THE SCCAOR MINUTE 07.14.2017

Highlights from this SCCAOR Minute
Click here for the Member Appreciation BBQ Photos
Click here for the blog post on the Parcel Tax
Click here to sign-up for the SCCAOR Government Affairs Weekly Wrap newsletter
Click here to register for the 27th Annual SCCAOR Convention & Tradeshow

The SCCAOR Minute 06.30.2017

Highlights from this SCCAOR Minute
SCCAOR Office will be closed on Tuesday, July 4th
SCCAOR Store is having a 10% off Sale on Thursday, July 6th
Click here to register for the “Promote Your Value with Better Content” class

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Red Alert: SCCAOR Opposes SB 231 (Hertzberg) Sewer Tax

C.A.R. is OPPOSING SB 231 (Hertzberg), a bill that allows local governments to circumvent the State Constitution and Proposition 218 to tax property owners directly for costs related to stormwater infrastructure projects without the legally required voter approval. C.A.R opposes SB 231 because it uses legal “sleight of hand” to allow local governments to impose new taxes without required voter input. The bill will be considered by the ENTIRE Assembly as soon as Monday, June 19th.

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Open House Theft Alert + Safety Tips for REALTORS®

There have been several recently reported thefts that have occurred during open houses in Santa Clara County. Individuals have been attending open houses and signing in with a fake name, phone number, and address. They are commonly targeting two story houses so they have a better chance of creating separation between themselves and the REALTOR®. Common items that have been reported stolen include cash, wallets (out of purses), jewelry, and other small items. Sometimes the thief will do a quick walk through the house and then ask a question about the number of bedroom or bathrooms upstairs. They will then say that they missed a room and go back upstairs for a quick look. Many of the thefts are happening at this time. In many instances, the thief says that they are very interested in the property and plan on coming back later in the day with their spouse, but they never return.

Since holding open houses exposes you to people that you’ve never met before, it is critical that REALTORS® follow all possible safety precautions. Even a buyer that seems legitimate could quickly decide to steal a small item on a whim.  NAR has provided the following 10 tips for holding a safe open house:

  1. If possible, always try to have at least one other person working with you at the open house.
  2. Check your cell phone’s strength and signal prior to the open house. Have emergency numbers programmed on speed dial.
  3. Upon entering a house for the first time, check all rooms and determine several “escape” routes. Make sure all deadbolt locks are unlocked to facilitate a faster escape.
  4. Make sure that if you were to escape by the back door, you could escape from the backyard. Frequently, high fences surround yards that contain swimming pools or hot tubs.
  5. Have all open house visitors sign in. Ask for full name, address, phone number and email. Read more

The SCCAOR Minute 06.01.2017

Links from this SCCAOR Minute
Click here to register for the General Membership Meeting 
Click here to view our upcoming class calendar
Click here to view upcoming Tour and Marketing Meetings
Click here to register for the Golf Tournament

The Supplemental Property Tax Assessment — Understanding one of the most confusing parts of purchasing a new home

Many new and prospective homeowners are surprised when they learn about supplemental assessments and supplemental tax bills. Figuring out the amount of property taxes that a new homeowner is required to pay after escrow closes is a confusing process and it often leaves many people frustrated when they receive an additional tax bill.

To help reduce the confusion, the Office of the County Assessor has released a new video on its website called “Property Tax Avenger”. This lighthearted video provides an oversight on how supplemental assessments work. It’s targeted towards individuals who just acquired or have plans to buy a home.

Although supplemental assessments have been part of California property tax law since 1983, new buyers often overlook the financial impact that generally falls within their first year of ownership.  Supplemental assessments and taxes are in addition to the annual assessments and property taxes which are generally prorated during escrow, so that the seller and buyer each pay the portion of taxes attributed to their time of ownership.  However, the proration is based on the assessed value prior to the purchase transaction. The supplemental assessment is based on the difference between the prior assessed value and the new assessed value. This value is multiplied by the tax rate, and the resultant tax is prorated for the number of months remaining in the fiscal year from the date of acquisition by the new owner. The tax new homeowners pay is the amount between the regular tax bill prorated in escrow, and the supplemental tax bill, based upon the value of the property as of their date of purchase.

The Assessor’s website also includes a “Supplemental Estimator” that enables a new property owner to calculate the estimated taxes based upon the anticipated purchase price and month of acquisition. The “Estimator” assists taxpayers to better understand how supplemental assessments and taxes are calculated by the Assessor and the Tax Collector.

If you would like the Santa Clara County Assessor to speak at your business, neighborhood, or event, please fill out this online form.

 

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SCCAOR Members Attend Annual NAR Legislative meetings in Washington D.C.

On behalf of current and future home and property owners throughout the country, SCCAOR members attended the National Association of REALTORS® Annual Legislative meetings in Washington D.C. They were joined by more than 9,600 REALTORS® from across the country with the aim to advance key real estate issues during the 2017 REALTOR® Legislative Meetings & Trade Expo.

Led by 2017 President Rick Smith and 2017 President-Elect Kevin Cole, the SCCAOR Leadership team joined fellow REALTORS® from California and across the nation to attend meetings and informational sessions. They also met with regulatory agency staff and lawmakers on Capitol Hill to discuss and advocate for real estate issues affecting their businesses, communities, and clients.

At the legislative-focused meetings, REALTORS® focused on several significant issues affecting the industry, such as flood insurance, tax reform, and sustainable homeownership.

Rick Smith (2017 SCCAOR President) and Kevin Cole (2017 SCCAOR President-Elect) with Rep. Ro Khanna

“REALTORS® are critical advocates for the real estate industry and for their clients, and this trip allowed us to educate our lawmakers that the wrong type of tax reform could cost homeowners hundreds or thousands of dollars more in taxes annually,” said Rick Smith.

SCCAOR members met with three members of Congress that represent parts of Santa Clara County: Rep. Ro Khanna, Rep. Zoe Lofgren and Rep. Anna Eshoo.

“We discussed important regulatory issues like proper oversight of PACE loans that impact home buyers and sellers in California,” said Kevin Cole.

Additionally, REALTORS® urged for the protection of sustainable homeownership by advocating for responsible reform of the secondary mortgage market, prohibiting the use of guarantee fees for any purposes other than credit-risk management, improving consumer protections for energy-efficiency improvement loans, and tax reform. CAR Treasurer-Elect and SCCAOR member Dave Walsh is the Key Contact for Rep. Zoe Lofgren and he led the meeting where she agreed that we should have tax policies that encourage homeownership and not punish it.

SCCAOR Members meeting with Rep. Anna G. Eshoo

One of the main issues discussed with Congressman Ro Khanna was the urgent need to pass a multiyear reauthorization of the National Flood Insurance Program before it expires on September 30. Khanna agreed that we needed to renew the flood insurance program without lapsing.

We appreciate the time and thoughtful feedback on our positions from all our members of Congress, which made this another successful trip to Washington D.C. representing all our REALTOR® members. For a full list of the issues that we discussed with our legislators, please visit the NAR Website