Many homebuyers do not realize the great opportunity brought to them by the United States Department of Agriculture with the USDA home loan. The USDA Loan offers some of the lowest interest rates with no down payment requirements. The property must meet the guidelines set by the USDA property eligibility.
Some think that USDA home loans were made for farmers in the middle of nowhere, however this is not true. The program is available in MANY areas throughout the United States. You will be surprised to know what areas belong to this program. There are areas that are very close to the city, so there is no need to worry about the location. You need to become familiar with the eligible areas so you can ensure the homes you are looking at are in an eligible area. The USDA loan program allows for you to purchase an existing home or to purchase a brand new home from a builder. An appraisal inspection to the property is required just like any other home loan to ensure that it meets the codes and in good condition.
* The first thing that you need to do is to go to the USDA income and property eligibility website to find out if the property that you are looking at is located in an eligible area and to find out more about the USDA income limits.
* Once you confirm the property eligibility, the next thing to do is to submit a home loan request to the USDA Home Loan Website.
* You will need to provide your USDA Home Loan Specialist with personal documentation such as w2 forms, tax returns, pay stubs, divorce decrees, child support agreements, etc…
* The next step is to put an offer in on a home with a copy of your pre-approval letter and once your offer is accepted, the USDA Loan Process can begin.
If you want to own a home, but you do not have enough money or don’t want to put any money down, the USDA home loan will suit you. Be sure you check both the USDA Property Eligibility and the USDA income limits so you do not waste a lot of time looking at homes that are not located in an eligible area.
Some call it the necessary evil. We all know we have to pay for schools, fire departments, police protection, roads, and the list goes on unfortunately. So in the case of an emergency its nice to know our tax dollars are at work and these services would be readily available.
Why Keep Them: The importance of keeping property tax records safe is usually appreciated when you happen to be a “victim” of regular audits. Now don’t keep them just for the sake of the regular audits. Some eventualities may come that greatly demand the presence of intact records. One of these unfortunate incidents is divorce. The reason why divorce related cases usually take forever is because of the absence of such documents. The property tax records are used by the legal system when in comes to splitting of belongings.
Since I have been an appraiser for several years and being knowledgeable with the mass appraisal system, I have seen first hand that property owners do not understand that they have the legal right to appeal their property values and also not a clue on the procedure of property tax appeal.
My advice is that if you disagree with the values set forth by the taxing jurisdiction, then start the process of appeal. Begin by contacting your local assessment office to arrange a meeting with an appraiser from the assessment department to go over your values and data on your property record card.
Ask questions and look for incorrect data on your card. If you feel your values are too high, then make an appointment to go before the board of appeals. Ask what you will need to present to challenge your values.
Make sure you use an online search database when looking for Property Tax Records that provides clear and concise information.
As with anything else, there is some amount of risk in appealing your assessment. In New Jersey, if your case is unsuccessful, you will not recover your out-of-pocket expenses. In addition, under New Jersey law, your assessor has the right to argue that your assessment is too low. This right is limited, however, to cases where your property is undervalued by a measure of 15%. If your property’s assessment divided by the equalization ratio is $ 100,000, the assessor can only argue that assessment should be increased if he or she can prove your property is really worth at least $ 115,000. If your attorney has done his research well and has determined that there is a good case for lowering your assessment, it is unlikely to happen.
As the new year begins, in addition to some of the more difficult goals and changes people contemplate, it may be worthwhile to consider trying to lower your tax bill. It could be one of the easiest and most profitable resolutions you make.
Going through a divorce can place enormous strain on both parties. When property is involved, the difficulty can be even greater. Texas is a no-fault divorce state. This means a husband or wife in Texas can obtain a divorce without having to demonstrate the cause of the breakdown of the marriage. But it is also possible for a divorce to be granted on the basis of one party declaring the other is at fault. There are many grounds for fault, but courts will usually separate the division of marital property from any grounds for the divorce. Nevertheless, marital property division can be complex. And it behooves Dallas residents going through a divorce to seek the counsel of a Dallas divorce lawyer or a Dallas complex divorce.
In Texas, it is presumed that every piece of property possessed by either spouse during the course of their marriage is community property but there are a few exceptions to this rule. In any case, the dissolution of marriage in Texas requires the courts to divide community property fairly. And it behooves anyone going through a divorce to seek the counsel of a Dallas Complex Divorce Attorney or a Dallas family law lawyer.
The process of marital property division involves a number of steps. The first is that the assets and debts must be identified. To do this a sworn inventory and appraisal, which lists all of the assets and debts owned, is completed. After the property is identified, it must be categorized as either community property or separate property. Once all of the assets have been identified and characterized, the court can make its division.
A judge considers many factors in making a just division of the community assets and liabilities. When dividing marital property the judge may consider the contribution of each party to the increase or decrease in value of the marital or non-marital property and the duration of the marriage. Another factor in the judge’s decision is the economic circumstances of each spouse when the division of property is to become effective. The judge may also look at the desirability of awarding the family home to the spouse who will have custody of the children. Further things that may be considered are the obligations and rights arising from a prior marriage of either party and any post-nuptial agreement of the parties.
One more important thing to remember is that divorce will not relieve each spouse from joint debts. Liability on joint debts cannot be relieved simply by dividing the debts and assigning liability in the divorce. A divorce only divides liability on debts between spouses and does not affect the ultimate liability to the creditor. There is rarely a perfect solution for dividing debts taken on during the marriage. The only way to be sure that the credit of the spouse not taking the debt after the divorce is protected is by using assets available in the marriage to get rid of the debt, or by using debt solely in the name of the spouse assuming the debt. In any case, if one knows a divorce is inevitable, then it is important to work with your spouse as early as possible to address joint debts.
A Dallas divorce lawyer or a Dallas Complex Divorce Attorney can help individuals seeking to do negotiate this rather complex issue. In Texas, it is presumed that every piece of property possessed by either spouse during the course of their marriage is community property. But there are some exceptions, including property owned or claimed by a spouse before marriage and property acquired during the marriage by gift or inheritance.
Texas is a no-fault divorce state. This means a husband or wife in Texas can obtain a divorce without having to prove that one party caused the breakup of the marriage. But it is also possible for a divorce to be granted on the basis of one party declaring the other is at fault. Grounds for fault include adultery, cruel treatment and abandonment. However, courts will usually separate the division of marital property from any grounds for the divorce. But in some cases any financial misconduct that has occurred will be considered when the marital property is divided. In any case, if it seems as though there will be problems during the division of marital assets, it may be a good idea to separate any joint financial obligations before the process begins.
The dissolution of marriage in Texas requires the courts to divide the spouses community and quasi-community property in an equitable manner. When dividing marital property the courts may consider the contribution of each party to the increase or decrease in value of the marital or non-marital property and the duration of the marriage. Another factor in the court’s decision is the economic circumstances of each spouse when the division of property is to become effective. The judge may look at the desirability of awarding the family home to the spouse who will have custody of the children. Further things that may be considered are the obligations and rights arising from a prior marriage of either party and any post-nuptial agreement of the parties.
If the couple had any business assets, this also will have to be dealt with during the divorce proceeding. Dividing business property can be complex because such property needs proper valuation before it’s divided. One of the challenges in valuing business assets is determining whether a business is actually community property. It often happens that one party thinks the business is an asset not eligible to be divided as part of the divorce. But such actions as a refinance, a change in business entity, or an incorporation could have converted the business to community property.
One way of valuating a business under such circumstances is to hire an independent business appraiser CPA with an Accredited in Business Valuation (ABV) credential or a certified professional. A CPA will look through all the records of the business including tax returns, financial statements, and reports for the last five years and determine the company’s intangible and tangible net assets. In the end, a judge will have to determine the fairest way to divide the business assets. But it is important to bring the correct facts and figures to the court before any such decision is made.