Lynn Councilor Seeks to Tax Foreclosure Properties

The North Shore Association of Realtors® Government Affairs Committee has learned that Lynn Ward 4 City Councilor Richard Colucci has proposed a 10% real estate tax for foreclosed properties. Under the new proposal, the added tax would be billed beginning Jan. 1, 2009, and will be on top of any other taxes authorized by general or public laws. The tax would be calculated from the value of the property at the rate of $10 for every $ 100 of the value assessed by the city Tax Assessor.

The Lynn City Council also voted in favor of instating a law through the state legislature to place a lien on foreclosure properties with outstanding fines, so that each fine would have to be paid first before the home is sold.

Lynnfield Appeals Board Approves Colonial Village

According to the Peabody & Lynnfield Weekly News, construction is about to get underway on the 3rd LIFE (Lynnfield Initiatives For Elders) facility in Lynnfield. In many ways, Colonial Village will be a departure from the other two existing LIFE Villages – more expensive, with access from the Meadow Walk development instead of a public way and within easy walking distance to the golf course and the shops and restaurants to be developed at Meadow Walk. 48 units are planned; 36 garden style and 12 townhouse style to be completed in October 2010.

Details on Government Takeover of Fannie Mae & Freddie Mac

The Realtor® Association supports the Treasury Department's decision to takeovever Fannie Mae & Freddie Mac. The move is expected to have positive short-term benefits to the real estate market and open the door for the industry to shape the restructuring of each corporation. Fannie and Freddie own or guarantee almost half of the country's $12 trillion in outstanding home mortgage debt.

You can click on this link to see what the plan involves.

What are your RPAC $$$ Up to?

Realtors®, wonder what your Realtors® Politcal Action Committee (RPAC) contributions are supporting?

Click here to check out a recent podcast between National Association of Realtors® President, Gaylord and First Vice President Vicki Cox Golder, as they discuss the important role that the RPAC will play in strengthening REALTORS® political voices as we head into a crucial 2008 fall elections.