Good Things in Store for Potential Home Buyers
On May 1, Columbia County officials announced that they are considering a cut to property taxes this year. The Augusta Chronicle reports that commissioners are discussing lowering the millage rate, which currently is 9.137 – a quarter less than the year before thanks to a previous commission cut. The millage rate has been cut by the Commission in “four of the past five years,” and one mill accounts for “about $4 million in property tax revenues.” Due to a predicted 2% growth in tax digest and cuts in expenses, the commission is hoping to use the extra room to impact the millage rate. Discussions regarding the millage rate will resume on May 8, 2012.
In addition to a potential reduction in property taxes, national trends indicate that mortgage rates are dropping substantially. According to REALTOR magazine, Freddie Mac reported “all-time record lows” last week in mortgage rates. Frank Nothaft, Freddie Mac’s chief economist, attributes the drop to “slowing economic growth and inflation remaining subdued.” With borrowing costs becoming cheaper, people will have more room to refinance or potentially buy a home for the first time.
All the more reason to browse some of our homes and see if anything strikes a chord with you! (Just click “County” in the navigation bar above the listings to see what’s available in Columbia County.)