Assessing Your Assessment

Like most things in life, the current state of the housing market is a mixed bag. Historically low interest rates and affordable choices make buying easier, but today’s sellers are often getting less than they might have gotten if they had sold their home five or six years ago. For those of you who aren’t currently in the market to buy or sell, seeing a slide in your home’s value can cause your spirits to sink as well. Values may be gaining traction, as we see in the recent uptick of home appreciation in the Kansas City region, but we’ve got a ways to go before we bounce back to the highs we saw a few years ago. In the meantime, keep in mind that if your home’s value has decreased, your property assessment should too. And that’s not likely to happen without a nudge from you. If you feel your property taxes are higher than they should be, you have the right to appeal.

Mistakes on Record

Your first step is to determine whether your home’s inflated valuation is the result of an error in the historical records used by the assessor. One way to do this is to compare a recent appraisal with the assessment. Is the square footage noted on the assessment larger than the actual size of the house? Does the assessment show too many bathrooms? If so, you may have solid grounds for appeal.

How I Can Help

If you’re satisfied with the records used by the assessor but believe the assessment value is still too high, start looking at comparable houses in your neighborhood. I can help by showing you the data on nearby homes similar in size and age. If they have a lower assessed value than your home, chances are yours should too. If, however, comparable houses have been recently renovated and yours has not, this may be artificially driving up the assessed value of your home. A few photographs might support your argument.

As much as 60 percent of the nation’s taxable property may be overassessed, reports MSNBC. If you want to get a fair shake when it comes time to pay your property tax, here are the steps you need to take. 

For Johnson County:

Once you receive your official Notice of Appraised Value in March, fill out the form on back within 30 days to schedule an informal hearing. Before your hearing, make sure to gather any documentation that bolsters your claim, such as a recent appraisal, photographs of structural damage, or data on recent sales of comparable homes in your area. 

An alternative to appealing the spring notice is to wait until your tax bill arrives in the fall. If  using the Payment Under Protest method, or PUP, contact the treasurer’s office for the appropriate form. You still need to mail in your payment with the appeal form; if you present a strong case at your informal hearing, you may receive a refund on the taxes you already paid. Check the website for deadlines if an escrow agent handles your taxes.

Appraiser

913-715-9000

Treasurer

913-715-2600

For Jackson County:

Your appeal must be filed before July 9, 2012. The forms are not available online, but you may request one by calling 816-881-3309 or by visiting the Kansas City Courthouse at 415 E. 12th Street, Room 102 or the Independence Courthouse at 308 W. Kansas.

For Wyandotte County:

913-573-8400

Like Johnson County, Wyandotte County offers taxpayers the opportunity to appeal their assessment when it is mailed in March, or to file a PUP after your tax bill arrives. For forms, click here.

Kansas City: A Top Ten Destination

Curacao, Chongqing, Bay of Bundy...Kansas City. 

Yes, that’s our town ranked by Frommer’s as a Top Ten Destination of 2012. As the only American city among a roster of decidedly exotic names--Fukuoka, Girona, and Ghana all made the list--we’re getting some much-deserved attention as a go-to spot for world travelers in search of culture. Citing the Kauffman Center, the one-of-a-kind National World War I Museum and the Bloch Building of the Nelson-Atkins, the prestigious travel guide gave kudos to Kansas City’s flourishing artistic and cultural scene.  That will come as no surprise to Kansas Citians, who have long enjoyed a life rich in the arts. From the Fringe Festival to Firewater, there’s something here to please everyone, visitors and locals alike. 

Now it turns out our fair city is getting a reputation for its culinary scene as well. On a recent episode of The Today Show, t.v.’s Top Chef Master judge and editor-in-chief of Saveur, James Oseland, proclaimed Kansas City the next great culinary destination of 2012. “Its high-end dining is on the rise,” he said. Giving a nod to Chef Debbie Gold’s American Restaurant, Oseland touted our area’s burgeoning fine-food scene. Restaurants like Julian in Brookside and Bluestem in Overland Park now share the limelight once reserved for Kansas City’s traditional favorites, the barbeque joints. Here’s a sampling of a few other restaurants that may whet your appetite:

Extra Virgin.  Helmed by James Beard Award Winning Chef Michael Smith, Extra Virgin is the companion restaurant to the more formal Michael Smith Restaurant next door. Serving southern-european style tapas in a lively setting at 1900 Main Street in the Crossroads District.

Blue Bird Bistro.  For upscale but affordable organic fare, head to this cozy Westside locale. Owner Jane Zieha has been serving locally-grown food since opening her doors eleven years ago. Located at 1700 Summit Street.

Tatsu’s French Restaurant. A genteel restaurant in an unprepossessing strip mall, Tatsu’s has been serving classic French fare since the early 80s. Located at 4603 W. 90th Street in Prairie Village.

The Rieger Hotel Grill and Exchange. The menu may feature sophisticated French and Italian dishes, but the atmosphere is anything but stuffy in this River Market eatery. Owners Howard Hanna and Ryan Maybee state their bold but simple mission on a wall of the restaurant: “beautiful food for the people.” Located at 1924 Main Street.

Justus Drugstore. Area fans of this Smithville restaurant deem it worth the 20-mile drive from downtown Kansas City. Recently hailed as a “destination restaurant” by Time Magazine, owner Jonathan Justus serves food made from scratch in a former pharmacy run by his parents. Located at 106 W. Main Street, Smithville, MO.  

Story. Fresh, local ingredients are the main characters in this Prairie Village eatery. Chef Carl Thorne-Thomsen parlayed a creative bent for writing fiction into cooking up edible masterpieces. Located at 3931 W. 69th Terrace.

Vote for Your Favorite Local Hotspots!

Click on this link and let me know your favorite places for culture and cuisine in Kansas City:

http://www.surveymonkey.com/s/3D989QL

Aim Straight: Home-Selling Success in 2012

It’s a dream come true: you stick the for sale sign in your yard, buyers come clamoring, and within a day your house is under contract for more than the listing price. Sound too good to be true? Think again.

This scenario was just one of our success stories this past month. And there are many more stories just like this one, which is why Keller Williams Key Partners trumped the region’s averages in 2011. Overall, sales in the Kansas City metropolitan area were down nearly 8% compared with total sales in 2010; at Key Partners, our sales grew by a whopping 62%. Not only did we sell houses closer to their original list price than our competition, translating into thousands of dollars for our clients, we sold them in just two-thirds the amount of time it took our competition to sell houses. Faster, closer to full list price, more houses. At Key Partners, we captured a greater share of the real estate market, and we turned it over quickly. 

How did we do it?

If you’re hoping for the same results when selling your own house, I can help. Here are a few things to consider before you plant that for sale sign in your own front yard.

1) Yes, it IS a beauty contest.

You may look at your home and appraise its value based on memories of family holidays or the shelter of a quiet winter evening, but a stranger looking to buy has a different set of criteria. For today’s buyer, value lies in how fresh, clean and updated the house looks. As a Real Estate Professional, I can give you pointers on staging your home to get the desired response from potential buyers. You wouldn’t go on a first date without sprucing up; do the same for your house.  

2) Do the prep work.

One of the biggest mistakes a homeowner can make is rushing his house to market. If you want top dollar for your home, present it to buyers as move-in ready. That means making sure it passes the “white glove” test both inside and out BEFORE IT GOES ON THE MARKET. Fix that leaky faucet and that loose stair tread; make your paintbrush your new best friend. The greater your effort before you list, the greater your chance of selling quickly.

3) Price it right.

Here’s where my expertise really comes into play. By studying the market and keeping up with housing trends, I have the knowledge to help you decide on the best price for your house. A home is worth what someone will pay for it. Because I work daily with sellers and buyers, I can help you determine just where that elusive number lies. 

Keeping these tips in mind, together we can make the next success story your story. 

Moving Toward a Balanced Market

Why NOW is the Time to Buy or Sell

Common wisdom has it that spring is the best time to buy or sell a house. But in today’s topsy-turvy economy, that wisdom gets turned on its head. Bargain-basement interest rates now are just one reason you shouldn’t wait to buy or sell your home. Here are a few others.

1. Winter weather shrinks your competition pool. Most people won’t have the foresight to trump the tradition of a springtime listing. While others are waiting for their dogwoods to bloom before they put their house up for sale, you’ll be taking advantage of a leaner market. With fewer houses listed, buyers will notice yours.
2. Sell before the shadow market casts its gloom. The lag time between a homeowner defaulting on a loan and the bank foreclosing on that property is referred to as the shadow market. Indicators now point to a glut of foreclosures by early next year. By putting your house up for sale now, you’ll avoid the competition of these underpriced properties.
3. Enjoy fewer showings. We all want as many showings as possible, right? Wrong! By listing now, you eliminate disruptions from house-hunter hobbyists. Not only will you get fewer of those dreaded dinnertime calls to vacate the house for a prospective buyer’s visit, the visitors who do come to see your home will be motivated buyers. When you leave your house for a showing, you’ll know it’s for good reason. Which leads to the next reason to list now...
4. Just like people, houses look prettier when dressed up for the holidays! Whether it’s a cornucopia of gourds and pumpkins, the twined roping of fragrant pine, or the soft glow of a menorah in the window, the season’s decorations give your home an added touch of beauty that buyers will instinctively respond to.

For buyers, there are just as many compelling reasons to start your home search now, instead of waiting for winter’s thaw.

1. While the real estate market has begun showing signs of recovery, homes are still more affordable than ever before. Deflated prices combined with the best interest rates in decades mean that it now costs less to buy than to rent. This is good news not only for buyers savvy enough to strike while conditions are hot, but it also means...
2. Now is the ideal time to buy investment property. Rents are rising across the Kansas City region. With a favorable ratio of money spent on a mortgage to money earned from rent, cautious and bold investors alike are turning to real estate as a way to expand their investment portfolios. By buying now, you’ll not only reap the benefits of low prices and low interest rates, you’ll also be jumping the competition in finding renters to pay your mortgage.
3. Some things never change. Whether you’re buying a home or an investment property, real estate still offers one of the best tax deductions available.