Which is most favorable to me when it comes to getting the lowest appraised value and the benefit of homeowner exemption? Should I close escrow on a new house in December 2005 or January 2006? Will the appraised value be different if I close in 2005 or 2006? 2005 based on land value, and 2006 based on purchased price?  Close in 2006 I would not get that year's exemption? |
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Quote: Which is most favorable to me when it comes to getting the lowest appraised value and the benefit of homeowner exemption? Should I close escrow on a new house in December 2005 or January 2006?
Will the appraised value be different if I close in 2005 or 2006? 2005 based on land value, and 2006 based on purchased price?
Close in 2006 I would not get that year's exemption? | Not positive about TX, but FL your best to close in 05 for the tax credit on points/closingcosts. As far as the appraised value, that should not really depend on the exact month dec/jan but rather how fast values are increasing in that particular area. Just seems to make more sense to close in Dec for the credits this year rather than Jan and have to wait another year to take the deduction.
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| Reply » TX Real Estate Question |
Quote: Which is most favorable to me when it comes to getting the lowest appraised value and the benefit of homeowner exemption? Should I close escrow on a new house in December 2005 or January 2006?
Will the appraised value be different if I close in 2005 or 2006? 2005 based on land value, and 2006 based on purchased price?
Close in 2006 I would not get that year's exemption? | If you close in December you will be apportioned your portion of the taxes for the year, that means 1 month. How does your contract read about you come to closing? I am not too sure your builder is going to be too happy if you do not come to closing shortly after your house is complete.
You appraised value will be 100% of your purchase price. HCAD (Harris County Appraisal District) does not believe that there should be any difference between market value and (tax) appraised value.
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| Reply » TX Real Estate Question |
Quote: If you close in December you will be apportioned your portion of the taxes for the year, that means 1 month. How does your contract read about you come to closing? I am not too sure your builder is going to be too happy if you do not come to closing shortly after your house is complete.
You appraised value will be 100% of your purchase price. HCAD (Harris County Appraisal District) does not believe that there should be any difference between market value and (tax) appraised value. | Forget about the builder. Hypothetical question only. Relative to apprised value and exemption, what is more beneficial to the buyer, closing in Dec '05 or Jan '06? Does it matter? Maybe an escrow officer can give me a straight answer since he handles prorations all the time in the settlement papers.
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I think it's better to close in Dec. 05, but I'd call a title company and ask an escrow officer. If you don't know one call here,
Charter Title Co.
281.296.9100
Ask for Pam
Tell her Kevin Collins gave you her number.
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| Reply » TX Real Estate Question |
Quote: Which is most favorable to me when it comes to getting the lowest appraised value and the benefit of homeowner exemption? Should I close escrow on a new house in December 2005 or January 2006?
Will the appraised value be different if I close in 2005 or 2006? 2005 based on land value, and 2006 based on purchased price?
Close in 2006 I would not get that year's exemption? | Texas, right? I'd say 2006 as real estate generally depreciates over time there no?  
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TX Real Estate Question