Tax Preparation 2012

Spaces January 15, 2012

Tax preparation season is upon us.  Now is the time to create a Taxes 2011 folder for all the pieces that come in the mail and to collect the information you will need to fill out your return.  Home ownership provides you with deductable mortgage interest and property taxes.  If you bought or sold real estate, or refinanced, this past year, pull out the HUD or RESPA form that was part of your closing documents and provide that to your tax preparer.  Consult with a CPA or tax professional for more details on this and deductions for the new child in the family, education expenses and charitable donations.  As with everything supporting documentation is very helpful. 

Bucktown/Wicker Park closings this past week: 1 Detached single family houses, 2 Attached condos. 0 2-4 unit building:

Detached Single

1406 N Bell, 4 bedroom, 3.1 bath, $622,000

Attached Single

1641 W Le Moyne #3, 3 bedroom, 2.1 bath, 1 parking space Condo-Duplex, Penthouse, $399,000

1304 N Wood #3, 3 bedroom, 2 bath, garage space, Condo Duplex, Penthouse, $445,000

Quick take - What’s on the market now? 

Type, (number), Max, Average, Median, Min Price

Detached (64 properties), $4,400,000, $1,019,329, $762,500, $250,000

Attached (161 condos), $1,099,000, $378,416, $375,000, $79,000

2 -4 units (31 properties), $849,900, $498,925, $499,900, $179,900

*** Information sourced from MREDLLC; 1/15/12. Residential properties - Bucktown (Ashland, Western, Fullerton, North) and WickerPark (Ashland, Western, North, Division)

Have a topic you’d like to see explored or a real estate question send it in. 

If you’d like more information on properties currently on the market or selling your home just drop me a note at EvaB@atproperties.com

Freddie Mac to give unemployed homeowners a break

When job loss is the reason you are unable to make your mortgage payments the banks have the ability to defer your payments for up to 12 months now. See the following article for more on this assistance in avoiding a short sale or forclosure.

Freddie Mac to give unemployed homeowners a break

New Years Resolutions 2012

Like most Americans, I'm not very loyal to my New Years Resolutions.  It just seems like too much emphasis on change in the month of January.  I tend to spread my resolutions around over the course of the year.   That said, the surveys of people this 2012 New Year have shown the usual weight loss plan has been beaten out by building a savings plan this year.  So I wish you all well on them both. 

The following article takes a look at New Year's Resolutions and how you can point them at your home.  I'm continuing with #6 and adding more of #9

http://www.houselogic.com/home-advice/home-thoughts/houselogic-new-years-resolutions-home/

Chicago-area homeownership rate dips | Residential News | Crain's Chicago Business

Chicago-area homeownership rate dips Residential News Crain's Chicago Business

Some very important points in this article. How do you think this affects you?

New buildings and new plans in Streeterville

Affordable housing plan dies in Streeterville. Should it have?

Read more: http://www.chicagobusiness.com/article/20111102/BLOGS02/111109941/affordable-housing-plan-dies-in-streeterville-should-it-have#ixzz1ca4HOeuv

The above article by Greg Hinz brings up some good points and good ideas.

Graphical image of housing price comparisons by zipcode

Based on information from Fiserv the Crains Chicago Business has made the following image available.  Some zip codes are down less than others compared to last year.  Take your time and check it out...

http://www.chicagobusiness.com/article/20111013/PAGES/111019967

From John Fritchey Cook County Commissioner -- Property Tax Workshop

Upcoming Property Tax Workshop for Taxpayers in Lakeview Township Nobody wants to pay more in taxes than they are supposed to. If your property taxes are too high, you have every right to appeal them. Lakeview Township will soon open for appeals with the Cook County Board of Review, providing taxpayers in the township an opportunity to file an appeal of their taxes. To help you with this process, I, and Cook County Board of Review Commissioner Michael Cabonargi, will be hosting an appeals workshop to answer any questions you may have and to assist you with filing an appeal. Details are as follows: When: Thursday, October 20, 6:00-8:00pm Where: Saint Luke, 1500 West Belmont Ave What: Representatives from the Board of Review will explain the appeals process, answer questions and assist taxpayers in filing their appeals. **Please remember to bring your most recent property tax bill**

For more information, please call Bridget at 773-871-4000 or e-mail bridget@fritchey.com

Understanding Your Property Tax Bill It's that time of year again...property tax bills are making their way into your mailboxes. Because many of you may have seen the assessed value of your home go down, you might feel a sense of sticker shock when your property tax bill has increased. Or maybe your assessment stayed the same, but your bill grew sharply. As a way to help my constituents understand why this might be happening, I want to provide this property tax overview to answer some questions you may have. Taxing districts - from schools and parks to libraries and cities - need money to operate. They get this money from property taxes. Generally speaking, from one year to the next, tax levies will remain the same regardless of changes in property values. Taxing districts still need money to cover their bills even though home values in the area may have gone down (the same holds true if home values increase).

If my property value assessment went down, why are my property taxes going up? An assessment is basically an estimate of what a piece of property is worth. This valuation of the property helps decide what part of the local property tax levy will be billed to the property - basically, it helps the Clerk figure out who pays what. But remember, your assessment is only part of the overall equation... Tax rates are calculated by using the amount of dollars levied by the taxing district, the value of all taxable property located within its boundaries, and a state-issued equalization factor.

There are two main reasons your property taxes may have gone up this year: 1. The major City of Chicago taxing districts have asked for a 3.4% increase in property tax revenue - going from $2.001 billion last year to $2.118 billion this year. Much of the overall increase is due to the Chicago Board of Education asking for a $117 million dollar increase in funding. To put it in simple terms, if the whole pie gets bigger, so may your slice... 2. The Alternative Homeowners Exemption (also known as the 7% Homeowner's Exemption), is decreasing per state law and will be fully phased out in 2 years. As the the temporary exemption is phased out, the relief provided by it gets smaller.