The Big K Morning Show
How Does Sara Innamorato's Proposal Effect Buying and Selling Homes?
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Visit the sharpest rides located at 2250 South T-Home Street in Inglewood. Or browse their inventory online at thesharpestrides.com. Don't miss your chance to treat yourself to a new ride at a scary good price. The sharpest rides, affordable, sexy, sharp. Dear Autumn Leaves, you won't be covering roads alone this season. Toyota's lineup of cool, colorful vehicles is ready to ride by your side. Take on fall in a trail tackling Tacoma. Or go for the powerful Tundra. Head to toyota.com for more info. Or visit your local Toyota dealership today. Toyota, let's go places. It was the big K morning show, so it didn't take long. Last week, Allegheny County Executive Sarah Inamarata proposed her budget for the county. And part of that was a property tax increase. And county council president says, quote, dead on arrival. So Patrick Katina. So what does that mean exactly? They got to figure this out. This was a nearly 50% tax increase. And they're saying that county council, they have to approve this, by the way. And it ain't happening. Just curious though, since it involves property, want to bring on Robin Taylor from Colwell Becker. Robin, many people remember you from your television days, right? That's right. I was a consumer reporter at the NBC station here. Yeah. And good to talk to you again. So as a person, it deals in real estate all the time. I would imagine you would find this good news or not. Well, I don't know. I mean, it sounds like it's dead on arrival. So we'll have to see what happens. But we're talking about a mill rate increase. No, mill rates aren't very exciting, but a mill rate increase from 4.73 to 6.92. So what does that equate to for the average homeowner? Well, for the median homeowner, the increase that's proposed would be about $15 a month. That comes to about $182 a year. So if you're going to look at that, you're going to say, well, that from a purely real estate perspective is not enough to get somebody to move from Allegheny County. Now, we have, I have retirees that I work with and they live in Allegheny County. They're here for the schools. The kids are grown. The schools don't matter as much. They'll move to Butler County because the taxes are much lower. And we're talking significantly lower, not $100, but thousands of dollars. So from a perspective of real estate, the increase isn't that great. Even if it would have went through as proposed. That said, I know that certainly Butler County to the north. And now we hear Washington County are saying, hey, come visit us. We got lower taxes too, right? You hear this all the time. I do. I do. Especially people who are cost sensitive to taxes. They definitely may want to consider real estate in some of those other counties because the taxes are definitely lower. Now, I always tell people though, if you're going into a rapidly developing area, those taxes in say 10 years may also go up because they're going to need to build roads and bridges and schools just like anywhere else. So that's something that you have to keep in mind. I also wanted to bring up the Homestead Tax Exemption because if you're a homeowner anywhere in Pennsylvania, but if you're a homeowner in Allegheny County, you will be getting an exemption as long as you have signed up for it. And you should just check to make sure you're getting that Homestead Tax Exemption because it is significant. I mean, it's not huge, but it's enough to make a difference. And think about it. If you're a homeowner and you live in that home, you're getting an exemption on your taxes while landlords are paying the full tax. They don't get that exemption. It's only people who live in their homes. We're with Robin Taylor from Colwell Banker. Robin Curious, we know the Fed when they last met, started to lower the interest rates. We're anticipating that to continue. What's the direct correlation for lowering mortgage interest rates? Well, mortgage interest rates are bouncing around a little bit. They follow the treasury, not the rate that the Fed is dealing with, which is an overnight lending to banks. But we will see, as the Fed lowers interest rates, we will see mortgage interest rates come down. So right now they're bouncing around a little bit, they came down, they were actually in the high fives. They've bounced back up to, you know, say 6.4. And we're going to see some volatility right now. But what is anticipated is that probably through 2025 rates will be in the fives, which should be very helpful because it should be enough to get people to sell homes. So we'll have more inventory and make it possible for buyers to get into home. So we're anticipating that 2025 is going to be a good year for real estate, both for buyers and for sellers. Yeah, is it right now still a seller's market because of the lack of inventory in the high interest rates? Absolutely. It is still a seller's market. We did see things slow down a little bit and that's seasonal. It happens every year here at the spring market is the crazy market fall. It slows down a little bit, but it is still definitely a seller's market. There are more buyers out there than sellers, which is why it's called a seller's market. But again, it's important for people to understand that when they hear a near 50% tax increase, that sounds way more significant than the real dollar factor. In the course of a year, you said what? They spend that on Starbucks. Easy, but it's not a game changing amount, but it doesn't sound like that's going to happen or at least all of it yet. So they'll sort that out at Allegheny County Council, I guess, until they get a budget, it'll be up in the air. But appreciate your input. Absolutely. And it is the council members' jobs to sharpen their pencils and take a look at that. Is that increase really necessary or could they cut from somewhere else? And that's their jobs. So I think in the coming weeks and months, we're going to see a lot of interest paid to this, and we may or may not see a tax increase. Yeah, and the other factor, though, is the school districts use those numbers, those millage numbers on what that, and that's the much bigger hit. Absolutely, absolutely. The biggest portion of your real estate tax bill is coming from the school district. Amen. And yes, yeah, absolutely. Robin Taylor, Colwell Bakker. Thank you. Good to catch up. We'll talk again. All right. Thanks, Larry. Amazon Fall favorites are here to make you say, with low prices on home, beauty, and fashion brands, like Amazon Essentials. So hold on to your pumpkin spice, whatever, and save on Fall favorites at Amazon. The sharpest rides, spectacular savings event, is happening now with unbeatable seasonal clearance deals, but only through the end of this month, whether you're looking for a reliable sedan, family-friendly SUV, or something sporty. Now is the time to take advantage of these frighteningly good offers. The sharpest rides are the pre-owned auto experts and have thousands of satisfied customers, and they give back for every vehicle purchase. The sharpest rides are going to make a donation to the St. Jude Children's Hospital. Listen, the sharpest rides has the best deals in town. That's why they scare the competition. Get there today during their hauntingly great deals. Plus, the sharpest rides has spooky surprises for the kiddos. Don't miss out. Hurry up before these deals vanish. Visit the sharpest rides located at 2250 South T-Home Street in Englewood. Or browse their inventory online at the sharpestrides.com. Don't miss your chance to treat yourself to a new ride at a scary good price. The sharpest rides, affordable, sexy, sharp. Dear Autumn Leaves, you won't be covering roads alone this season. Toyota's lineup of cool, colorful vehicles is ready to ride by your side. Take on fall in a trail tackling Tacoma, or go for the powerful Tundra. Head to toyota.com for more info or visit your local Toyota dealership today. Toyota, let's go places. (upbeat music) (upbeat music)