Home Property

Help! Questions regarding city appraisal and acquisition of property from property owners of Charlotte!?

So my parents just got a letter from the city of Charlotte (of North Carolina), and they want to get the property around my neighborhood appraised and apparently acquired(?). Below is the letter word for word (with some information left out for privacy/security):
————————————————————————————————————————————————
City of Charlotte
Engineering & Property Management
Real Estate
Re: Project Name: Allenbrook/Westridge
Project Number 671-09-005

The City of Charlotte views public improvement projects as important to maintain and improve the quality of life for the City and its citizens. In order to start these public improvements, the City must first acquire property from property owners affected by improvement projects. In our efforts to achieve these improvement goals, the City will secure an appraisal to determine a fair and equitable compensation for property needing to be acquired as part of the above project.
We wanted to correspond with you in advance to let you know a certified, independent appraiser will perform a valuation of the land and improvements affected on your property by this project.
The appraiser who will perform the appraisal work on your property is:
T.B. Harris, Jr. MAI
1430 South Mint St., Suite 102
Charlotte, NC 28203
(704)334-4686
(704) 334-2759
Ref: 1018169-8406
You are encouraged to contact the apprasiers and advise them of any facts you feel will influence the value of your property. After the appraisal work is completed by T.B. Harris, Jr. MAI, the acquisition agent (THC, Inc. (704) 359-0722) will contact you to discuss this project.
Very truly yours,
Mark R Boone
Appraisal Administrator
————————————————————————————————————————————————

When they state "property from property owners", are they referring to my family’s home/land?
Can the appraiser go on our property without our permission?
Is there anything I need to be aware/cautious of concerning this letter?

It is called Condemnation by Eminent Domain. The Government can take your property for public purposes with just compensation. In essence the letter is notice that your Parents property will be acquired by the City of Charlotte in whole or in part for the public good. Usually it means an Easement for road widening, sewer, utilities or similar projects.

However, entire properties may be taken as deemed necessary.

Posted in home property appraisal | 1 Comment »

Help! Questions regarding city appraisal and acquisition of property from property owners of Charlotte!?

So my parents just got a letter from the city of Charlotte (of North Carolina), and they want to get the property around my neighborhood appraised and apparently acquired(?). Below is the letter word for word (with some information left out for privacy/security):
————————————————————————————————————————————————
City of Charlotte
Engineering & Property Management
Real Estate
Re: Project Name: Allenbrook/Westridge
Project Number 671-09-005

The City of Charlotte views public improvement projects as important to maintain and improve the quality of life for the City and its citizens. In order to start these public improvements, the City must first acquire property from property owners affected by improvement projects. In our efforts to achieve these improvement goals, the City will secure an appraisal to determine a fair and equitable compensation for property needing to be acquired as part of the above project.
We wanted to correspond with you in advance to let you know a certified, independent appraiser will perform a valuation of the land and improvements affected on your property by this project.
The appraiser who will perform the appraisal work on your property is:
T.B. Harris, Jr. MAI
1430 South Mint St., Suite 102
Charlotte, NC 28203
(704)334-4686
(704) 334-2759
Ref: 1018169-8406
You are encouraged to contact the apprasiers and advise them of any facts you feel will influence the value of your property. After the appraisal work is completed by T.B. Harris, Jr. MAI, the acquisition agent (THC, Inc. (704) 359-0722) will contact you to discuss this project.
Very truly yours,
Mark R Boone
Appraisal Administrator
————————————————————————————————————————————————

When they state "property from property owners", are they referring to my family’s home/land?
Can the appraiser go on our property without our permission?
Is there anything I need to be aware/cautious of concerning this letter?

It is called Condemnation by Eminent Domain. The Government can take your property for public purposes with just compensation. In essence the letter is notice that your Parents property will be acquired by the City of Charlotte in whole or in part for the public good. Usually it means an Easement for road widening, sewer, utilities or similar projects.

However, entire properties may be taken as deemed necessary.

Posted in home property appraisal | No Comments »

Where do I include home improvement depreciation for rental property on form 4562?

I bought rental property in 2010 and rehabbed it before renting it out. I know that the home improvements should be depreciated. I don’t know where to include it on form 4562. Do I add it to the purchase price (minus the land value) and make one entry? Or do I enter home improvements and building depreciation on separate lines or separate forms?

Get yourself a copy of TurboTax Premier edition and it does all the dirty work for you. The best $70 I ever spent!

Posted in home property rentals | 2 Comments »

Where do I include home improvement depreciation for rental property on form 4562?

I bought rental property in 2010 and rehabbed it before renting it out. I know that the home improvements should be depreciated. I don’t know where to include it on form 4562. Do I add it to the purchase price (minus the land value) and make one entry? Or do I enter home improvements and building depreciation on separate lines or separate forms?

Get yourself a copy of TurboTax Premier edition and it does all the dirty work for you. The best $70 I ever spent!

Posted in home property rentals | No Comments »

Would a Garden pond Raise or Lower the property Value of a home?

Neither. Some people would love this, others would consider it a nuisance. It does not add value.

Posted in home property value | 3 Comments »

Is an anonymous, psychic tip probable cause to acquire a search warrant of your home and property?

http://www.thestar.com/news/world/article/1004338–texas-judge-says-anonymous-tip-about-bodies-buried-at-farmhouse-came-from-psychic

Why are Texas police snooping and sniffing around people’s back doors?

The can and should investigate but they normally cannot get a search warrant merely based on a psychic. In this case, they did not. If no-one is home, they can look around the outside and into windows if the drapes are not drawn. They did find evidence of blood and a foul odor which is sufficient to request a search warrant which would allow a more intense search of the grounds and inside the home. BTW, it is probably not a anonymous tip, they probably know who the person giving the tip is. z

Posted in home property search | 12 Comments »

depreciating home to protest property value in texas?

If we are comparing sales of houses in the neighbourhood and comparing houses of different ages can we depreciate our house if it is older? This is for finding the market value for property tax purposes.

You could conceivably depreciate the structure only, as the land will always appreciate in value. However, your best bet is to access your county GIS and compare square footage values of all of the homes in your neighborhood. Look for glaring differences, and use that to your advantage. Worked for me.

Posted in home property sales | 2 Comments »

which property provide more tax deduction, vacation home or rental property/?

Well, the vacation is none at all.

Posted in vacation home property | 2 Comments »

why the big decrease in home prices?

In my area in Columbus Ohio homes were going for 90K-110K a few years ago.
Now they are going for 65K-80K. Do you think property values are going down or
is it the housing market is bad and people are willing to let their homes go at far below
market value?

I’m sorry, but where have you been for the last 4 years?

No one ~wants~ their property value to decrease. The market still sucks, but the economy is starting to come back – unemployment is down, stocks are up, interest rates are staying low.

There isn’t a "do you think" about this. Property values in most places have decreased significantly in the last 4 years. In some places, the numbers are 50%-60% below peak.

Posted in home property prices | 2 Comments »

I want to sell rental property to renter. Home is own out right how do I sell this property without realtor?

I currently own out right rental property. I want to sell to the renter without using a realtor. The renter does not have good credit. I want to draw up some type of contract where the monthly payments are paid directly to me. Do I need to contact a real estate attorney as well? Thank you

Yes. Rent to own deals almost always go sour because of an unforseen circumstance that someone made worse by trying to do a contract for themselves.

he does the contract, the note, arranges for the deed transfer, records the land contract if that is done in your state, covers death and default issues, tax and insurance payments, mortgage defaults, foreclosures while the agreement is in effect….

Posted in home property rentals | 6 Comments »