Month: November 2017

Mortgage Applications

Purchase applications for home mortgages rose a seasonally adjusted 0.4 percent in the week of November 10^th, a marginal increase that put the purchase index a sharp 17 percent above its year ago level. Applications for refinancing rose 6.0 percent in the week, taking the refinancing share of mortgage activity to 51.3 percent, 1.3 percentage points more than in the prior week and the highest share since September.

Jobless Claims

Jobless claims rose 10,000 but it’s not due to Puerto Rico. Initial claims in the week of November 11^th came in at 249,000 vs. the expected 236,000 but claims in Puerto Rico which have been backed up since September when Hurricane Irma appeared, totaled 6,565 which is down from the prior week’s 8,2181. Claims in Puerto Rico are still about three times as high as usual which did contribute to the week’s overall increase. The four-week average was up a sharp 6,500 higher to 237,750, for the first gain for the average in seven weeks. Continuing claims have shown no hurricane effects and fell a sizable 44,000 in lagging data for the week of November 4^th t5o 1.860 million. The unemployment rate for insured workers is down 1 tenth to a very low 1.3 percent. Despite the jump higher in the latest initial claims, the data points to very tight conditions in the labor market.

Housing Market Index

Home builders are reporting acceleration going into the year end with November’s 70 reading for the housing market index the best since March. Both current and future sales are very strong, each at 77 and traffic is improving up 2 points to 50 for the best reading since May. Strength in this report has not translated this year to strength in actual housing data though these results are favorable for housing start and permits data.

Housing Starts

Housing starts, and permits posted unexpectedly strong gains in October, up 13.7 percent for starts to a 1.290 million annualized rate and up 5.9 percent for permits to 1.297 million. All readings show strength including single family homes, up 5.3 percent for starts to an 877,000 rate and up 1.9 percent for permits to 839,000. Multifamily starts jumped 36.8 percent to 413,000 with permits up 13.9 percent to 458,000. Completions are a special positive up 12.6 percent overall to 1.232 million and adding immediate supply to a very thin new home market. This is the high3est level of completions since February 2008. Homes under construction were also up, 0.9 percent higher to 1.096 million. Housing started off the year strong and stumbled through a weak spring season and flat summer. The year on year rates have been held down by multi units, with total starts down 2.9 percent and permits up only 0.9 percent.

House Republicans Pass Tax Reform Bill

On Thursday house republicans passed a bill to cut taxes on businesses and individuals. The tax reform plan passed the chamber with 227 votes in favor and 205 against. The House plan would permanently chop the corporate tax rate to 20 from 35 percent and make other tweaks aiming to make businesses more competitive. It would reduce individual tax brackets to four from seven and make changes to several tax breaks.

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Napa County Assessor’s Post

CALAMITY REASSESSMENT AND PROPERTY TAX DEFERRAL
http://www.countyofnapa.org/Pages/DepartmentContent.aspx?id=4294980640

Property owners impacted by the 2017 Napa Fire Complex are eligible for a temporary reduction of their Proposition 13 base year value and deferral of the first installment of their 2017-2018 property tax bill. Click here to read the article.
Calamity reassessment relief and deferral of the first installment of property taxes (unless paid by your mortgage company) are available by filing an application. Click here for the application.
The application can be filed electronically with a digital signature. Click here to learn how to create a digital signature.
No further action is needed on your part unless we contact you for more information.
Questions or comments? Contact Napa County Assessor John Tuteur 707-253-4459 john.tuteur@countyofnapa.org

Sonoma County Assessor’s Post

Calamity Provision –  Overview

If a calamity such as fire, flood or earthquake damages or destroys your property, you can apply for reassessment on the improvement values

http://sonomacounty.ca.gov/CRA/Assessor/Real-Property/Tax-Savings/Calamity-Provision/

About the Calamity Provision

California’s property tax laws allow the Assessor to adjust assessed values after destruction of real or personal property caused by a calamity or misfortune.

The property must have suffered more than $10,000 worth of damage and the owner must file a claim form with the Assessor within 12 months of the date of the calamity.

Calamities do not include damage that occurs over time such as termite damage, gradual earth movements or vineyard diseases such as phylloxera.

There are slightly different rules that apply depending on whether the damage is caused by a widespread event that results in a Governor’s proclamation of disaster or by a specific misfortune such as flood, fire or landslide.
[Revenue & Taxation Code section 69.4]

Visit the State Board of Equalization for more information

Requirements

To be eligible for this tax relief:

1. The application must be submitted by the person who was owner of the damaged property on the lien date (January 1) and who will be liable for the property taxes for the next fiscal year.
2. The damage must have occurred due to misfortune or calamity without fault of the owner.
3. You must apply within 12 months of the date on which the disaster occurred or within 60 days following the date an application form is mailed to you from the Assessor’s Office.
4. The damage to your property must exceed $10,000 in value loss.