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10 Best States to Pay Taxes

No one wants to think of paying taxes. Sure, our tax dollars do a lot, but we know we could do a lot more if we could keep some of our money in our pocket. Taxes may be a fact of life, but depending on where you live, you may not have to pay as much as everyone else.

Take a look at the 10 best states to pay taxes across the country as determined by WalletHub and reported by Florida Realtors.

10. Florida

We already know we live in a great state, but here’s yet another reason to be glad to call yourself a Floridian.

• Effective total state & local tax rates on median U.S. household: 9.03%
• Annual state & local taxes on median U.S. household: $4,868
• Percentage difference between state & national average: -15.62%
• Annual state & local taxes on median state household: $4,305

9. South Carolina

8. California

7. Idaho

6. Tennessee

5. Nevada

4. Wyoming

3. Montana

2. Delaware

1. Alaska

There are great places to visit and say you’ve been on this list, but Florida has so much to offer: sandy beaches, great weather, and no snow (for our northern friends).

Don’t see your home state on this list? Hopefully it’s not on the list of the 10 worst states to pay taxes:

10. New Jersey

9. Iowa

8. Ohio

7. Michigan

6. New York

5. Rhode Island

4. Connecticut

3. Wisconsin

2. Nebraska

1. Illinois

How bad is it in Illinois? See for yourself.

• Effective total state & local tax rates on median U.S. household: 14.54%
• Annual state & local taxes on median U.S. household: $7,836
• Percentage difference between state & national average: 35.83%
• Annual state & local taxes on median state household: $8,100

View the 10 best and worst tax rates at the Florida Realtors website and be thankful you live in Florida.

Don’t live here yet? You can own your piece of paradise here on the Emerald Coast. Ask me how!

5 Things You Need to Know About Flood Insurance in 2016

With the start of hurricane season less than two months away (June 1), it’s time to start thinking about how to protect your home if a storm makes landfall. You should already have hurricane coverage as part of your homeowner’s insurance policy, but what about flood insurance?

 

If you don’t have flood insurance or have it but don’t understand what you’ve got, keep reading. Here are a few things you need to know.

 

Flooding Isn’t Covered by a Standard Insurance Policy

 

If flooding occurs in your home because of rain, rising water, or even a flooded swimming pool, don’t expect your standard insurance policy to cover you. Even in a hurricane, the question of whether damage is covered comes down to whether wind or water was the culprit. Having a flood insurance policy, even if you’re in a low risk zone, protects you all the way around.

 

Sign Up By May 1 for Hurricane Season Coverage

 

You can’t sign up for flood insurance on Monday and be covered by Tuesday. Flood insurance has a 30-day waiting period for most policies. If you want to be covered in time for the start of hurricane season, talk to your insurance provider now and sign up by May 1.

 

Low Risk Policies are Less Expensive
Talk to your insurance agent to get quotes but if you live in moderate to low risk flood zone, your premiums won’t be very high. No, you’re probably not required by your lender to purchase a policy but this is Florida, and we’re surrounded by water. Even a nasty rainstorm can create flash flooding. It’s better to be safe than sorry.

 

Flood Insurance Rates Increased on April 1

 

Across the board, everyone’s rates increased this year. For those who have grandfathered subsidized plans, the increase was 18 percent for primary residences and 25 percent for non-primary. Those with policies in the low to moderate zones saw an increase of up to 15 percent.

 

Subsidized Plans Can’t Increase More than 25 Percent Each Year

 

Legislation passed in 2012 required that subsidized plans – typically for homes built before or in the 1980s – start paying the actual amount for their premiums. The increase was too much for many homeowners to pay so in 2014, the increase was limited to no more than 25 percent each year.

 

If you have questions about your flood insurance policy or you want to add it to your insurance, talk to your insurance agent. They can answer your questions on the specifics of how the policy will work and give you an idea of the cost for coverage.

 

As close as we live to the water here on the Emerald Coast, and as hazardous as a even a bad rain storm can be, it pays to protect your home and family as best as you can. Flood insurance may be one of the options you should consider.

 

Remodeling Secrets for Maximum Payback

If you’re getting ready to put your home on the market, replacing dated cabinets and out-of-style wallpaper is essential in order to not only sell your home more quickly, but for a better price. Here are a few key spots around the house that yield the best payback when it comes to selling:

– Put in a new front door or paint your old one. The front door is one of the most important things in selling a home that many people tend to overlook. The typical cost for this project is usually under $1,300 and pays back around 73 percent when selling your home. Use bright colors for your door. Colors like reds, tangerine, and indigo are sure to impress buyers.

– If you have an attic, turning it into a bedroom will pay you back about 72.5 percent on a $50,000 project. That’s a great investment! An eyebrow dormer in the attic provides light and space for a teenager’s private retreat or a cozy master bedroom, complete with its own bath and dressing area. Using space that is already there doesn’t impinge on the yard, though room for a staircase is needed.

– A minor kitchen remodel can also improve your home’s chances of selling tremendously. The average cost of such a project is about $20,000 and can promise around a 72.1 percent payback. Skip new cabinetry, often the most expensive part of a kitchen makeover. Instead, just clean them up. Swap your old countertops for stone or granite, then add kitchen bling – new glam knobs and pulls on the cabinets, a brushed nickel faucet and soap dispenser along with a new stacked-stone-style glass tile, metal and slate backsplash that “dazzles and pops.”

– A bathroom remodel also yields a great return on investment. A full remodel can cost around $16,000 and payback about 62.2 percent, but a minor remodel can cost around $500 and payback 172 percent! Remove outdated, busy wallpaper and paint the bathroom a light, neutral color. Changing the faucets and light fixtures can also add a splash of newness to the bathroom.

– Garage doors are an inexpensive way to add style to your house and make a great first impression when done right. A new, stylish garage door can cost around $1,500 and payback around 71.9 percent. When it comes to curb appeal, garage doors take up to 20 percent of a home’s façade, expressing style and a home’s personality. Choose heavy duty, low maintenance, energy-efficient doors. Personalize with windows, colors and decorative hardware.

Source: Yahoo Real Estate 

Spring Into April With These 9 Fun Things To Do On the Emerald Coast

Spring break is over, at least for local schools, and the beautiful weather is on its way. What better way to enjoy the month of April than to take in all that the Emerald Coast has to offer? Choose from any one of these nine events and enjoy spring while it lasts!

 

Rev-Fest Art & Music Festival 2016
KC’s Sandbar, 190 Miracle Strip Pkwy, Fort Walton Beach

Friday, April 1, 2016, Noon – 2:00 a.m.

 

Enjoy regional artists and local music with 10-plus original bands at the fourth annual Rev-Fest Art & Music Festival. Tickets are $7 in advance or $10 at the door.

Learn more.

 

Bluewater Bay Marina Cultural Arts Fest

Bluewater Bay Marine, 290 Yacht Club Drive, Niceville

Saturday, April 2, 2016; 10:00 a.m. – 6:00 p.m.

 

Enjoy the breeze from the water and the sights and sounds from local and regional artists in this coastal arts fest. You’ll find glass art, jewelry, watercolor, and much more.

Learn more.

 

St. Mary’s Spring Fling

Wednesday, April 13, 2016 – Sunday, April 17, 2016

Northwest Florida Fairgrounds, Fort Walton Beach

 

This annual carnival fundraiser gets bigger and better every year. Come on out for the rides, games, live music, and more. Armbands are $25 each.

Learn more.

 

Military Family Appreciation Day

Saturday, April 16, 2016; 11:00 a.m. – 8:00 p.m.

The Landing, Fort Walton Beach

 

Presented by the Panhandle Warrior Partnership, this is a fun-filled day for military families to relax and have some fun. As a community, we thank you for your service.

Learn more.

 

Destin Marathon

Sunday, April 17, 2016

Harborwalk Village, Destin

 

Attend as a runner or a spectator cheering everyone on, but make sure you attend this history-making marathon, built by runners for runners. The Destin Marathon is the first successfully crowdfunded marathon in history. Proceeds benefit the Navy SEAL Foundation.

Learn more.

 

Emerald Coast Volleyball Tournament

Wednesday, April 20, 2016 – Sunday, April 24, 2016

The Boardwalk, Okaloosa Island

 

Sign up to play or come on out to watch the games. The Emerald Coast Volleyball Tournament is back for another year!

Learn more.

 

Earth Day Beach Cleanup

Saturday, April 23, 2016

 

Celebrate Earth Day by helping to keep our corner of paradise clean. Volunteers are welcome in any of three locations: Beasley Park on Okaloosa Island; Henderson Beach Park in Destin; or Beach Access #3 on Santa Rosa Blvd. in Fort Walton Beach. Volunteers will receive a free t-shirt.

Learn more.

 

Emerald Coast Earthquake

Thursday, April 28, 2016 – Sunday, May 1, 2016

The Boardwalk, Okaloosa Island

 

Join thousands at Biker Bash 2016, presented by Emerald Coast Harley-Davidson. Free concerts, bike shows, plenty of food, charity poker runs, and more will be available.

Learn more.

 

Saturday in the Park

Saturday, April 30, 2016; 8:00 a.m. – 4:00 p.m.

Heritage Museum of Northwest Florida, 115 Westview Avenue, Niceville

 

Make sure to attend the 40th annual Saturday in the Park. This year’s festivities begin with the Heritage 5K Run/Walk and later in the day, enjoy re-enactments, craft demos, live entertainment, and more.

Learn more.

 

There’s so much to do along the Emerald Coast in April, you’ll never get bored. Your biggest problem may be trying to decide where to go and what to see next.

 

 

February 2016: Real Estate Sales Falter Across Emerald Coast

Following a slow January, February sales continued to falter and dip in some parts of the Emerald Coast. In January, pending sales were down, so these numbers don’t come as a complete shock. The slower real estate season combined with less inventory coming onto the market may be contributing to the slight decline in sales. In some places median prices fell, and in others, prices increased. Overall, prices have remained fairly steady over the last several months. All data is a comparison of February 2016 to February 2015.

 

               Single Family Home Sales

 

Emerald Coast

• Closed sales decreased 3.4%
• Pending sales decreased 2.8%
• Median prices increased 1.8%
• Inventory decreased 7.9%
• Months supply decreased 17.1% to 5.8 months of inventory

 

Okaloosa County

• Closed sales increased 2.5%
• Pending sales increased 0.5%
• Median prices increased 15.9%
• Inventory decreased 8.2%
• Months supply decreased 19.3% to 4.6 months of inventory

 

Walton County

• Closed sales decreased 17.5%
• Pending sales increased 6.7%
• Median prices increased 13.2%
• Inventory decreased 4.4%
• Months supply decreased 13.1% to 7.3 months of inventory

 

               Townhouse and Condo Sales

 

Emerald Coast

• Closed sales decreased 9.4%
• Pending sales decreased 3.9%
• Median prices increased 2.5%
• Inventory increased 3.4%
• Months supply decreased 6.2% to 9.1 months of inventory

 

Okaloosa County

• Closed sales decreased 16.1%
• Pending sales decreased 3.5%
• Median prices decreased 1.6%
• Inventory decreased 4%
• Months supply decreased 4.8% to 9.9 months of inventory

 

Walton County

• Closed sales decreased 12.9%
• Pending sales decreased 3%
• Median prices increased 2%
• Inventory increased 0.6%
• Months supply decreased 7.6% to 8.5 months of inventory

 

 

A few things to remember…

 

Single family homes along the Emerald Coast are either in a seller’s market or close to it. A healthy real estate market – where neither the buyer nor seller have an advantage – is between six and eight months. Townhouses and condos are in the upper levels with Okaloosa close to 10 months of inventory. Below six months means that inventory is scarce and can drive up prices. Above 8 months means there is too much inventory which can drive prices down.

 

Pending sales continue to falter making an increase in sales for the following month more difficult. If enough new inventory can come onto the market, it’s possible, this trend may reverse itself over the next couple of months, especially as we get closer to our spring and summer selling season.

 

It’s best to look at the data as part of an on-going trend. One month does not dictate the entire market. If you view the data collected since 2011 for the Emerald Coast, Okaloosa County, and Walton County as a whole, you can get a good feel for what’s happening in the local housing market. Overall, the market has improved greatly.

 

All sales data is from the Emerald Coast Association of Realtors® (ECAR) Multiple Listing Service (MLS) and is compiled by Florida Realtors®, the state association for Florida. The Emerald Coast statistics cover both Okaloosa and Walton counties as well as surrounding areas based on the listings entered into the MLS by ECAR MLS participants.

Teach 20-Something to Build Credit

These days, mounting student loan debts and changing credit regulations aren’t doing young folks any favors. For them, building up credit history is a challenge, one that often puts major life expenses (like a first car) on hold. Even if your son or daughter was denied previously, there are ways they can contribute to their credit history. Here are 3 tips.

1. User Authorization: One of the easiest ways young adults can build credit is by becoming an authorized user on a parent or guardian’s existing card. Most credit card companies will include the payment history of the parent on the authorized user’s report, so this is a simple method to jump-start good credit. It’s also less troublesome to remove someone as an authorized user, rather than removing a co-signer from a new card.

2. Secured Cards: Another option would be to apply for a secure line of credit, which won’t go higher than the amount you deposit to the issuing bank. Concerned about overspending? Follow the 30% rule: charge no more than 30% of income – 10% or less is ideal. If you can get a secured card that reports to all three credit bureaus, all the better.

3. Small Installment Loans: When taking out a student loan is unavoidable, build credit and minimize potential debt damage by applying for federal loans only – these are generally safer, with fixed interest rates and more flexible repayment options than loans from privately funded lenders. Likewise, other loans with smaller installments, such as auto or personal, will help establish credit history.

Source: LA Times