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Deal of the Week

May 9, 2016 By Tayson Rockefeller Leave a Comment

5188 Mahogany View Trail

With a recent price reduction, this home with detached living quarters sits tucked against National Forest in one of Teton Valley’s popular canyon’s (Henderson Canyon) and most coveted areas.

5188 Mahogany View Trail FrontWhy it’s a good deal:

House & guest house, over-sized garage/shop, 15.22 acres bordering National Forest, and close to downtown Victor. It checks all the boxes.

How much?

Just reduced, $644,900.

How quick will it sell?

If it doesn’t see soon, it should. There is only so much private land bordering the National Forest, and this is a lot of infrastructure.

MLS info below. Log in to save this property. 

Can homeowners associations fine me for violations?

May 8, 2016 By Tayson Rockefeller Leave a Comment

No FeesHomeowners association (HOA) violations have been a Hot Topic lately. Whether it’s the HOA acting outside of their authority based on interpretation of the development bylaws or restrictions, or imposing unreasonable fines for violations.

In 2014, Idaho legislators reported numerous complaints of homeowners associations providing unreasonable notice or demands or even fines for non-compliance of the HOA guidelines. There were circumstances in which subcontractors were hired to remedy issues or violations, and even though the HOA contracted with the subcontractor, bills were sent directly to the property owners.

To combat these scenarios and to protect homeowners, the legislatures set requirements in place to require procedures for homeowners associations to follow when working with violations.

During my continuing education course on the topic I was able to obtain information from the Senate Bill, provided by the course instructor at the Idaho real estate school.

That bill number 1310 from the Senate states:

(2) No fine may be imposed for a violation of the covenants and restrictions pursuant to the rules or regulations of the homeowner’s association unless the authority to impose a fine is clearly set forth in the covenants and restrictions and:

(a) A majority vote by the board shall be required prior to imposing any fine on a member for a violation of any covenants and restrictions pursuant to the rules and regulations of the homeowner’s association.

(b) Written notice by personal service or certified mail of the meeting during which such vote is to be taken shall be made to the member at least thirty (30) days prior to the meeting.

(c) In the event the member begins resolving the violation prior to the meeting, no fine shall be imposed so long as the member continues to address the violation in good faith until fully resolved.

(d) No portion of any fine may be used to increase the remuneration of any board member or agent of the board.

This bill is relatively straightforward, my interpretation is simple. You cannot impose a fine as an HOA unless authority to do so is set forth in the Covenants. Then, a majority vote by the HOA board is required prior to imposing any fine. A written notice of the above vote must be delivered with 30 days notice to the homeowner. In the event that homeowner even begin resolving the violation, notifying can be imposed as long as the homeowner continues to address the problem until it is resolved.

How long will it take to sell my property?

May 4, 2016 By Tayson Rockefeller Leave a Comment

Teton Home AbsorptionUsing absorption rate and market value to provide an estimate:

I don’t think you will find an agent willing to make a statement or promise, but there are some basic tools we can use to help our buyers get an idea here. These tools are two-fold. Meaning the information heavily relies on pricing your home at market value.

For example, if I use a formula 100% more than my suggested value… you get the idea. Other issues can play a role such as area, layout, home age, and in our area in particular, view.

So, assuming you list the home or property at market value, the below formula can help. However, it’s just a formula. Keep in mind that rural areas are far more difficult to value and understand. When valuing homes in areas with high population, track housing, high number of sales, etc. appraisals, CMA’s, and absorption rates are more accurate, or at least can be more valuable in these situations.

OK – let’s say the analysis is for a home as opposed to a lot. We need to take the total homes sold in the past 12 months, and divide by 12 to get the monthly absorption rate.

Then, we take the number of homes currently on the market, and divide by the monthly absorption.

The number we end up with is the Number of Month’s Worth of Supply on Market!

Contact me if you would like an analysis & absorption estimate.

Teton County, Wyoming Property Tax

April 29, 2016 By Tayson Rockefeller Leave a Comment

Wyoming has a 3 step process, starting at the State level.Wyoming Property Tax

The state sets the percentage to determine assessed value. For residential and commercial, that rate is somewhere around 9.5%. Industrial is a bit higher, around 11.5%. Agriculture is a bit different, it’s based on production.

OK – so let’s start a scenario. A home in Jackson Hole. In order to determine assessed value, we need to know Market Value, provided by local government. Let’s say Teton County sets the Market Value of this home at 900k. Now we can take the state percentage to determine assessed value. In this case, 900k X 9.5% is $85,500, assessed value.

Now let’s move to the tax rate set by the county. In Teton County it’s set in mills, (the mill levy). If that levy is around 86.5 mills (a mill is 1/1000, or 1/1000 of $1) we can take our assessed value, and multiply it by the mill levy. Again, the mill levy is just the “tax rate”. So, 85,500 x .0865 = 7395.75 in ANNUAL property taxes.

Your tax bills in Teton County, WY for the year are paid in 2 installments. The 1st installment is due November 10th, and the 2nd is due no later than May 10th of the following year. Wyoming does offer tax exemptions for Veterans, deferral relief (you must apply by June 10th of the current tax year) and refund programs for those over the age of 65 or with a disability. Information for the refund programs can be obtained from the Wyoming Department of Health or the Senior Center of Jackson Hole, and the application deadline is August 31st of the current tax year.

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