Appraisal Ace Blog

Do you need an Appraisal for Property Tax Assessment Appeal?

Is your property tax too high? If you bought your home within the last few years, you may be entitled to a reduction in your assessed value which will lower your property tax under Proposition 8. Click this link for an explaination of Propostion 8.

If you need proof that your home is worth less than the purchase price, or the Proposition 13 basis value, order an appraisal today from Appraisal Ace.

Eddie Murphy's house (2 houses one on lot) in Granite Bay sold to a
Patrick Willis Family Trust of Zephyr Cove, NV according to county
records. Sale price was $6.1M. Sold 12/07/07, DOM: 33, Address: 9125 Vista De Lago Ct, Granite Bay. Over 11,000 SF in the main house on 2.5 Acres, with views of Folsom Lake and the Sacramento skyline, such as it is.

From the MLS description:

Former Eddie Murphy Estate. Exclusive Estate located in Prestigious Los Lagos. Main house is over 11,000.SqFt plus the Guest house is over 5,200 SqFt. A total of 10 Bedrooms & 14 Baths. 2 Guest Suites, 7+ Car Garage. Home Theater, Tennis Court/Sports Court, Complete Fitness Gym, Infinity Pool & Outdoor Kitchen

Elsewhere in the Greater Sac area, no sales over $3.6M. for SFR or
SFR-2 houses on one lot in the last year, according to MLS.

President Bush signed mortgage debt relief legislation into law Thursday, saying the measure will help struggling homeowners deal with "serious strains" in the housing market.

The Mortgage Forgiveness Debt Relief Act of 2007 will let homeowners avoid income tax on mortgage debt forgiven through refinancing. In the past, homeowners had to count forgiven debt as taxable income. The bill would create a three-year exception for debt forgiveness on home loans.

With foreclosure rates increasing as subprime adjustable-rate mortgages reset into more expensive monthly requirements and housing prices fall in many parts of the country, the White House is under pressure to help troubled homeowners. It is encouraging loan investors and servicers to speed up refinancings, an effort that could allow certain borrowers to have their interest rates frozen for up to five years.

To further address those strains in the months ahead, Bush said Congress should pass legislation permitting state and local governments to issue tax- exempt bonds for refinancing existing home loans, strengthen the independent regulator of Fannie Mae (FNM) and Freddie Mac (FRE), and finish a bill overhauling the Federal Housing Administration.

So, the first of several legislative efforts to strengthen the housing market has finally been enacted into law. While not all agree that these laws will help many in the short run, most agree that the taxpayer will foot the bill for efforts to bolster the housing market in the long run.