Homestead Exemption

Every tax season is a nightmare. This little tidbit of knowledge can help ease the burden of taxes this year. This tax season save money on your home with the Homestead Exemption. It is an exemption of the assessed valuation.

building-joy-planning-plans.jpg

A homestead is any structure, condominium or home located on owned or leased land as long as the individual lives in it. It can include up to 20 acres as long as it is owned by the homeowner and used for a purpose related to residential use. The exemption removes part of your home’s value from taxation thus lowering your taxes. Not all homes qualify; only the principal residence of the homeowner.


2000px-Map_of_USA_OK.svg

To qualify you must be a resident of Oklahoma and the homeowner that resides on the property by January 1st with the deed executed before January 1st and filed with the County Clerks Office before February 1st. You may file it for two years up to the delinquency date. Once you have applied for and granted the Homestead Exemption then you do not have to continue applying as long as you continue to occupy the homestead home.


pexels-photo-296886.jpegYou may even be able to apply for an additional exemption if you qualify for the original homestead exemption and are head of the household. There are several options including county, school, disabled, optional percentage and senior tax exemptions. This is potentially another $1000 if your total annual income did not exceed $20,000 the previous year. Apply today from our Oklahoma County Assessor site.

 

MB_LOGO_STACKED-GRY-GOLD

Advertisements

Quick Rental Fixer Uppers

Keeping your rental unit looking its best can be tricky. You want it to look great but also don’t want to spend a lot because it’s purpose is to bring you income and not the other way around. Fortunately, there are some low cost ways to ensure your rental looks modern and well groomed before your next potential renter tours their future abode.


 

The first place renters are going to see is the front door area such as the foyer or entryway. This area should be a large focus since it is what creates the first impression. Tile that matches the kitchen or vinyl is a clean refreshment to this area that will tie it together. The kitchen is also a main interest of buyers. You will want the cabinetry to be appealing. If they need a little love then an easy way to do this is to wipe on a little liquid scratch if they are in fairly good condition. If they are in need of loads of love, then cover them in contact paper or paneling. Once accomplished and they still don’t meet your satisfaction, replace the knobs with some cool trendy ones to finish the motif.


 

MB_0095-17NovB23-2fixtures

The sink and faucet fixtures should be in good repair. Unable to replace them right now? Paint them. Yes, I said it. There are plenty of tutorials out there on your to paint your sink and fixtures, and not the terrible paint jobs like the painted tub in your college efficiency. I was a non-believer until my own mother, who is craftier in ways I will never be, painted her sink a dark gray and it was stunning. No one could even tell that she didn’t buy it like that.


 

MB_0095-17NovB23-3plate

Light fixtures and ceiling fans are a cheap investment that can update a space. Choose fixtures that are all matching colors and finishes to be consistent throughout the rooms. Are your switch plates ugly? New switch plates and plugs can also achieve a fresh and subtle look. New trim can liven up your borders. Especially if you current trim is cracked or worn, it can make a house seem outdated and unkempt. Off white Mini-blinds are so boring. Change them out with wood blinds, curtains, or shades to go from disgust to upper crust in minutes.

There are plenty of ways to make an old space look new. All you have to do is think outside the toolbox.

 

 MelissaBarnett.com

MB_LOGO_STACKED-GRY-GOLD

 

How your Realtor establishes your home’s “comps.”

One of the first things an Agent will do is run an analysis of current market data and Comparable Market Analysis, or CMA. These are known as “comps.”

Your agent will use the value of nearby properties of comparable size and quality to determine a ballpark price for your home. Comps in your neighborhood are houses of lesser and greater value that your agent takes into consideration to determine a fair median value for your property.

Your agent will work with you to establish a listing price. The process includes a walk-through of the property and/or a preliminary appraisal by a professional appraiser. With comps as the starting point, a walk-through will show the agent the parts of your home that add value. These might include upgraded appliances, hardwood floors, a new roof, a landscaped front and backyard (succulent garden, anyone?), and close proximity to schools, nightlife, restaurants, public transportation, etc.