Todays real estate news for Naples, Bonita Springs and Estero covers real estate tax portability (Admendment 1), Citizens Insurance policyholders could face surcharges, FHASecure program is it succeeding, and which way mortgage rates are moving for the week.
HOMEOWNERS INSURANCE – Thanks to changes included in last year’s insurance law, Citizens policyholders could face surcharges as high as 90 percent of their current premium if a major storm makes landfall, an amount paid before other Florida policyholders are charged. “Citizens policies should have a warning right on the front page in bold type” to alert consumers about the assessments, says Scott Johnson, with the Florida Association of Insurance Agents.
FHA – Housing and Urban Development announced that its FHASecure program has, thus far, helped 100,000 homeowners avoid foreclosure by refinancing their subprime mortgage into an FHA loan backed by the U.S. government.
REAL REAL TAX PORTABILITY DEADLINE – If you or a client sold and/or bought a homestead in 2007, remember that Monday, March 3, is the deadline to apply for homestead exemption and portability of Save Our Homes tax benefits. Taxpayers who sold a homestead in 2007 and purchased a new home before Jan. 1, 2008, are eligible to apply some or all of their Save Our Homes tax benefits to the new home. The Save Our Homes benefit is the difference between the assessed value and market value of a homestead property due to the annual limit on increases in assessed value (the Save Our Homes constitutional amendment). Taxpayers who already applied for a homestead exemption on their new home must complete a separate application by March 3, 2008, to transfer the Save Our Homes benefit to the new homestead. Application forms for portability are available from the local property appraiser and from the Florida Department of Revenue Web site: http://dor.myflorida.com/dor
MORTGAGE RATES – Rates on 30-year mortgages rose for a third straight week to average 6.24 percent – the highest level in more than three months, according to Freddie Mac’s weekly nationwide survey. It appears that investors’ inflation worries have helped push up mortgage rates, which are set in bond markets.
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