Government office Roles in Real Estate

Government Office Roles in Real Estate

        When it comes to real estate, there any many entities that come in to play that affect ownership. Many of these are government agencies that have the purpose of regulating and controlling real estate in the U.S. These operations are in place to establish an orderly way of overseeing property.

        One of the driving influences on real estate transactions is the Tax Assessor’s Office. The primary function of this office is to determine the monetary fair value of property. Some types of property are exempt from taxation, such as property owned by religious organizations, universities, hospitals, and all nonprofits. This assessment of our property is important because the value directly affects how much one is required to pay in property taxes.

        The Tax Commissioner’s Office comes next in line when processing property taxes. The main function of this office is to collect the property tax from the area they serve. The amount one must pay takes the assessed value and applies it to a millage rate. A millage rate is the amount that must be paid to the Tax Commissioner’s Office for every $1,000 of the assessed value. This rate varies by area, and is calculated by a combination of needs by entities such as counties, cities, and school boards. Exemptions to property taxes exist, one of which being a homestead exemption. This exemption reduces the property taxes the homeowner must pay if the home is occupied as their primary residence of the owner. There are varying types of homestead exemptions, such as an exemption based on age, typically 65 years and over. There also is a homestead exemption that applies to disabled veterans their surviving family, and another exemption that applies to those on disability.

        The Clerk of Superior Court’s Office has the main purpose of filing, recording, and indexing all documents related to real estate and property in the area. Homeowners need access to information such as deeds, because if their deed was not recorded by the responsible party, then they not recognized as the legal owner of their property. Deeds are important because, if not recorded, the new owner could be left responsible for liens and judgments against the property that are not their own. A plat is also a significant piece of information that provides a description of a piece of real property, created such as when a subdivision is created. This can be used by homeowners to determine where exactly their property extends to, through the help of land surveyor. It tells what exactly someone may be considering buying, selling, and specifics about the lot.