Naples Florida Real Estate News - 09/18/07
Making the news today - "Vote Yes on 1 - Save Our Homes NOW" momentum is growing - but can subprime mortgages or foreclosures accomplish the same thing? What will the Federal Reserve do today?
REAL ESTATE TAXES - Momentum is gaining for support of the “Yes on 1 – Save our Homes NOW,” urging Floridians to vote for the largest tax cut in the state’s history on Jan. 29, 2008.
ASSESSED VALUES - Homeowners in neighborhoods with mortgage fraud could see their real estate taxes reduced, in certain areas of Naples, Bonita Springs and Estero. Since property appraisers rely on recent home sales to calculate an appraised value, local sale prices driven artificially high by mortgage fraud could make nearby homes appear more valuable than they really were. Of course, the impact will not be reflected until next year’s real estate tax bills are sent out in October 2008. However, will the millage or tax rate be stable or increase - stable will result in lower taxes, increase will lead to what could be slightly less, the same or even higher taxes. Most people forget that real estate taxes are a product of both the assessed value for the property and the millage or tax rate.
INTEREST RATES - The Federal Reserve is widely expected to cut its target for the federal funds rate, the interest that banks charge each other, for the first time in four years at its meeting today. The change should influence adjustable-rate mortgages, though not necessarily fixed-rate mortgages.
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