Not too late, but very close.  All tax appeals for 2008 taxes which are really paid this year in 2009 must be filed by next Tuesday, March 31st.  It is an easy process and pretty likely to be successful since all the tax values were done based on sales in 2005 & 2006 when homes were selling for much more.  Anita Lopez, Lucas County Auditor, has been very committed to homeowners not paying more in property taxes than is fair ie based on a real market value of their home or just what their home would really sell for today.

Here is the process...Go on-line the to this site http://Lucas County Board of Revision to read instructions and print off the form.  You'll need to supply recent sales for homes in your neighborhood to support your claim that your home would sell for less than the current tax value.  Call me or any agent who you have a relationship will for help with the recent sales.  Note that the Complaint must be notarized.

If you miss this deadline, you can still request a re-valuation to apply to your 2010 tax bill. One other note, appeals can be made only once every three years.

Join me at The Chocolate Affair benefiting Sylvania Area Family Services (SAFS) on Sunday, March 29^th between 2-4:30 PM being held at St. Joseph’s Parish in Sylvania, Ohio.  St. Joseph’s is located at 5411 S. Main Street just south of downtown Sylvania.  This annual event offers all sorts of chocolate tastings and a silent auction with gifts donated by Toledo area artists.  The event will be hosted by morning anchor Jeff Smith of WTVG 14abc.

Probably more people know of The Chocolate Affair than they do of all the great works done by the Sylvania Area Family Services.  SAFS helps low income and at risk families by providing:

• A local food bank for emergency supplies
• Harvest, a weekly food distribution program
• Utility and rental assistance
• After school and summer youth programming
• Holiday baskets
• Information and Referral Services

 SAFA is located at 5440 Marshall Road and can be contacted at 419-882-8416 for more information on The Chocolate Affair or services that they offer.

People are always interested in knowing how the real estate market is doing whether they are getting ready to sell or buy or are just curious about the changing value of their homes.  We read and hear almost daily statistics and opinions about the real estate market ranging from changes in volume sold and prices received, days on the market and to the impact of foreclosed or short sale homes. 

Keep in mind that all real estate is local and that national statistical figures don’t accurately portray what is happening in Sylvania or the City of Toledo for example.  We do know from records of listings and sales kept by the Toledo Board of Realtors that our inventory of homes started creeping up in the summer of 2005 and sale prices started creeping downward about 6 months later in early 2006.  Since then we have lost about ½% in home values each month or somewhere in the range of 18-24% in value again depending on neighborhood. 

The good news is that the number of homes for sale on the market has stayed fairly steady or declining again depending upon neighborhood for the past half year which may indicate we are stabilizing and hopefully that home prices might start increasing again soon.  I've included a graph that shows how the number of listings has changed in recent years.  Note that the number of listings or homes for sale have been dropping slightly, but steadily since March of 2008.  Don’t expect 3-4 % appreciation again for many years though. 

This market does offer great buys for buyers because of the historically low interest rates, good inventory and reduced price of homes. 

• First time buyer really means no ownership interest in a house in the past 3 years.
• The tax credit does not have to be repaid, but you must live in the house for 3 years.
• The tax credit is equal to 10% of the home’s purchase price up to a maximum of $8,000.
• Single taxpayers with incomes up to $75,000 or married couples with incomes up to $150,000 qualify for the full tax credit.

Please link to http://www.federalhousingtaxcredit.com/ for more detailed information.