Property Taxes and Market Values

If you're like me, you just received your property tax statement for next year's taxes and were shocked by how low the assessed value is.

Based on our neighborhood property values, my assessed value is below what my home would sell for in the current real estate market and yours may be as well. (see chart below showing YTD Maple Grove increase in median sales prices)

The taxable market value is established each year by the Maple Grove assessor using appreciation/depreciation percentages, sales data and computer programs. Additionally, every five years the assessor visits your property to confirm condition and updates which he/she also factors into his/her valuation.

A few details to consider:
(1) Make sure you are looking at your taxable market value and not the net value after the homestead market value exclusion is subtracted (see previous blog article on this)
(2) You can appealing your taxes and taxable market value - an appeal is required by April 30. See the city website and a previous blog article for more details.

If you still have questions on your taxable or actual market value, drop me a line.

Whirlyball - what's that?

You've probably noticed that the Mann Theater in Maple Grove closed but have you heard what's moving into the old theater?

Whirlyball! What's that? Whirlyball is a cross between bumper cars and lacrosse. Click HERE for the YouTube video. The facility featuring two Whirlyball arenas and a lasertag course is expected to open in spring 2013.

And the large building in the parking lot? That's a 2nd Maple Grove Goodwill store which is expected to open as early as December 2012, just in time for your Christmas decoration shopping!

Neighborhood Market Update

Finally. The news is catching on that the real estate market has recovered. Sales are up - 21% through the end of September for Maple Grove over 2011 levels which has led to inventory being down 37% over 2011 levels. source: Mpls Area Association of Realtors

In our neighborhood, the average sales price for the 16 homes that have sold so far this year is $203,025 and an avg list price of $206,350. (an avg pricing discount of just 1.6%)

A map showing the current active listing and those sold or otherwise off the market since September 1st are below. Click HERE for a link to these listings (which will be good until Dec 2012).

To recap, the real estate market in our neighborhood and Maple Grove is recovering nicely and I expect we'll see 3-5% APPRECIATION of values this year.

Is There a Health Care 3.8% Real Estate Sales Tax?

Let me say this up-front - the 3.8% real estate sales tax rumor is mostly false.
There's a popular rumor being circulated that starting January 1, 2013, the health care reform bill will add a sales tax to all home sales. NOT TRUE.
Now, before I go into details, a caveat -- I am NOT a tax expert! Consult your tax professional for the details on how your taxes could be affected.
Who/what will be taxed:
Adjusted Gross Income (AGI)

• above $250,000 AGI married filing jointly
• above $200,000 AGI for single filers

Taxed Amount (principal residence home sales)

• gains above $500,000 if married filing jointly
• gains above $250,000 for single filers

For more details on the tax, including examples for various scenarios, a brochure is available from the National Association of Realtors.

Maple Grove Home Sales Up

Home sales in the Maple Grove market are up 4.1% year-to-date while the number of homes for sale has dropped 39.9%.
With just a 3.6 month supply of homes for sale, the number of homes is below the 5 month supply that is considered a "balanced market" meaning the market is considered tilted in favor of sellers, a welcome change to many home-owners.
Driving this decline in inventory is a drop in bank-owned and lender-mediated short sale homes listed which are down 19.9% and 25.7% respectively while "traditional" owners selling their homes are up 4.1%.
With rents up, exceeding the cost of home ownership in many cases and interest rates at all time lows, the rate of home sales is not expected to decline, at least through the typically robust summer home-buying season.
Data and graphics courtesy of the Minneapolis Area Association of Realtors

Bear Sighting in Elm Creek Park

A black bear was sighted in the Elm Creek Park Reserve on June 9 and again a couple days later, first in the picnic areas and then wandering through the northern areas of the park. The park informed patrons not to approach the bear and to alert park staff if they see the bear. With coyotes in the park and now a bear sighted, authorities have warned residents not to leave their pets or small children unattended in their yard, even if the yard is fenced as these animals can be predatory.
Stock photo courtesy of Fox-8 Cleveland

Neighborhood Garage Sale-June 14, 15 & 16

The Elm Creek Park Reserve neighborhood will be holding its 3rd annual neighborhood garage sale on June 14-16 from 9AM-5PM.

The Maple Grove neighborhood is located on the west side of Zachary Lane between County Road 81 and 101st Ave N or enter from the round-a-bout at the Elm Creek Blvd/Park Reserve exit from 610, just west of Osseo. Signs will be posted.
(1) 11282 98th Pl N
(2) 11474 100th Ave N
(3) 9946 Deerwood Ln N
(4) 11613 100th Pl N
(5) 11655 100th Ave N
(6) 11867 101st Ave N
(7) 11900 101st Ave N
(8) 9710 Forestview Ln N
(9) 9881 Balsam Lane N
(10) 11290 97th Ave N
(11) 11270 97th Ave N
(12) 11950 101st Ave N
(13) 10011 Ives Ln N - plant sale
(14) 9816 Norwood Ln N - lots of kids clothes