The Home Owner's Association dues are set up by the River Meadows Ranch Home Owner's Association a non-profit organization which has not filed anything with the state indicating what HOA Dues are....in fact the Association did not file a renewal of the corporation since 2010...for what its worth.
It can be rented out as long as its for residential purposes and "residential" means no more than 2 or more unrelated persons can reside there....ie families, couples, etc. The residence cannot be used for commerical purposes. See River Meadows Ranch Condition, Covenants and Restriction 3.9 and 3.1.
It's totally legal. You just set up an account and have people donate. It's a great idea.
I'm a lawyer. the money would be gifted as already noted herein BUT it would not be taxed by uncel sam. Each person has an annual limit of approximately $13,000ish that can be gifted to another tax free. If someone were feeling really generous they could give an amount above $13,000 in a year and that would then decrease the amount they could gift tax free in their lifetimes......the lifetime cap is approximately $2 million (again gifted tax free). That lifetime limit of $2 million is only reduced by any amount gifted over the approximate $13k gifted in any single year. Make sense?
The home may be valued by HGTV at 1,500,000 or so but so was last years and it is being listed by a realtor now for 3,795,000.
I lived 3 miles away from the dream home for awhile. With friends working at Deer Valley it was a perfect place to be. In the past there have been dream homes...the structure the surroundings but this year, at least for me, it really was location location location.
Yeah, I had run the numbers based on just less than 1,500,000 because of the value the winner gets with the furniture and came up with a similar number. Last week I went to the assessor valuation and tax calculation records and found the parcel. The taxes were just above 27k a year but I also found comparable assessments on nearby/similar homes and property sizes and the taxes were much less. So there is probably a lot of "appeal-ability" there.
Thank you for being one of the ones that really made this blog worthwhile. I enjoyed your ability to sum things up as well as Beehivestates niceness and photos and Wyogirls posts. I feel bad for having posted only at that last minute but I did enjoy the real bloggers posts throughout. Thanks.
Annual property taxes are upwards of $27k.
I remember reading somewhere that HGTV did the giveaway to enable the winner to do whatever they wanted and that's exactly what happens. Dreams come true...but it is good to know what your coming into.
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