a grander entrance. Don’t forget the spider webs above the door.

Smells -

Make no mistake about it, the way your home smells plays a key role in your home’s appeal. Some buyers will pass on your home based on the way it smells. This may sound sound petty but it happens everyday. Many people struggle with allergies and if your home has pet, smoke, or moldy smells, many buyers will just move on.

If you have smells, you will need to find the source and get rid of the odor somehow. There are a lot of articles about “how to get rid of odors” on the internet, so I’ll leave you a few of my favorites:

  • Clean, clean, and clean some more.
  • Try a water/white vinegar mixture for cleaning and reducing pet odors.
  • Place dryer sheets under furniture cushions and other places with stale smells.
  • Move the litter box to the back porch or garage, and place a fresh box of baking soda next to it.
  • Finish things off with some good scented candles. Yankee Candles work well and are pretty easy to find.

Closets -

Buyers are looking for a home with adequate storage for their needs. Overstuffed closets can give the impression that your home’s storage isn’t adequate for the buyer’s needs. Thoroughly clean out your closets and get rid of everything you no longer need.
Here are a few more ideas:

  • Start from scratch by removing everything.
  • Get rid of everything you no longer need.
  • Buy some new hanger that match.
  • Remove all dry cleaner plastic.
  • Group your clothes by type and then by color.
  • Use those stackable clear plastic boxes to organize your accessories.
  • Get everything off the floor. Put shoes into shoe racks, and other items into the stackable boxes.

Bedding -

Upgrading your bedding makes a dramatic difference in your bedrooms, and it’s a quick low cost way to make your rooms feel new and fresh. Since your new bedding can be used in your new home, the money spent won’t be left in the home, which is a bonus.

Bathrooms -

Imagine the most luxurious of hotel bathrooms. A set of fluffy new white towels and a crisp new linen shower curtain can go a long way toward creating that feeling in your own home. Put out some extra towels rolled in baskets or folded neatly on the vanity. Move all of your shampoo bottles and personal products out of sight. Clean, clean, and clean some more. Consider painting the bathroom. Since bathrooms are relatively small, you get a new look without too much work.

Lighting -

Most sellers don’t give much thought to their lighting, yet it is critical to a home’s presentation. A poorly lit home just doesn’t show nearly as well as a brightly lit one.
Here are some low cost lighting ideas:

  • Fluorescent lights may save energy, but they are not the best for creating a warm feeling in your home. Change the fluorescent bulbs for the softer incandescent light bulbs where possible.
  • Install halogen floodlights in all your recessed ceiling fixtures. Halogen gives off a brighter, cooler light and is used to illuminate the merchandise in upscale stores.
  • Install clear incandescent bulbs in light fixtures where you see the bulb.
  • Lamps are a must in bedrooms, your home office, etc. Don’t rely on ceiling lights alone.
  • Make sure all the bulbs in the chandelier are the same type.

Price -

When all else fails, the right price can sell any home. If you want to get top dollar for your home, you will need to do the things that are necessary to appeal to today’s picky buyers. No marketing in the world will cause a buyer to pick a home they see as inferior to the competition. Today you will face extreme competition.

Professional Staging -

If you don’t have the time and you are willing to spend a little money, I highly recommend hiring a professional staging company. A professional stager can make a big difference in creating the appeal that will ensure buyers look at more than just “the cover.”

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Is the Log-jam in Orlando’s Short Sales Market Getting Worse?

February 15, 2010

Log-jam in Orlando’s Short Sales Market Getting Worse? – Over the last few years we have seen an overwhelming build in the number of short sale homes for sale in the Orlando market. As the number of short sale listings have increased, we have seen very few closing actually taking place. If you look at [...]

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Orlando Real Estate Report – January 2010

February 7, 2010

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Short Sales Hit Luxury Home Market

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If you mentioned a short sale five years ago many people wouldn’t have known what you were talking about. Times sure have changed, and most people now realize that if you need to sell your home, and you owe more than it’s worth, you will in most cases want to consider selling your home as [...]

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FHA Changes Loan Requirements For Buyers

January 22, 2010

FHA Reduces Buyer’s Closing Assistance to 3% – In an effort to reduce its financial risk and strengthen its reserves, FHA has made some changes that will affect many future home buyers. Here are the key changes:
1) Mortgage Insurance Premium Increase – The upfront fee will increase to 2.25% of the loan amount.
2) Buyer’s Closing [...]

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Orlando Foreclosure and Short Sales Statistics: December 2009

January 15, 2010

Short Sales Create Traffic Jam in Orlando’s Real Estate Market: We get so many questions about short sales, foreclosures and the difference between the two. To answer some of the questions, we decided to compile some real time numbers from the Orlando MLS. As we began compiling this information, it became clear to us that short [...]

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Orlando Real Estate Report – December 2009

January 11, 2010

Orlando’s Real Estate Market Finishes 2009 Strong: The number of unsold homes in the Orlando area decreased to 18,903. This brings Orlando available listings of unsold homes to a ten month low. The number of unsold homes is now at 18,903, down from 19,724 in November, which leaves 821 less homes for sale in the [...]

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Home Buyer Tax Credit Extended and Expanded for 2010

January 2, 2010

Many of you have asked me about how the new and now expanded Home Buyer Tax Credit works. I put together this blog post to clear things up:
On November 6, 2009 the new home buyer tax credit was passed. Under the new law, an eligible taxpayer must buy, or enter into a binding contract to [...]

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Orlando Real Estate Report – November 2009

December 12, 2009

Orlando’s Real Estate Market Slows in November—the number of unsold homes in the Orlando area increases slightly after nine months of decline. The number of unsold homes is now at 19,724, and up from the 19,455 homes that were available in November. This leaves 269 more homes for sale in the Orlando area than one [...]

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