Refinance

Please read the disclaimer first.

Last year, we took advantage of a mortgage modification program, and reduced the APR from 5.625% to 5.25%, and changed the fixed period from 10 years to 30 years.

This gave us an estimated savings of about 3.7% from our remaining mortgage payment.

However, if interest rates stay low for another 20 years (Japan, anyone?), we might have made a bad move in retrospect.  :)

Now, since housing prices have gone up, and interest rates are still low, it's time to explore options for refinancing.

I gave a quick call to my current lender, and got a rough estimate of 4.8% for a 30 year fixed, and 4.7% for a 20 year fixed.

That would be about a 4.6% savings on the remaining payment for the 30 year, and 5.5% savings for the 20 year.

I guess the next step would be to shop around.

We get mails for rates like 3.5%, but I'm not sure if these lenders are trustworthy or not.

Anyways, hopefully we can close a deal before the FRB starts raising interest rates.

固定資産税 その２

まずはこれを読んで下さい。

前回はキャンセルされたので、次のワークショップに行きました。

参加者は他に５人だけだったので、個別の話も聞けて良かった。

まず、１年で25%も上がる仕組みを説明してくれました。

Proposition 13では、購入時の価格から、毎年福利で2%まで上げることを許しています。

理論上、2006年に買った物件は今年117%まで上げることができるらしい。

価格の決定は年初から数えて90日までの似た物件の取引によって決まります。

去年の取引を使う場合、その時点からの市場の変化を考慮します。

不服を申し立てる場合、同じ方法で３件集める必要があります。

申し立てるにはApplication for Changed Assessmentで申請します。

その時、Appeals Division内で、情報交換できる人を教えてもらいましょう。

Hearingの準備をしやすくするためです。

Hearingを予約する時、Hearing Officer（一人）かAssessment Appeals Board（三人）を選びます。

住宅で、状態が前年と変わっていなければ、Hearing Officerで大丈夫でしょう。

商用であったり、リモデリングをした場合など、複雑なケースではAssessment Appeals Boardにします。

エビデンスとして写真を添えると説得力が増します。

つまり、リモデリングする場合は前と後の写真を撮っておく必要があります。

そして、hearingにはすべてのエビデンスのコピーを６部持って行きましょう。

どうしても納得がいかない場合、高裁に持っていくこともできますが、費用も膨らみます。

費用対効果も考えた方がよいでしょう。

税率は約1%ですので、$1,000価値を落としても$10得するだけです。

また、固定資産税はTax Returnで控除できますので、実質もっと低くなることもあります。

マックでバイトした方がましにならないよう、判断しましょう。（笑）

Property Tax Redux

Please read the disclaimer first.

We went to the next workshop, and this time, it wasn't cancelled.  :)

The presenter, Pat Martinez, was a jolly lady.

There were only five other people who attended the shop, so we were able to go through a nice, targeted session.

(She said the room was packed in 2009.)

First, we were explained how our assessed value can go up 25% in one year.

Prop 13 caps the value to the purchase time with 2% an year compound.

This means that theoretically, they can push it up to 117% of the 2006 value in our case.

To get to the market value, the assessor will find closed sales of like properties, up until the 90th day of the calendar year.

If they use prior year sales, they will adjust the value with the market condition changes.

To make an appeal, you will go through the same process with three properties.

If you decide to make an appeal, you need to file an "Application for Changed Assessment".

Make sure to ask for somebody in the appeals division, whom you can exchange information with.

This is so you can prepare well for the hearing.

When you schedule a hearing, you will need to decide whether to go with a Hearing Officer or Assessment Appeals Board.

For simple stuff like residential property that hasn't physically changed, pick a Hearing Officer.

For complicated appeals, like commercial properties, or if you have remodeled, you should talk to the Assessment Appeals Board.

This is because they need to go through a lot more information.

For evidence, it is always a good idea to take pictures.

This means if you plan to remodel, always take what the property looked like before anything has started.

Always bring 6 copies of everything to the hearing, to be safe.

If you do not agree with the final decision, you can appeal to the Superior Court, but it is usually not worth it.

One last thing to consider is the return on effort.

The tax rate depends on the city, but it is roughly 1%.

This means you only get about $10 in saving for every $1K lowered.

Property tax is also deductible on your tax return, so effectively it could be even lower if you itemize.

So net-net, you may be better off spending your time flipping burgers.  :)

電気代

まずはこれを読んで下さい。

我が家の電気プロバイダはSouthern Caifornial Edisonですが、Summer Discount Planというのに登録しました。

Edisonが任意にエアコンを切ることを許す代わりに、年間$200まで電気代を割引いてくれます。

こんな装置を付けるために、コントラクターから電話があります、と言われましたがありませんでした。

仕方ないので電話してみると、直通の番号をもらって今度はすぐスケジュールできました。

取り付けが終わりますと、次の請求サイクルから割引がされます。

先月は$32.40もらえました。

もうひとつ、Edisonが決めたSave Power Dayの午後2時から6時の間、節電したら割引をするプログラムもありますが、

普段の使い方と比較されるので、我が家では一日$0.75くらいしかもらえません。

[2015/2/14 更新]

多分、点滅している時はエアコン止められています。

SoCal Edison Summer Discount Plan

Please read the disclaimer first.

Got a new air conditioning unit this spring, so we had to enroll in the Summer Discount Plan again.

This lets Edison turn off your A/C at peak electricity usage times.

They told us a contractor will be contacting us within a week or so to install this gadget.

We never got a call, so my wife called Edison again, and this time they gave us a direct number to schedule the installation.

Once installed, we were set from the following meter reading.

We got $32.40 in credit the first month.

They say you can save up to $200 per year, and we got about $135 last year.

There is another program, where users voluntarily cuts down usage between 2 PM and 6 PM, on designated "Save Power Day"s.

The credit is up to $100 a year, and depends on your normal usage during that time.

There's not much potential for us since we don't use much in the first place.

We get maybe 75 cents a day.

[Update 2/14/15]

I think the air conditioning is stopped when the light is blinking.