Thursday, August 4, 2011

August Finance Check up

This time, the numbers are closer to what they really should be.  It looks like a big gain, but it's really not since my tax assessment came back higher than what I estimated.  Here we go:

Liabilities:
loan from mom - 20000 ( forgot this one last month, this was from few months ago for help with buying our house because we came up short on the closing cost)
House Mortgage - 336,181.66
Rental #1 Mortgage - 139081.06
Rental #2 Mortgage - 298930.37

Assets:
Liquid assets - 30000
House value - 590000
Rental 1 value - 250000 - tax assessment came
Rental 2 value - 315000 - tax assessment came
Investment - 50350 - this is only person's 401k
Net worth: $441156.91 +6.1059%

2 comments:

  1. High tax assessment is bad news right? It means you'll have to pay more property tax. Are you planning to appeal?

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  2. The thing about tax assessment, it's a double edge sword. It's great on one hand to know your property is worth as much or more than you think. But then you have to pay tax on that value. Yes we have appealed the rental #1 and had it reduced by $20k. We will try to appeal for rental 2, but it's pretty much on par.

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