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Timely Information
March 2009
 Montana Homestead Exemption:
By signing a legal document known as a Homestead
Declaration, Montanans can protect up to $250,000 in
value of a home against most creditors' claims. For more
information see MSU's MontGuide. Also included are
homestead declaration and declaration of homestead
abandonment forms.
For more information see MSU's MontGuide.
Property Tax Update:
2009 is the year of Property Tax Reappraisal and Holly
Dale, the Lead Property Valuation Specialist for the
Flathead County Department of Revenue explains:
"Montana works on a 6 year
cycle for valuation. Properties are reappraised at the
beginning of every cycle. 2009 is the beginning of the
newest cycle. Our office is currently reappraising all
properties within Flathead County. This year (probably
early summer), every property owner in Montana will
receive an assessment notice informing them of their
revised property value. At that time, if you disagree
with your value (believe that you couldn't currently
sell it for that value), then you can contact our office
to file a protest on that value. This must be done by
either the 1st Monday in June or 30 days after the date
on the assessment notice (whichever is later). Once a
protest is filed, an appraiser from our office will
re-evaluate the property and make any adjustments
needed. This does not guarantee that your property value
will decrease. There are situations where this causes
the value to increase. In the remaining 5 years of the
cycle, you will only receive this assessment notice if
there is a value change. So, once you get your
assessment notice this summer, give us a call if you
have any questions on your value or on how to read the
notice. We would be happy to help you."
For more information you can contact the Dept. of
Revenue:
Flathead County main line 406-758-5700
Lake County main line 406-883-7227
Federal Housing Tax Credit -
Qualified First Time Home Buyer Credit:
A tax credit of up to $8,000 is now available for
qualified first-time home buyers purchasing a principal
residence on or after January 1, 2009 and before
December 1, 2009. Unlike the tax credit enacted in 2008,
the new credit does not have to be repaid. Learn how you
can take advantage of this $8,000 tax credit to buy the
home of your dreams.
http://www.federalhousingtaxcredit.com/
President Obama's New Mortgage
Relief Plan
March 4, 2009
Aimed to help up to 9 million borrowers qualify for a
more affordable mortgage and stay in their homes.
View from The Chair:
Animal Spirits
Just how connected human psychology is to the world
economy is boldly evident now. Irrational exuberance
gave way to irrational depression. Greed drove 2005, but
in the driver's seat today is Fear.
The foremost expert on the US housing market, economist
Robert Shiller rose to prominence with his book
"Irrational Exuberance" in the 1990s which anticipated
the bubbles that have blasted stocks in the past decade.
In his newest book, "Animal Spirits: How Human
Psychology Drives the Economy, and Why It Matters for
Global Capitalism" Shiller says "the problem we have
right now is that our animal spirits are beaten down,
and this is a fundamental problem."
Overcoming Fear?
How we will know when the animal spirits have come out
of their bunkers and it is time again for action? We
were a good twelve months into the Recession before it
was officially reported by the Government. Will the same
be true of the Recovery when it's 12 months too late to
act? Opportunities exist to take advantage of in the
real estate market which won't last forever. There has
been a noticeable increase in buyer inquiries since
mid-February. "REO" (bank owned) and "Short Sell"
properties are in demand by Buyers. And Buyers are still
even fighting over some properties. We recently
negotiated a multiple-offer situation - neither buyer
believed it at first!
It's just a matter of time until psychology switches
from fear of loss, to fear of losing the possibility of
profit. Buyers must remember that only with the benefit
of hindsight will we be able to identify the bottom of
the market. Uncertainty favors buyers - they expect, and
are negotiating effectively for, discounted pricing due
to this uncertainty. As spring and summer approach it is
likely that we will begin to see stability return to the
market, giving sellers a better idea of what to expect,
and buyers less negotiating advantage. In simple terms -
Now is a great time to buy real estate.
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Northwest Montana Real Estate
love montana. live montana.TM
