Metropolitan Indianapolis Board of REALTORS. Broker/Owner Meeting July 27, 2007

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1 Metropolitan Indianapolis Board of REALTORS Broker/Owner Meeting July 27, 2007

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3 Kevin Kirkpatrick 2007 MIBOR President

4 MLS Repositioning Board of Directors charge to staff MLS Redefined Primary goal

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6 Steve Sullivan MIBOR CEO

7 Broker Listing Cooperative Emphasis on cooperation and compensation Broker-owned

8 Broker Listing Cooperative History of PropertyLinx Vendor relationship Named by members Definition of an MLS Our new brand

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14 Broker Listing Cooperative Why change now? What will change? What won t change? How will we communicate with members? Postcard Mailer MIBOR InDepth & Fast Track In person trainings

15 Added Section to Rules & Regulations Section 16 Use of Copyrights and Trademarks in Firm Name and Web Address 16.1 Use of MIBOR and the Propertlinx Broker Listing Cooperative Trademarks Prohibited - Members, participants and subscribers shall not use the copyrights or trademarks of the Metropolitan Indianapolis Board of REALTORS the acronym MIBOR, the Propertylinx Broker Listing Cooperative or the acronym BLC and shall not use MIBOR s or the Propertylinx Broker Listing Cooperative s logos or derivates thereof in firm names, domain names, web addresses or uniform resource locators ( URLs ) Use of the Term Broker Listing Cooperative or the Acronym BLC Prohibited - No Member, participant or subscriber shall indicate or imply in any manner that they are the Broker Listing Cooperative or that the public has access to or may search the broker listing cooperative (e.g. Search the BLC, Access MIBOR or Search Propertylinx ) on the member s website or otherwise.

16 Broker Listing Cooperative Questions? What are your needs?

17 Debbie Fairfax Professional Services Director MIBOR

18 Policy Committee Clarifications Short Sales Short Sale Focus Group March 2007 Policy Committee July 16, 2007 Possible Short Sale Disclosure Field in PropertyLinx October 2007 Staff no longer recommend disclosure wording BAC is unconditional based on procuring cause Arbitration of disputes

19 Policy Committee Clarifications Buyer Brokers/Agents who are buyers in a transaction Blanket unilateral offers of compensation BAC must extend to all participants

20 Policy Committee Clarifications BAC paid on gross sales price Rules state that BAC must be expressed in one of the following forms: By showing a percentage of the gross selling price By showing a definite dollar amount

21 Tom Renkert Information Services Director MIBOR

22 PropertyLinx 2 Training Dates WEST: NORTH: SOUTH: Primo Banquet & Conference Center Plainfield July 31, August 1 and August 2 Knights of Columbus 71 st & Keystone Avenue August 7, 8 and 9 Valle Vista Conference Center Greenwood August 14, 15 and 16 NORTHEAST: Primo Banquet & Conference Center Ft. Ben August 21, 22 and 23 Final Cutover - October 17, 2007

23 Chris Pryor Government Affairs Director MIBOR

24 Property Tax Crisis 2007 Finally time for reform?

25 The Perfect Storm Continue to move to market value Trending (inconsistent and incomplete) Shift elimination of inventory taxes Continued assessment problems Levy increases by local units of government Cap on property tax subsidy from state Homestead Credit reduced from 28% to 20%

26 Overwhelmingly Complicated Over 2,400 entities across the state with taxing authority (over 60 taxing districts in Marion County alone) County Township City or town School Library Fire district Airport authority Over 10,000 separately elected officials 1,008 township assessors

27 Trending Periodic adjustment of AV Reflect changes in the market Trending this year adjusted AVs from a valuation date of 1999 to 2005 Wide variation in application Example: commercial and industrial

28 Recent Steps At Reform Indiana General Assembly 2% Circuit Breaker Effective 2008 Excludes schools New Local Tax Control Boards

29 What have IAR and MIBOR been doing? Advising Administration Officials and communicating with Legislators and local officials Broad based (sales and income) alternative revenue as property tax replacement Elimination of townships 21st Century data standards Local government consolidation and modernization Oppose harmful replacement taxes (transfer taxes, sales taxes on services/commissions)

30 What We Are Doing Support reassessments Consideration of income tax replacement Consolidation in Marion County Change rebate to credit Member polling Fiscal Policy Task Force Restructure and simplify government Become budget birddogs Elevate debate on region s long term fiscal health Evaluate revenue sources

31 Gathering the Facts

32 Research and Analysis

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