Depending on how your purchase contract was written, it may be that the Seller will be giving you a pro-rated amount for property taxes due for the period during which they owned the house.
Like a lot of things in Indiana, we do things backwards. Our property taxes are paid in arrears. We live in a house in one year, and we pay the taxes for that year in the following year, and in two installments.
So...and again depending on your situation...you'll be getting a tax bill this year that's due in May. That bill is actually for the first half of last year. Typically the seller will have given you a credit for that amount. You'll still be responsible to pay the bill.
The same goes for a bill that you'll receive that'll be payable in November. That bill is for the last half of last year. Again, you'll need to pay the bill, but hopefully you negotiated an agreement which had the Seller giving you a credit for that time period.
Then, in 2014, you'll receive a bill that's payable in May. That bill will be for the fist half of this year. For the first month and a half of this year, the Seller was still the owner. Again, it may be that the Seller has given you a credit for those 6 weeks or so of taxes.
With respect to your homestead exemption, it's likely it won't take effect until 2014. However, as I hope I've explained above, the fact that the exemption hasn't taken effect is being accounted for in the tax credit that the Seller is (I hope) providing you.
Principal Broker, REALTORÂ®
MacDuff Realty Group, LLC
I really like Indianapolis and Indiana in general. I like the frugalness of prices (good and services) and its tax structure.
So here's my question;
The median home value in Indianapolis is one of the lowest in the country, but when I compare the types of homes to other places (city/states) ie, 200-250k the homes seem lacking. Even though the median income in Indianapolis is higher than other places. This is what confuses me.
To explain more of what I mean. When I look at homes in let's say the greater Portland, OR area. I see many homes that just do not have much curb appeal. Oregon is a place where even Phil Knight dresses in a pair of jeans and a t shirt to work. In Oregon their cars and homes depict much of the same. I get that. Although, I don't think Indianapolis is the same. Meaning it doesn't depict the slacker image that Portland tends to be proud of. Funny exaggerated reality video of Portland http://www.youtube.com/watch?v=FE_9CzLCbkY
I am curious if you agree or not with this statement and if so why you think this is? Sorry if this comes off as rude. I don't mean it to be. I just assumed since the median home value in Indy is so great that if I were to up the value to 200-250k that I would find some extremely nice homes like you may find in other parts of the country that are similar in population ie., Columbus, OH.... more
We will certainly keep your home in mind when working for clients. Do you have it listed in the MLS for lease? This is a low cost option we provide that generates the most exposure for your home. Thanks.
by Brett Martin, Certified Residential Appraiser and Real Estate Agent
Fountain Square is a nice area and Garfield Park which is close to Fountain Square. We've lived downtown for 5 years and love it. Give us a call if we can help. Or, email at email@example.com... more
I would suggest you try all the usual outlets, Craigslist, Apartments.com, Trulia, Zillow, Realtor.com. That should give you a great starting point. You can also hire a realtor to do this legwork for you. Best of luck with your new place.... more
In some neighborhoods it would be. In others it would not. If you have a Realtor working on your side in the transaction they could provide you with info on comperable sales in the area. If not, an appraiser could tell you the value of the home for a fee. If you are financing with a mortgage that would be part of the mortgage process. You should also have an inspection done and possibly a survey. If there is not a Realtor involved in the transaction, I would recommend a real estate attorney be involved for the purchase contract. You will also need to have title work done to ensure the title to the home is free and clear. Please contact me if you have additional questions.... more
They have to keep you informed as to why it is needing extended...
Is it the lender??? If it is the lender, I would highly recommend you move to a new lender after 6 months of waiting. Anything of 60 days after application is unacceptable...
If it's not the lender, then maybe it's the title company? Surely not though...
Who have you talked to about this issue?... more
You are correct that some single family properties in the Central Av area have sold for $300K+. With the square footage and number of bedrooms and baths that you have it is worth exploring the possibility of converting to a single family home. To command that price you would need to thoroughly update the home - updated kitchen, updated baths, refinished hardwoods and the such will keeping some of the old home charm. Your floor plan would also need to make sense for today's lifestyle and not look like a converted duplex. You may also need to add a garage. Of course it all comes down to money. If you need more details regarding market activity in the area or a plan/cost estimate for the conversion please contact me. Thanks
RE/MAX Ability Plus
I have available rental property close to Lawrence North high school. This is a very safe area but it is not in the city with cultural vibes. Rent is $700/month. You can call me if you would like at 317-558-7807... more
I have good contacts who will work with you and your 631 score to get the job done. Also, I offer you a cash rebate of up to 1.25% of the commission paid to me to help you out a bit. Visit www.kenfisherrealtors.com and check it out. Then call, Ken Fisher, at 845-9511 today.... more
In the best real estate markets of the recent past, homes in the area might have seen a 3-5% yearly appreciation. Certainly there were exception, and some homes saw little appreciation. Adjusting for inflation and the cost of the sale when you need to leave, you'd be lucky to break even at the end of 5 years in the best of times.
Good luck in your search!
Principal Broker, REALTORÂ®
MacDuff Realty Group, LLC