We only own property inasmuch as we can pay the legal taxes applied to it. Here are the ten most common questions you should know the answers to if you own property or plan to someday own property.
1. How is Property Tax Computed in California? Annual property taxes will usually be from 1% to 1.25% of the sales price of the home at purchase.
2. Can Property Taxes Go Up Annually? Unfortunately, the answer is yes. In California the maximum tax hike on property is 2% of the previous rate.
3. When Do I Have to Pay Property Taxes? Property taxes are paid twice a year. One is billed in February and is due by April 10 at the latest; the other is billed in November and is due at the latest by December 10
4. What Happens to the Tax I’ve Already Paid this Year if I Sell My House? This is handled in the escrow process at closing. If you have already paid taxes for time past your occupancy, the buyer will reimburse you for the difference.
5. What is an Impound Account? If your lender is paying your taxes and insurance as part of your monthly payment to them and your down payment on the house was less than 20%, they will require you to have what’s known as an impound account.
6. I have an Impound Account – Why Do I Get a Refund Some Years and a Raised Payment in Others in Order to Fund the Impound Account? Your lender is collecting funds from you to pay your taxes and insurance premiums on your behalf. When your taxes or premiums rise or fall, they adjust the amount collected from you.
7. Can I Simply Pay All of My Property Taxes in December? Yes, you can – but it may have some tax implications. Check to see if there are any downsides to this in your county.
8. What is Mello-Roos? Mello-Roos is a fund set up for builders to borrow from in order to put in the necessary infrastructure for a new development – sewers, sidewalks, street lights, etc. The loans are paid back through your property taxes.
9. How Can I Tell if I am Buying a ‘Mello-Roos’ Home? The seller is legally required to inform you. The tax bill, which is public information, will also list this.
10. How Long does Mello-Roos Apply to a Property? Typically 10-20 years.
For plenty of people, investing in a real estate property is a major decision, and similar to all the moves that will involve a serious amount of hard-earned money, it needs substantial research and preparation. After spending much of your professional adult life handling over rental fees every month to your landlord, you will soon need to bring out huge amount of money to buy and maintain a house that you can call your very own.
But always remember that investing in a house will bring about changes to your financial responsibility. And if you are a first-time home buyer, there is a list of important things that can help you in determining if investing in a property is the right thing for you to do. Below are some of the valuable tips from excellent real estate agents:
First and foremost, you must look into the financial side. Today’s global economy has made lots of home buyers more discrimination with regards to where each dollar of their money goes, and with a purchase of this magnitude, it truly pays to carefully go over your financial strategy first. Based on some real estate agents, home buyers must take note of the following questions to determine where they truly stand:
Are you disciplined enough to save a 20% deposit?
Do you know of some excellent home loan providers that can help fund your purchase, and have your compared each one’s terms and interest rates so that you can obtain the best possible deal?
Do you have at least one excellent source of income that you can depend on to keep your payments on tract?
Do you have a great idea about the running costs that you’ll need to keep up with after you have decided to move into the house like continuous maintenance and improvement costs on top of the other utility expenses?
Do you have a separate account that can take care of possible unexpected or emergency costs?
Mumbai-the commercial capital of the country and home to the Indian film industry, has always been a preferred choice for buying, selling or renting properties in India. It is recognized as an IT/ITES hub and this has led to a thriving demand for properties. Despite the skyrocketing real estate prices, the city has something to offer for every class of the society to invest in real estate.
Due to large scale urbanization in the suburbs, Mumbai is expected to see very high demand for residential space of approximately 16.40 lakh units. The mid-scale and affordable housing in suburban and peripheral areas will be the focus of this demand.
The eastern suburban areas of Navi Mumbai, like Kharghar, Airoli, CBD Belapur, and Sanpada which have been getting a lot of infrastructural developments, happen to be good investment options. Rates in Navi Mumbai range between Rs.3000 to Rs.5000 per sq ft. While the North Western and Eastern suburbs continue to be the preferred locations; in Mumbai, the demand has continued and there are some new projects coming up in South Mumbai. Also, Central Mumbai areas e.g. Wadala, Sion etc are coming up with new residential ventures.
Navi Mumbai is getting the larger share of the pie, as most of the real estate projects are coming up here and the prices are affordable as compared to Mumbai. Many options are still available in Mumbai, wherein you can afford to have an abode of your own. Lets have a look at a few of them:
Kurla- One of the major suburb of Mumbai, the suburban railway station lies on the Central and Harbour line. Lokmanya Tilak Terminus lies near to the Kurla Suburban Station, which is a terminus for out passenger/express trains. It has its own railway junction and is 3.5 Kms away from the domestic airport and 13.5-14kms from Mumbai Central and Mumbai CST respectively. The locality has got Engineering Colleges as well, apart from lots of schools and various other educational institutions.
Borivali- The Borivali suburban railway station is on the Western Line. Located in the North-Western Mumbai, it is one of the few places in the world that has got a National park within the city limits-The Sanjay Gandhi National Park. There are a number of well known educational institutions managed by the Franciscan Brothers. The very famous amusement park, “Essel World” and Asia’s largest water park “Water Kingdom” are located here. It is at a distance of approximately 18 Km from the airport and 32 Km from the Mumbai Central.
Sion- The Sion suburban railway station lies between Matunga and Kurla on the Central line. There are a few residential projects coming up in this area. The Central Labour Institute is nearby and other schools and colleges are also there. Not only the local trains, but also the Sion BEST bus depot connects it well to other localities like Wadala, Dadar, Antop Hill, Bandra etc.
Vikhroli- This Mumbai suburb has a railway station with the same name on the Central line. Similar to many other areas in Mumbai, it is divided by the railway line between two parts, namely Vikhroli East and Vikhroli West. There has been a proposal for a bridge to be built over Thane creek to Kopar Khairne, Navi Mumbai, the third linkage between Navi Mumbai to Mumbai. It lies between the Ghatkopar and Kanjurmarg Suburban Railway Stations.
Chembur- Located 22 Km to the North-East of Churchgate, Chembur is located in the eastern part of Mumbai. The Suburban Railway station of Chembur is on the Harbour Line. Owing to its central location, it is well connected via roads to Navi Mumbai, Ghatkopar, Sion, Kurla, Mulund, Mankhurd, Panvel and Thane. The NG Acharya Garden or Diamond Garden, Sandu Garden and Pestom Garden. are the major attractions of Chembur. It is about 20 Km from the international airport and 18 Km from the CST railway station.
Jogeshwari- Jogeshwari Suburban Railway station lies on the Western Line between Andheri and Goregaon. Jogeshwari-Vikhroli Link Road or JVLR, as it is popularly known connects it to the central suburb of Vikhroli. The place is mostly inhabited by Muslims and Maharashtrians. The suburb is named after Goddess Jogeshwari. There are some earlier caves in the eastern part of the region, dedicated to Lord Shiva and Goddess Jogeshwari. There are some of the well known schools and colleges in the area.
Ghatkopar- One of the richest suburbs of the city, the place is filled with all kinds of shopping centers, jewelers’ shops, cloth shops, eateries etc. It lies on the Central Line of the suburban railway station, between Vidyavihar and Vikhroli. North Bombay Welfare Society High School (Ghatkopar West), Fatima High School (in the border area with Vidyavihar), Gurukul High School (Ghatkopar East), Garodia High School (Garodia Nagar), Ramji Assar High School (Ghatkopar East) area few private schools in the area. For arts, Science, Management, Engineering and Medicine streams, the famous Somaiya family of colleges is here. In addition, the suburb is served by at least three Municipal schools. It lies 6 Km from the international airport and about 18 and 16 Km from CST and Mumbai Central respectively.
Goregaon- It is a major suburban railway station on the Western Line between Jogeshwari and Malad. It is in the northern part of the city and is easily accessible by buses, trains, auto-rickshaws and taxis. Not only has it housed the famous film studios Filmistaan and Film City (in Goregaon East) but also the cinemas like Anupam and Samrat. Goregaon West is known to have most of the shopping centres of the locality. The Western Express Highway and Linking road lie on either side of the area. It is primarily a middle class locality.
Malad- It is well known for Marve/Aksa/Erangal beaches where the famous Raheja group hotels Resort/Retreat are situated. It is on the Western Line of the Suburban Railway between Goregaon and Kandivali. There are a number of shopping centres, markets, theaters etc in the locality. Malad East has many popular housing colonies like Raheja Township, Govind Nagar, Mahindra Nagar and Pratap Nagar. Mahindra Nagar is a clean and green society, which was nominated as the second most pollution-free area in Mumbai by Eureka Forbes after Aarey Colony in Goregaon.
Area-Avg Price/Sqft(INR)-Avg Rent/Sqft (INR)
Kurla(East/West)-6092 / 7688-21 / 29
Borivali(East/West)-6330 / 6884-21 / 18
Vikhroli(East/West)-6051 / 6609-19 / 24
Ghatkopar(East/West)-7458 / 6880-26 / 24
Malad(East/West)-7204 / 5336-24 / 25
Jogeshwari(East/West)-9190 / 7309-32 / 28
Goregaon(East/West)-7605 / 7968-25 / 25
The above localities offer a lucrative option for real estate investments. These are well developed and have a better infrastructure in comparison to the developing Navi Mumbai suburbs. Also, they offer a cheaper rental as well as capital values, when compared to the Mumbai’s Golden triangle, Malabar Hill, Breach Candy and Altamount Road and other costly areas, where residential properties sell in the range from 40000-62000 Rs/Sqft
More about North Carolina Real Estate
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