Thursday, August 18, 2011
A troubling trend in taxation.
Post by Mike
This could be a troubling trend. Each added dollar of taxation reduces the value of your property.
Ledger-Enquirer (Columbus, GA)
2011-08-17
Phenix City approves new fee for rental properties
Council introduces plans to borrow millions for capital improvement
JIM MUSTIAN, jmustian@ledger-enquirer.com
The Phenix City Council on Tuesday approved an ordinance to charge owners of rental property a 1.5 percent business license fee beginning this fall. The new law, which stirred controversy among some landlords, was the third measure of its kind intended to generate new revenue as the city embarks on a multimillion-dollar capital improvement project. The city in recent weeks also has increased its sales tax to 8.75 percent from 8 percent and hiked its lodging tax by 2 percent.
“Every other business in town has to buy a business license,” said Councilman Jimmy Wetzel, who has touted the city’s approach of asking a wide array of people to contribute a small amount to the projects.
Steve Smith, the city’s director of finance and public utilities, said officials expect the new fee to bring in about $418,000 a year. It is to be collected quarterly and will be based upon gross receipts, he said, adding the ordinance goes into effect Oct. 1.
“We think it’s as much a fairness issue as anything else, and it’s a very small fee,” Smith said. “We wanted to keep the number low but still generate enough revenue to provide additional services and do things.”
A number of rental property owners addressed council Monday evening during its regular work session. Many voiced opposition to what they consider a new tax, while lending their support to council’s plans for new projects.
“Mostly what they were saying was, ‘We like the projects and we agree with the projects, but put the tax on somebody else,’” Wetzel said.
The new ordinance passed by a vote of 3-1, with Mayor Sonny Coulter dissenting and Councilman Max Wilkes absent due to a health matter. Coulter couldn’t be reached Tuesday evening for comment.
Also on Tuesday, council introduced an ordinance to issue $21.5 million in warrants for the construction of a new municipal complex, public works and utilities facilities, a downtown parking garage to accommodate riverfront development and a community center, projects the city recently unveiled as part of a master plan. Two additional ordinances would authorize the city to issue general obligation warrants of up to $12.8 million in general obligation warrants, and up to $4.1 million in water and sewer revenue bonds, money Smith said will be used to improve water treatment and bring the city in line with new state standards.
Council passed a resolution creating a Public Building Authority through which it will pay for the capital improvement projects.
“The reason for doing that is that those projects, when they have a lease that’s guaranteeing the payment, they don’t count against the city’s borrowing limit,” Wetzel said.
Council is expected to hold a final vote on the borrowing of millions of dollars at its next meeting.
City leaders have said they intend to build the new municipal complex in the place of the abandoned Phenix Regional Hospital in an effort to shift government offices away from potentially valuable riverfront property.
“You can always say wait for a better time, and you can always have an excuse of some kind,” Smith said. “We feel like this will enhance the quality of life, and we feel like it will make Phenix City a better place to live.”
Wilkes said he has spoken with the city’s finance officials about the capital improvement projects, and he thinks the city is on solid ground.
“I think it’s exciting times,” he said in a phone interview. “I worked for the city about 30 years. We’ve done a lot of things, but not to this magnitude.”
Read more: http://nl.newsbank.com/nl-search/we/Archives?p_action=doc&p_docid=1392EB5EC1C2BEA0&p_docnum=9#ixzz1VO3cRHZ1
Monday, August 8, 2011
The future of agriculture is big!
Posted by Mike Flynn
USDA reports farm land has increased in value: USDA: Farm Real Estate Values Up 7%
Aug 04, 2011
Mike Walsten
The value of all farm real estate, which includes farm buildings as well as land, rose 6.8% over 2010 reaching an average value of $2,350 an acre, reports USDA. In its annual Land Values Summary, USDA said regional changes in the average value of farm real estate ranged from a 15.9% increase in the Corn Belt region to a 2% decline in the Southeast region. The highest farm real estate values remained in the Northeast region at $4,690 per acre. The Mountain region had the lowest farm real estate value, $923 per acre.
USDA reports farm land has increased in value: USDA: Farm Real Estate Values Up 7%
Aug 04, 2011
Mike Walsten
The value of all farm real estate, which includes farm buildings as well as land, rose 6.8% over 2010 reaching an average value of $2,350 an acre, reports USDA. In its annual Land Values Summary, USDA said regional changes in the average value of farm real estate ranged from a 15.9% increase in the Corn Belt region to a 2% decline in the Southeast region. The highest farm real estate values remained in the Northeast region at $4,690 per acre. The Mountain region had the lowest farm real estate value, $923 per acre.
Sunday, July 3, 2011
The Donald vs. Bank of America. I'm betting on Trump.
From The Wall Street Journal:
In the history of rapid wealth loss, Patricia Kluge stands apart. Once married to one of America's richest men, she won a divorce settlement in 1990 worth more than $100 million and proceeded to spend it on her lifestyle and business ventures. She was forced to sell off her Cartier diamonds, Givenchy gowns and silk drapes before declaring personal bankruptcy in June.
Yet the Fall of the House of Kluge has been a windfall for one man: Donald Trump.
As Ms. Kluge's empire collapsed, Mr. Trump bought. Over the past six months, he swooped in and picked up many of the pieces of her palatial Virginia estate and winery. He bought the 1,000-acre vineyard and winery for a fraction of their original value. He bought 200 acres nearby for less than $500,000, with help from Ms. Kluge and her son.
Now, the pompadoured billionaire and reality-TV star may have outplayed a much bigger rival in a bid for Ms. Kluge's crown jewel: her mansion. Bank of America owns the house after foreclosing and is trying to sell it for $16 million. The 24,000-square-foot neo-Georgian palace has 45 rooms, a spa, home theater, 3,500-bottle wine cellar and 2,000-square-foot sitting room.
One thing the house doesn't have, however, is a front yard. Mr. Trump owns that, having purchased it with his 200 acres. He also owns most of the driveway and the backyard, making a sale to any other buyer difficult. Mr. Trump said he would buy it from Bank of America for $3.6 million.
To make his point, he has erected signs on the front lawn of the mansion that read, "No Trespassing. This Land is Owned by Trump Virginia Acquisitions LLC," aimed at warding off possible buyers. He has also let the lawn go to seed.
"Maybe someone is stupid enough to buy the house," Mr. Trump said. "I wish them luck."
The broker for the house, Joseph Marchetti III, responded: "We believe the house is a salable asset as it is."
In the history of rapid wealth loss, Patricia Kluge stands apart. Once married to one of America's richest men, she won a divorce settlement in 1990 worth more than $100 million and proceeded to spend it on her lifestyle and business ventures. She was forced to sell off her Cartier diamonds, Givenchy gowns and silk drapes before declaring personal bankruptcy in June.
Yet the Fall of the House of Kluge has been a windfall for one man: Donald Trump.
As Ms. Kluge's empire collapsed, Mr. Trump bought. Over the past six months, he swooped in and picked up many of the pieces of her palatial Virginia estate and winery. He bought the 1,000-acre vineyard and winery for a fraction of their original value. He bought 200 acres nearby for less than $500,000, with help from Ms. Kluge and her son.
Now, the pompadoured billionaire and reality-TV star may have outplayed a much bigger rival in a bid for Ms. Kluge's crown jewel: her mansion. Bank of America owns the house after foreclosing and is trying to sell it for $16 million. The 24,000-square-foot neo-Georgian palace has 45 rooms, a spa, home theater, 3,500-bottle wine cellar and 2,000-square-foot sitting room.
One thing the house doesn't have, however, is a front yard. Mr. Trump owns that, having purchased it with his 200 acres. He also owns most of the driveway and the backyard, making a sale to any other buyer difficult. Mr. Trump said he would buy it from Bank of America for $3.6 million.
To make his point, he has erected signs on the front lawn of the mansion that read, "No Trespassing. This Land is Owned by Trump Virginia Acquisitions LLC," aimed at warding off possible buyers. He has also let the lawn go to seed.
"Maybe someone is stupid enough to buy the house," Mr. Trump said. "I wish them luck."
The broker for the house, Joseph Marchetti III, responded: "We believe the house is a salable asset as it is."
Saturday, July 2, 2011
What happens if the debt ceiling doesn't get raised?
Posted by Mike Flynn - Albany Realty Company - (229) 883-6100
This is a very interesting analysis of what might happen if the federal debt ceiling is not raised before July 22. It oulines some tough choices, but the World does not end and the US could be forced to live on a cash in cash out basis... or on a balanced budget.
Sorry but you will have to cut and paste the link.
http://www.scribd.com/fullscreen/59140801
This is a very interesting analysis of what might happen if the federal debt ceiling is not raised before July 22. It oulines some tough choices, but the World does not end and the US could be forced to live on a cash in cash out basis... or on a balanced budget.
Sorry but you will have to cut and paste the link.
http://www.scribd.com/fullscreen/59140801
Friday, July 1, 2011
Good news on the residential front.
By Mike Flynn - Albany Realty Company - 229-883-6100
The GAR is reporting some good news about housing inventory. We are not out of the storm yet, but the clouds are beginning to break!
FROM THE GEORGIA ASSOCIATION OF REALTORS:
Monthly Indicators: Pending Sales Up, Inventory Down
29 Jun 2011 -
Homeownership is about painting a room fluorescent fuchsia without asking anyone's permission. The recent market challenges have forced some homeowners to become begrudging renters or unintentional landlords. For the nation as a whole, the National Association of REALTORS® reports that the homeownership rate has shifted from 69.0 percent in 2005 to 66.5 percent so far in 2011. While that's not a tectonic shift, let's see what other indicators reveal since that first fateful month after the 2010 tax credit.
New Listings in the state of Georgia decreased 4.5 percent to 13,638. Pending Sales were up 63.4 percent to 8,581. Inventory levels shrank 12.3 percent to 66,893 units, but there are still plenty of great choices out there.
Prices couldn't match year-ago levels. The Median Sales Price declined 15.7 percent to $107,000. Days on Market increased 4.9 percent to 93 days. Consumers were absorbing homes more quickly as Months Supply of Inventory was down 0.5 percent to 11.1 months. Affordability also improved.
Nationally, the interest rate dropped to 4.88 percent on a 30-year fixed conventional while the unemployment rate snuck up to 9.1 percent in May. The economy added 54,000 jobs, which was far less than April and insufficient to curb unemployment. As recovery goes, so goes positive trends. Some metrics should continue to show favorable movement, but stronger job growth is needed to fuel housing demand and reinforce consumer confidence.
The GAR is reporting some good news about housing inventory. We are not out of the storm yet, but the clouds are beginning to break!
FROM THE GEORGIA ASSOCIATION OF REALTORS:
Monthly Indicators: Pending Sales Up, Inventory Down
29 Jun 2011 -
Homeownership is about painting a room fluorescent fuchsia without asking anyone's permission. The recent market challenges have forced some homeowners to become begrudging renters or unintentional landlords. For the nation as a whole, the National Association of REALTORS® reports that the homeownership rate has shifted from 69.0 percent in 2005 to 66.5 percent so far in 2011. While that's not a tectonic shift, let's see what other indicators reveal since that first fateful month after the 2010 tax credit.
New Listings in the state of Georgia decreased 4.5 percent to 13,638. Pending Sales were up 63.4 percent to 8,581. Inventory levels shrank 12.3 percent to 66,893 units, but there are still plenty of great choices out there.
Prices couldn't match year-ago levels. The Median Sales Price declined 15.7 percent to $107,000. Days on Market increased 4.9 percent to 93 days. Consumers were absorbing homes more quickly as Months Supply of Inventory was down 0.5 percent to 11.1 months. Affordability also improved.
Nationally, the interest rate dropped to 4.88 percent on a 30-year fixed conventional while the unemployment rate snuck up to 9.1 percent in May. The economy added 54,000 jobs, which was far less than April and insufficient to curb unemployment. As recovery goes, so goes positive trends. Some metrics should continue to show favorable movement, but stronger job growth is needed to fuel housing demand and reinforce consumer confidence.
Tuesday, June 28, 2011
We are positioned for growth and business friendly!
Posted by Mike Flynn- Albany Realty Company - (229)883-6100
FROM CNBC:
The Peach State is once again among the best states for business, according to CNBC.
Georgia is ranked No. 4 for 2011 following a four-year absence from the top five. Georgia scored a 1,513 out of 2,500 points in CNBC’s exclusive study, which examined a variety of factors and is being revealed on-air all day on Tuesday.
CNBC’s annual report examined 43 measurements and grouped them into 10 large categories for the survey. Georgia’s highest ranking came in infrastructure and transportation, while its lowest was in quality of life.
Here’s Georgia’s score breakdown:
Cost of Doing Business -- ranked 18th with a score of 208
Workforce -- ranked fourth with a score of 259
Quality of Life -- ranked 38th with a score of 140
Economy -- ranked 35th with a score of 107
Infrastructure & Transportation -- ranked second with a score of 273
Technology & Innovation -- ranked 17th with a score of 156
Education -- ranked 22nd with a score of 118
Business Friendliness -- ranked 16th with a score of 134
Access to Capital -- ranked 13th with a score of 76
Cost of Living -- ranked ninth with a score of 42
In 2010, Georgia was named 10th best for business in the CNBC rankings.
FROM CNBC:
The Peach State is once again among the best states for business, according to CNBC.
Georgia is ranked No. 4 for 2011 following a four-year absence from the top five. Georgia scored a 1,513 out of 2,500 points in CNBC’s exclusive study, which examined a variety of factors and is being revealed on-air all day on Tuesday.
CNBC’s annual report examined 43 measurements and grouped them into 10 large categories for the survey. Georgia’s highest ranking came in infrastructure and transportation, while its lowest was in quality of life.
Here’s Georgia’s score breakdown:
Cost of Doing Business -- ranked 18th with a score of 208
Workforce -- ranked fourth with a score of 259
Quality of Life -- ranked 38th with a score of 140
Economy -- ranked 35th with a score of 107
Infrastructure & Transportation -- ranked second with a score of 273
Technology & Innovation -- ranked 17th with a score of 156
Education -- ranked 22nd with a score of 118
Business Friendliness -- ranked 16th with a score of 134
Access to Capital -- ranked 13th with a score of 76
Cost of Living -- ranked ninth with a score of 42
In 2010, Georgia was named 10th best for business in the CNBC rankings.
Friday, June 24, 2011
Are they joking? The Obama regime wants to do what?
by Mike Flynn - Albany Realty Company - 229-883-6100
I don't think these guys have ever been in the trenches in the real World.
Go here to see what your Treasury Secretary has in mind: www.cnsnews.com/news/article/geithner-taxes-small-business-must-rise
Sorry the link is not live. We are having some technical difficulty, but this story is too important and needs to be circulated.
I don't think these guys have ever been in the trenches in the real World.
Go here to see what your Treasury Secretary has in mind: www.cnsnews.com/news/article/geithner-taxes-small-business-must-rise
Sorry the link is not live. We are having some technical difficulty, but this story is too important and needs to be circulated.
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