Tag Archives: buy home Ohio

Explanation on Long and Short Tax Proration in Ohio

Tax proration can be confusing especially in Greene County and Montgomery County, Ohio where I specialize in selling real estate. The Montgomery County method is short while the Greene County method is long and the counties are located next to each other! It can be difficult to explain different tax proration methods to clients. Hopefully, most real estate agents don’t live in an area where 2 different methods are used. But if you list and close deals in both Greene and Montgomery Counties as I do, it’s important to understand both short and long proration.

In both counties, taxes are billed six months in arrears which usually means at a closing the purchasers will be paying a pro-rated share of taxes for a time period that they did not live on the property.

When the purchasers receive the first tax bill in their new residence, they discover it is for a time period way before they purchased the property and they sometimes feel something was mishandled with the tax proration at closing.

At a closing, the purchasers receive a pro-rated share of taxes from the seller. For example, if a closing is at the end of March, the sellers, under the terms of the standard Purchase Agreement, and using the Montgomery County method of proration (short proration), will owe to the purchasers taxes for 90 days (counting January 1 through March 31). This amount will be credited to the purchasers at closing. Then, when they receive a tax bill in June, they will pay the full amount of that bill. The purchasers will be paying the balance of the six-month period but, keep in mind, this June bill relates to the previous July through December as far as the county is concerned.

Other Ohio counties usually do not use the Montgomery County method (short proration) but have the taxes prorated beyond the next bill due (long proration). Traditionally in Greene County, the agreement reached between buyers and sellers is to have the sellers pay taxes for the actual days they owned the property. This is accomplished by having the sellers pay the entire “next” bill after closing and then prorating the bill becoming due six months after that. Using the previous example of a March 31 closing, the sellers would pay the June bill in its entirety and then the December bill would be prorated between sellers and buyers, with the sellers paying approximately 90 days and buyers the remaining 90 days of the six-month period. With the long proration, the sellers are actually paying taxes before they are due. This may be because the buyers are not comfortable with taxes in arrears. Of course, taxes are negotiable and it is important that the closing is consistent with the terms of the purchase agreement so whatever method is agreed upon at the point of a formally accepted offer is what will be performed at closing.

To summarize, there are two common ways of pro-rating taxes – the short proration (Montgomery County method) and the long proration.

Short Proration: Pro-rating the “next” bill will fulfill all requirements of having taxes current, but it relates to six months in arrears.

Long Proration: Pro-rating to actual day of ownership, taxes collected in advance of the bill due. The seller pays the next bill due after closing and pro-rated share of the bill after that.

Keep in mind that if you purchase and sell using the same method, long or short, you will be paying taxes exactly for the number of days you owned the property. The difference is that in the short proration, the number of days does not correspond to the actual days (it’s shifted six months in arrears). In the long proration, it corresponds to the actual days you owned the property. No matter which method is used, it is important that there is a mutual agreement and understanding between the parties regarding the method of tax proration.

Dayton Ohio Area October 2012 Real Estate Market Report

Dayton Ohio Area October 2012 Real Estate Market Report

The real estate market is producing more home sales in the Dayton, Ohio area! The October 2012 Real Estate Market Report in the Dayton Ohio area for single family, residential homes in Montgomery, Greene, and Warren counties in and around Wright Patterson Air Force Base shows more homes sold in October 2012 than in October 2011, 230 more homes sold. The average price per square foot slightly increased in October 2012. See the perfect home? Buy it; don’t delay because it will probably be gone tomorrow with the record low interest rates!

OCTOBER 2011

  • Homes Sold – 531
  • Average Bedrooms – 3
  • Average Square Footage – 1,796
  • Average Listing Price – $131,109
  • Average Selling Price – $124,302 ($69/square foot average)
  • Average Days on Market – 114
  • Homes Sold Price Range $2,500 (Lower Dayton View) – $853,500 (Washington Twp-NW)

OCTOBER 2012

  • Homes Sold – 761
  • Average Bedrooms – 3
  • Average Square Footage – 1,779
  • Average Listing Price – $132,212
  • Average Selling Price – $125,245 ($70/square foot average)
  • Average Days on Market – 132
  • Homes Sold Price Range $800 (Harrison) – $900,000 (Spring-Clearcreek SD)

About the Author…Blog article was provided by Christina Asad Edwards, a Nationally recognized Realtor and Residential Relocation Specialist. Christina can be reached via email at DaytonOhioHouse@gmail.com or by cell phone or text message at 1-937-205-4741. Christina helped thousands of people move in and out of the Dayton Ohio area and other Southwest Ohio towns. For Ohio real estate and homes see Dayton Ohio Real Estate.

Search homes for sale and foreclosures in the MLS (Multiple Listing Service) by visiting http://DaytonOhioHouse.com

Servicing the following towns and counties in Southwest OH: Beavercreek, Bellbrook, Centerville, Dayton, Greene, Huber Heights, Fairborn, Kettering, Miamisburg, Montgomery, Oakwood, Springboro, Warren, Washington Township, West Carrollton, Wright Patterson Air Force Base, Xenia, and Yellow Springs.

Click here to view Christina Asad Edwards’ Real Estate Profile

Dayton Ohio Area September 2012 Real Estate Market Report

The real estate market is definitely on an upswing in the Dayton, Ohio area! The September Real Estate Market Report in the Dayton Ohio area for single family, residential homes in Montgomery, Greene, and Warren counties in and around Wright Patterson Air Force Base shows more homes sold in September 2012 than the same months in 2011 and 2010. The average days on market in September 2011 and 2010 were 99, and it was 129 days on the market on average for homes sold in September 2012. The price per square foot increased in September 2012. See the perfect home? Buy it; don’t delay because it will probably be gone tomorrow with the record low interest rates!

SEPTEMBER 2012

  • Homes Sold – 639
  • Average Bedrooms – 3
  • Average Listing Price – $131,855
  • Homes Sold Price Range $1,800 (Upper Dayton View) – $750,000 (Washington Twp-SE)

SEPTEMBER 2011

  • Homes Sold – 580
  • Average Bedrooms – 3
  • Average Square Footage – 1,837
  • Average Listing Price – $133,392
  • Average Selling Price – $127,314 ($69/square foot average)
  • Average Days on Market – 99
  • Homes Sold Price Range $1,700 (E of Findlay) – $1,250,000 (Beavercreek S of 35)

SEPTEMBER 2010

  • Homes Sold – 587
  • Average Bedrooms – 3
  • Average Square Footage – 1,794
  • Average Listing Price – $130,679
  • Average Selling Price – $123,682 ($69/square foot average)
  • Average Days on Market – 99
  • Homes Sold Price Range $3,500 (Upper Riverdale) – $700,000 (Englewood-Clayton)

About the Author…Blog article was provided by Christina Asad Edwards, a Nationally recognized Realtor and Residential Relocation Specialist. Christina can be reached via email at DaytonOhioHouse@gmail.com or by cell phone or text message at 1-937-205-4741. Christina helped thousands of people move in and out of the Dayton Ohio area and other Southwest Ohio towns. For Ohio real estate and homes see Dayton Ohio Real Estate.

Search homes for sale and foreclosures in the MLS (Multiple Listing Service) by visiting http://DaytonOhioHouse.com

Servicing the following towns and counties in Southwest OH: Beavercreek, Bellbrook, Centerville, Dayton, Greene, Huber Heights, Fairborn, Kettering, Miamisburg, Montgomery, Oakwood, Springboro, Warren, Washington Township, West Carrollton, Wright Patterson Air Force Base, Xenia, and Yellow Springs.

Click here to view Christina Asad Edwards’ Real Estate Profile

What is Radon?

What is radon? Simply, radon is a very common issue in Ohio home buying and selling. Radon is a cancer causing radioactive gas found in many homes, but it is often unchecked. According to the EPA, radon is estimated to cause thousands of lung cancer deaths in the U.S. each year. I highly recommend that all my clients have a radon inspection during the home buying process in addition to a whole house and termite inspection. The EPA recommends having a radon mitigation system installed if the home radon level is 4 picocuries per liter, or pCi/L, or higher. Radon levels less than 4 pCi/L still pose a risk, and in many cases may be reduced. Radon reduction systems are effective, not costly, and can reduce radon levels in the home by up to 99%. Radon comes from the natural decay of uranium found in nearly all soils. It typically moves up through the ground to the air into the home through cracks in the foundation and water supply. The home traps radon where it can build up. Any home may have a radon problem; new and old homes, well-sealed and drafty homes, and homes with or without basements. It is estimated 1 out of every 15 homes in the U.S. have high radon levels. Test today! Low cost Radon test kits are available to Ohio residents: www.ohio.radon.com

Centerville Ohio Home Sale Market Report

Centerville Ohio Home Sale Market Report

From September 1, 2011 – September 1, 2012 557 homes sold in the Centerville, Ohio and Washington Township areas. The sale price ranged from $48,600 – $1,070,000. The average home for sale in Centerville and Washington Township sold with 4 bedrooms, 3 bathrooms, 2,561 square feet, the average sale price was $221,571 (95% of asking price on average), and the home sold in an average of 123 days. To view and search homes for sale in Centerville, Ohio visit Centerville Ohio homes for sale

Oakwood Ohio Homearama

Oakwood Ohio Homearama

Five homes at Pointe Oakwood in Oakwood, Ohio for Homearama 2012 through September 30th are being presented by the Home Builders Association of Dayton builders such as R.A. Rhoads, M&M Construction, South Dayton Builders, and Bill and Mike Simms of HBS Development Inc. Recently, the landscaping at Pointe Oakwood was enhanced, including the repopulation of many of the trees, and will complement the mature wooded hillside.

The Oakwood Ohio Homearama homes showcase a variety of the community’s diverse architecture home styles; blending the new with the recognized Oakwood renowned character and charm. The homes range in size from 2,200 square feet to over 4,000 square feet situated on home sites from a tenth of an acre to just over a third of an acre. The home site lot pricing ranges from $100,000 to $145,000. Homearama is open Monday – Thursday 4 – 8 PM and Friday – Sunday Noon – 8 PM. Homearama 2012 is located at 132 Pointe Oakwood Way, Oakwood, Ohio 45409, off Far Hills Avenue between Springhouse Road and Volusia Avenue.

Oakwood Ohio Homearama Home Experts Realty New Homes Division    Oakwood Ohio Homearama Home For Sale

Thinking about building a home? Contact Home Experts Realty New Homes Division today! Visit New Homes Division for more information today!

Oakwood Offering Free Energy Monitoring Devices

Oakwood Offering Free Energy Monitoring Devices

Wright Library in Oakwood is now offering 4 “Kill A Watt” Energy Monitoring devices from Dayton Power & Light. Patrons are welcome to borrow a Energy Monitoring device to test energy consumption of home appliances. With the energy monitoring device, reduce energy costs by identifying the real energy abusers. Simply plug appliances into Kill A Watt and assess how efficient it really is. The jumbo LCD display measures consumption by the kilowatt-hour, just like the local utility company, providing the ability to quickly calculate costs. It’s perfect for seeing how much energy that freezer in the garage is sucking up, or to see how much it costs to keep your computer on throughout the day. Stop by Wright Library in Oakwood today to borrow the free energy monitoring device and become more eco-friendly!