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. 

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

Here are a few good commercial or rental residential deals in Lake Ozark/Osage Beach. Now is a great time to buy one of these properties, the rental market is very strong and there is no new construction to compete with. At these prices, you will not have competition for these properties in the future either. You can 1031 exchange another highly appreciated property and start a new depreciation schedule, or even use your self directed IRA to buy one of these great opportunities.

Call John Garrett for details. 573-480-6420

This is the old listing sheet

This has not been listed in the MLS, if you have any interest we need to get moving on it before it hits the market and gets multiple offers.  Horseshoe Bend location, great deal.  Going on the market at $147,000.  Don’t delay!  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

This Mobile Home Park at the Lake of the Ozarks boasts great income and a location and reputation that makes it easy to keep full.  The property sits on 20 acres, and is surrounded by trees.   Just a few miles from Bagnell Dam in Lake Ozark, this is close to area employment and future growth.  Call John Garrett Lake Real Estate Pros for more information at 573-480-6420.

EAGLE MOBILE PARK

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.

Search Lake of the Ozarks Property

I just saw a national stat that 20% of all sales in 2008 were foreclosures.  Yes, we are seeing an increase at the Lake of the Ozarks, but for the year 2008, only .008 of residential sales were listed as  a foreclosure. 

CURRENT UPDATE 2012:  In 2011, there were 274  foreclosure sales.  In 2010, there were 382 foreclosures sold.  That’s a big decrease.  Like a 28% decrease.   If you are a buyer, this means you are missing the best time to nab a foreclosure buy.  Here are the current foreclosure deals at the Lake of the Ozarks.

Everyone is looking for a deal, and choosing the right buyer’s agent to work with is crucial and critical.  I like to say that “I can deliver certainty of outcome.”  You will be certain that you didn’t overpay for property and you will feel comfortable with your deal.  I sell enough real estate that no one deal is going to make or break me, so you won’t feel pressure from me to go ahead and buy a deal that you are not 100% convinced is right for you. 

If you would like to interview me to see if we might be able to work together, call 573-480-6420 or e-mail me.