Posted by Carolyn Schoemer on Fri, Aug 27, 2010 @ 05:35 PM
As a property owner, your real estate taxes are based on your property's assessment. Your property's assessment is set by the local municipality where your property is located and is supposed to be based on your property's fair market value. Sometimes properties are fairly assessed, but sometimes properties are over-assessed in which case property owners are paying more than their equitable share of real estate taxes.
With the help ofJames G. Dibbini & Associates, P.C., it is possible to protest your property's assessment and potentially get your taxes reduced. The first step in this process entails filing a formal complaint (also known as a grievance) with your local municipality within a specified time called the grievance period.
Every municipality sets it own grievance period as follows:
January 1, 2011 -
January 15, 2011
February 1, 2011 -
February 15, 2011
City of White Plains
Villages of:
· Croton-on
Hudson
· Bronxville
· Tuckahoe
· Ardsley
· Dobbs Ferry
· Elmsford
· Irvington
· Tarrytown
· Larchmont
· Mamaroneck
· Sleepy Hollow
· Pleasantville
· Port Chester
· Hastings-on-Hudson
June 1, 2010 - June 15, 2010
November 1, 2010 - November 15, 2010
Towns and Cities:
· Mt. Vernon
· New Rochelle
· Peekskill
· Rye
· Bedford
· Cortlandt
· Eastchester
· Greenburgh
· Harrison (village and town)
· Lewisboro
· Mamaroneck
· Mt. Pleasant
· New Castle
· North Castle
· North Salem
· Ossining
· Pelham
· Pound Ridge
· Scarsdale
· Somers
· Yorktown
· Mt. Kisco
City of Yonkers
Each deadline should be confirmed through your local assessor's office.
Posted by Carolyn Schoemer on Mon, Jul 26, 2010 @ 04:13 PM
So let’s say you are looking for a 2 bedroom apartment for $200,000-250,000 in White Plains. Then a coop is your only option and it is a good one. Let’s say you can afford $400,000 and up so you can buy either a condo or coop. Then I say you should look at both options and compare the monthly costs. I have a great “after tax analysis” which is an excel spread sheet (one for condos, one for coops) where you can figure out very easily your monthly payment before and after tax (see attached samples.)
Here are several things to remember when making the comparison:
- If you are low on a down payment condos may be a better option. Many coop buildings require 20% down.
- If your credit score is less than stellar, go for the condo, because the coop board may turn you down. There is more paperwork with a coop which must be submitted such as tax returns and reference letters so be prepared to disclose your job, earnings etc to your neighbors.
- If you prefer newer buildings, a condo is for you; conversely, the older buildings are mostly coops (a few exceptions like the Chateau in White Plains) so if you love pre-war go coop.
- If you have a pet, you will have more choices with condos. We have a few coop buildings that accept pets, but the rules tend to be stricter.
- If you want the option to be able to rent your unit should you move in a couple years and it is not the best time to sell, go for a condo.
- If you want to live with mostly owners, and not have a lot of renters, let’s say a less transient population, go for the coop.
- Coops have monthly maintenance including taxes, so normally about 50% tax deductible; condos have separate taxes and common fees, the latter are not tax deductible.
- Coops the heat is included in the maintenance; most condos you control your own heat and pay $80 – 300/month for it.
If you still aren’t sure contact me and I will assist you in making the right decision! Happy hunting!
Posted by Carolyn Schoemer on Fri, Jul 16, 2010 @ 09:18 AM
Step 14:
After The Closing - Call us with your new telephone number and let us know how things are going, or we will call you. You will receive a satisfaction survey and we would very much appreciate your taking a few minutes to fill it out and returning it to our company's corporate headquarters. They take these surveys very seriously and want to make sure we have given our clients excellent service. Of course, if you have any questions or problems please do not hesitate to contact us. Please also keep us in mind if any of your friends or family need to buy or sell a home in this area, or other areas. We have a great network of agents across the country that can be utilized. We look forward to keeping in touch with you over the next several years. If you would be willing to give me a quote about your experience which I can post on my web site for future buyers and sellers, it would be most appreciated. Like any business, many of my clients are referred by former clients.
Posted by Carolyn Schoemer on Fri, Jul 16, 2010 @ 09:15 AM
Step 13:
Attending The Closing - The big day is finally here! Bring your checkbook and photo ID and any certified funds requested by your attorney. Usually present at the closing will be the seller, the bank, the title company, both attorneys and both realtors. This is the place where you give the sellers the remainder of your down payment, your loan proceeds and any adjustments back and forth (for example, taxes already paid by seller, oil in the oil tank etc.) The closing usually takes approx. 1-1/2 to 2-1/2 hours. CONGRATULATIONS! YOU NOW OWN A HOME!
Posted by Carolyn Schoemer on Fri, Jul 16, 2010 @ 09:11 AM
Step 12:
The Final Walk Through Of Your Home - You have your loan and the closing is set. Before the closing we will walk through your soon to be new home and make sure that everything is as it should be according to the terms of the contract. On the walk through, it is customary to check for leaks, test all appliances and plumbing and check that all items that are supposed to be included are left in the home. The home is usually supposed to be "broom clean" which does not mean scrubbed. All debris should be removed except storm windows etc. which belong to the house.
Posted by Carolyn Schoemer on Fri, Jul 09, 2010 @ 02:58 PM
Step 11:
Important Phone Calls To Make Before Closing - Don't forget to call the local utility company for gas and electric, and the oil company if the home is heated by oil. You should of course also notify the telephone company and cable, if desired. We can give you the appropriate telephone numbers if you need them.
Posted by Carolyn Schoemer on Fri, Jul 09, 2010 @ 02:55 PM
Step 10:
Applying For A Loan - You may apply with the lender who pre-approved you or another lender. Once your application is complete and the signed contract received by the bank, the appraiser will contact me to see the home and prepare an appraisal of value. When this is complete and the bank underwriter has approved your loan, they will send you a commitment letter stated all the terms of the loan. Fax a copy of the commitment letter to your attorney. Your attorney will order a title search and possibly a survey. In the case of a condominium they will apply for the waiver of the Right of First Refusal. With a coop, you will need to send in your coop board application complete with the contract and your bank commitment and other requested documentation. Once approved, your attorney will need verification that you have been approved by the coop board. On a coop, the attorney will also have to do a UCC search which takes a few days. CONGRATULATIONS, YOU'RE READY TO CLOSE! THE QUESTION IS THE SELLER ALSO READY TO CLOSE?
Posted by Carolyn Schoemer on Fri, Jul 09, 2010 @ 02:52 PM
Step 9:
Signing The Contracts - The seller's attorney prepares the contracts; your attorney will review them and with the agreement of the seller's attorney make any necessary changes. You and your attorney will also go over the contract in depth to be sure that you understand all the terms. The contract is usually subject to obtaining to mortgage but may include any other unique terms to this deal. After the contracts are signed, they are delivered with the check to the seller's attorney who will then ask the seller to sign. The seller's attorney will then send a couple copies back to your attorney; you should keep one copy and send the contract to your bank immediately.
Posted by Carolyn Schoemer on Tue, Jun 29, 2010 @ 03:32 PM
Thinking of moving to White Plains in central Westchester county? Interested in knowing more about White Plains local school district? As a local broker with over 20 years selling residential homes, townhouses, condos and coops in White Plains, I can explain what you need to know about the school district. Please read further to learn about the school district's unique and very successful "parent choice" program which was one of the first of it's kind, established many years ago.
Under the Choice Program, a child's school assignment (in kindergarten - eighth grade) is not determined by where she/he lives. Parents of incoming kindergartners (who complete the registration process and return their Choice Form during the Formal Kindergarten Registration Period which takes place the winter before the children enter school) indicate their preference for three out of five schools and rank them in order of preference. Assignments are made based on parental choice, space available in each school, and the Board's racial and ethnic balance policy.
Parents of fifth graders (who return their Choice Form during the Formal Middle School Choice Period which takes place the winter before the children enter sixth grade) indicate their preference for one of the two Middle School campuses, Eastview and Highlands. Assignments are made based on parental choice, space available in each campus, and the Board's racial and ethnic balance policy.
The results of the Controlled Parents' Choice Program are gratifying and are the reason why school districts around the country have sought the district's assistance in setting up the program at their location. In addition to achieving comparable class sizes and the racial and ethnic balancing that was sought by the Board of Education, an average of 93% of the parents have received their first choice school, 98% of the parents their first or second choice school and 100% of the parents one of their three choices. The Middle School Choice Program has resulted in 98-100% of the parents who returned their forms on time receiving their campus preference during the Middle School Choice Period.
The Choice Program does not apply to students in grades 9-12 who attend one district-wide high school on North Street.
For additional information, please contact the Parent Information Center at (914-422-2113). Additional helpful links are below:
http://www.whiteplainspublicschools.org/411210121154026183/site/default.asp (choice program)
http://www.whiteplainspublicschools.org/4112101113123241110/site/default.asp (about our schools)
http://www.whiteplainspublicschools.org/4112101112153443833/site/default.asp (schools & programs)
http://www.whiteplainspublicschools.org/41121012115375497/blank/browse.asp?a=383&BMDRN=2000&BCOB=0&c=56761&41121012115375497Nav=|3040|&NodeID=3040 (afterschool program)
Posted by Carolyn Schoemer on Tue, Jun 29, 2010 @ 03:14 PM
Step 8:
You Have An "Accepted Offer" - As buyer's agents, we have negotiated with the seller's agent and you have an "accepted offer". We will now write a memo of sale with all the terms set forth and notify your attorney. Usually the contract is not subject to inspections and therefore all inspections should be done within 72 hours of the "accepted offer". This is very important since the property IS STILL AVAILABLE to be shown to other buyers. Should the inspections show problems that were not known or obvious, we may try to renegotiate (your attorney may also be a part of this). Once all issues are resolved, we now go to contract. It is customary in this area to give a 10 % downpayment check payable to the seller's attorney escrow account. If you do NOT have 10% liquid to write a check please let me know so we can discuss other options