The Missouri Property Tax Credit Claim gives credit to certain senior citizens and 100 percent disabled individuals for a portion of the real estate taxes. The credit is for a maximum of $1,100 for owners who owned and occupied their home.

Click here for the Property Tax Credit Qualification Chart.

Lake of the Ozarks – Tax Benefits of Second Home Ownership

The tax deductions you’re eligible to take for mortgage interest and property taxes greatly increase the financial benefits of second home-ownership and makes Lake of the Ozarks real estate an attractive investment that can be enjoyed by friends and family.  Here’s how it works.

You Purchase:

You have a loan of $150,000 for 30 years, at 7 percent (yes, they are much lower than this right now, but they won’t stay that way forever).  Your payment would be $997.95 per month.  The first payment is made, $122.75 goes to pay down the principal amount of the loan, and $875 is interest paid for that month.   You are allowed to deduct the interest portion of the payment (for this example we will keep the amount of interest paid at $875 for 12 months).

$10,500 = Mortgage interest paid
$  1,200 = Annual property tax
______

$11,700 = Total deduction

Then, multiply your total deduction by your tax rate.

For example, at a 33 percent tax rate: 11,700 x 0.33 = $3,861

$3,861 = Amount you have lowered your federal income tax (at 33 percent tax rate)

Note: Mortgage interest may not be deductible on loans over $1.1 million. In addition, deductions are decreased when total income reaches a certain level.

Call John Garrett with any questions about Lake of the Ozark real estate.  573-480-6420.

Lake of the Ozarks Common Closing Costs for Buyers

When you buy a house at the Lake of the Ozarks, you’ll be glad to know that Missouri is one of the lowest closing costs state in the US. This along with low interest rates and great seller concessions make it an ideal time to buy at the Lake.

You’ll likely be responsible for a variety of fees and expenses that you and the seller will have to pay at the time of closing. Your lender must provide a good-faith estimate of all settlement costs. The title company or other entity conducting the closing will tell you the required amount for:

• Down payment
• Loan origination
• Points, or loan discount fees, which you pay to receive a lower interest rate
• Home inspection
• Appraisal
• Credit report
• Private mortgage insurance premium
• Insurance escrow for homeowner’s insurance, if being paid as part of the mortgage
• Property tax escrow, if being paid as part of the mortgage. Lenders keep funds for taxes and insurance in escrow accounts as they are paid with the mortgage, then pay the insurance or taxes for you.
• Deed recording
• Title insurance policy premiums
• Land survey
• Notary fees
• Prorations for your share of costs, such as utility bills and property taxes

A Note about Prorations: Because such costs are usually paid on either a monthly or yearly basis, you might have to pay a bill for services used by the sellers before they moved. Proration is a way for the sellers to pay you back or for you to pay them for bills they may have paid in advance. For example, the gas company usually sends a bill each month for the gas used during the previous month. But assume you buy the home on the 6^th of the month. You would owe the gas company for only the days from the 6^th to the end for the month. The seller would owe for the first five days. The bill would be prorated for the number of days in the month, and then each person would be responsible for the days of his or her ownership.  Call John Garrett Prudential Lake Ozark Realty at 573-480-6420 with any questions. 

Lake of the Ozarks Waterfront Homes sales show a nice gain over the same period last year.  26% is nothing to sneeze at!

June 2011 Waterfront Home Sales
Sale Price Volume $17,833,499
Avg Sale Price $349,676

June 2010 Waterfront Home Sales
Sale Price Volume $13,138,210
Avg Sale Price $285,613

It is a bump along recovery, but positive news is good news anytime you can get it.  Call John Garrett for detailed accurate pricing reports in this market.  Whether a buyer or seller, you can’t afford to use an agent that doesn’t know the market.

Where: Lake of the Ozarks, On land and in the water at Dog Days Bar & Grill, 19MM by water, 1232 Jeffries Road, Osage Beach
Lake of the Ozarks, Missouri 65049

Date: July 16, 2011
Time: 12:00 p.m.- 5:00 p.m.

Contact Name: Teresa Riley
Phone: 573-365-5382
Email: teresa.riley@marinemax.com

Dealership: United States – MarineMax Lake Ozark
Dealership Website: http://www.marinemaxmissouri.com/
Directions to event:

Always a great party!

If searching the Lake of the Ozarks area for foreclosures, you’ll notice in the MLS comments a line that reads “This is a Fannie Mae HomePath property you can purchase for as little as 3% down.”

Sounds great, right? The problem is that it must be your primary residence to qualify for this low down payment option. The good news is you can buy with as little as 10% down, IF you use the right lender.

John Garrett is an expert on getting these kind of deals done. Call him to get started today, having your financing in order makes all the difference, especially in these challenging times. 573-480-6420

That is higher than the average sale at REMAX Lake of the Ozarks.  For Information on The Villages, Porto Cima, or and other Luxury homes at the Lake of the Ozarks, call the Luxury Experts.

John Garrett, Broker Sales Prudential Lake Ozark Realty. 573-480-6420

My new real estate company is called Lake Real Estate Pros.   Maybe I took the Warren Buffet quote that everyone loves nowdays that says ““… be fearful when others are greedy and to be greedy only when others are fearful” a bit too seriously.   After 10 year at RE/MAX Lake of the Ozarks, it was time to make this move.   Lake Real Estate Pros is located across from JB Hooks on Bagnell Dam Blvd.   The address is 2221 Bagnell Dam Blvd Ste 400, Lake Ozark MO 655049.  John Garrett can be reached at 573-480-6420.

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Lake of the Ozarks

Friday, August 28th. This one will draw six cards and the best 5 card hand will be played. If you have never done a poker run, don’t be intimidated, just give it a try. You don’t have to have the fastest boat or a great poker mind to win, simply luck of the draw. The real fun is a day on the water at 6 great waterfront locations and lots of people having fun. The entry fee is $125 per boat, there’s no limit to the number of people on your boat. Two (2) t-shirts (please provide sizes), two (2) $10.00 dinner or drink coupons, 1 Captain’s Bag and 1 DVD.

Go to this website for more info or download this guide See you there.

2009 Lake of the Ozarks Fire and Rescue Shootout

2008 Lake of the Ozarks Fire and Rescue Shootout