Property Taxes

During your closing, you paid your share of the 2008 property taxes. This is somewhat unusual as usually the buyer pays and the seller pays his share during closing. However, at that point there was some issue about when the condominium agreement had been done so they said it had to be that way. The property was then and still is on Travis County Appraisal District roles as one property. You can see that record here.

Note: The following is in my contract and, I suspect, in all of yours as well.

"If the unit is not separately assessed for property taxes on the Closing Date of if the actual taxes attributable to the Unit are not known on the Closing Date, then Buyer will be charged for a prorated portion of the current year's estimated property taxes attributable to the Unit. To calculate the amount payable by the Buyer, the Title Company will multiply the Total Purchase Price by the mill rates then in effect for all applicable taxing jurisdictions (the "Estimated Unit Tax Proration"). Buyer will remit the Estimated Unit Tax Proration to Seller at Closing. Seller will hold the Estimated Unit Tax Proration in trust until Seller receives the tax statement, which Seller will timely pay to avoid penalty. Buyer and Seller agree to reconcile the difference between the Estimated Unit Tax Proration and the actual tax statement for the Unit, for which Seller will refund to Buyer any prorated overpayment, and Buyer will pay Seller any prorated shortfall. Obligations imposed by this provision will survive closing."

Indeed it appears that the taxes were paid in November from this document provided to a resident.

Now what remains is for Novare to notify each of us of overpayment or shortfall.

You should at some point in the next few months receive an individual value assessment for your unit from the Travis County Tax Assessor who collects City, County, School District and Austin Community College taxes.

Update: As of 3/9/2009 we don't know of anyone who has received an official letter from Novare concerning this reconciliation. However, tax professionals have advised several residents that any refund can be shown on 2009 taxes.

Rumorsnation

Who was one of Austin's most respected chefs we saw on the street in front of the 360 today, talking about his negotiations for a eatery spot in the bldg, creekside? We won't tell; but if and when he opens, we'll be among the first inside, trying the cuisine.

After August's rumor....today, the word is out. David Garrido will do some Southwestern food under his own name right here in the building.

Sales and Resales

The following went out from Novare sales. Thought folks might like to have this when we begin the fight on our valuations from Travis County Tax Assessor!

Subject: $100,000 Off Home 2702 This Week Only!
Date: Wed, 14 Jan 2009 11:30:11 -0800
To:
From: krystle@lifesurroundsyou.com

Austin Towers Blog has posted an entry on the rentals and sales in the building here.

Board of Directors

Note: The 2009 directors were elected. Brian Queenin was elected to a three year term. Krystle Copulos was elected to a two year term. Michael Jones was elected to a one year term. Residents will find their e-mail addresses on Novare Connect. The offices will be held as follows:

President: Brian Queenin

Vice President: Krystle Copulos

Sec'y/Treasurer: Michael Jones

I will leave bios below for future reference. I have saved the final PDF issued by management before the election.

Brian Queenin has offered himself as a candidate. His resumé is here. (This is a Word doc.)

Other candidates that I know of are: Dr. Andrea Pana (her resume is here) and Michael Jones.

Warren James is also running and his resumé is here. (This is a Word doc, too.)

Robin Johnston is also running and her resume is here. (Also a Word doc.)

There is now a handout at the front desk about the election. The election will be in the club room not in the management office. (Which has room for maybe three people!)