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Changes in Real Estate/finances that affect us all!

Posted by kim carpenter on March 22, 2010
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The ever changing real estate market/financial market has some new changes that you should be aware of:

  • Property Tax Cap – Once again, your vote is needed in November!  Indiana voters will be asked to vote to permanently amend the Indiana Constitution and cap property taxes for homestead properties at 1%, 2% for rental properties and 3% for commercial properties
  • Regulation of Appraisal Management Companies – this new law address’ many issues experienced by Realtors, Appraisers and homeowners by requiring Appraisal Management Companies to follow similar regulations required of other professionals in the industry
  • Abandoned Housing – Two bills passed that should improve neighborhoods affected by abandoned housing by allowing law enforcement to file for a sheriffs sale if the lender has not done so within 180 days.  It also allows counties that have acquired vacant parcels of land to sell the parcel to a contiguous landowner for $1 and provide a complete property tax exemption on the unimproved parcel for 5 years.
  • When  should/shouldn’t you give out your social security number
The nine digits of your Social Security number are unique to you, right? Not exactly, according to the Social Security Administration. In fact, many other people may share two groupings exactly. Here’s what each section means:

123-45-6789

Area number (shown in blue): Prior to 1972, Social Security cards were issued from local offices. The numbers reflected the locations of those offices. Today, although cards are issued from one office in Baltimore, the area number still reflects geography since they are given out based on the ZIP code of the requestor’s mailing address.

Group number (shown in black): This number is set based on the month and year you request your Social Security card. They are also based on location. Specific areas are issued specific group numbers.

Serial Numbers (shown in red): These numbers — 0001 through 9999 — have nothing to do with geography or date requested. They are assigned based on availability.

When Must You Provide Your Social Security Number?

Mandatory Optional
Credit applications Doctor and dentist intake forms
Cash transactions over $10,000 Supermarkets
When applying for certain federal benefits Drugstores
Military paperwork Preschools
The Department of Motor Vehicles Airlines

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