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(CBS News)   Aaaaaand...here comes the surging property taxes   (cbsnews.com) divider line
    More: Asinine, Real estate, new property tax assessment, property taxes, value of her home, last year, higher property taxes, city officials, new tax bill  
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4140 clicks; posted to Main » on 20 May 2022 at 12:52 PM (5 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



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2022-05-20 12:14:14 PM  
Don't worry, though. When the housing bubble does pop and prices re-correct to reflect real values, the taxes will revert back to their lower levels just as quickly as they went up. I mean, why wouldn't they?
 
2022-05-20 12:41:51 PM  

Pocket Ninja: Don't worry, though. When the housing bubble does pop and prices re-correct to reflect real values, the taxes will revert back to their lower levels just as quickly as they went up. I mean, why wouldn't they?


Aye, just like gas, lumber, milk, meat, etc.
 
2022-05-20 12:56:29 PM  
Thanks Obama.
 
2022-05-20 12:56:42 PM  
At least you get to keep the house you own!
 
2022-05-20 12:57:11 PM  
My property value/taxes have gone up and down -by a lot- several times in the last 16 years. Some years I get a check back from the escrow acct, some years I don't. Ain't nothin but a thing until I sell.

/shrugs
 
2022-05-20 12:57:25 PM  

Pocket Ninja: Don't worry, though. When the housing bubble does pop and prices re-correct to reflect real values, the taxes will revert back to their lower levels just as quickly as they went up. I mean, why wouldn't they?


Actually, mine did in 2009.  They assessed the value down and the millage rate stayed the same so lower tax bill.  It went down from $4200 to $3300 in one year.  Good stuff.  After 13 years, I'm jut now back up to $4200.
 
2022-05-20 12:57:45 PM  
They've been pulling this for several years now. According to them, our house has magically doubled in value in the last six years. We successfully told them to kiss our ass. We still got an increase, but nowhere near what they were demanding.
 
2022-05-20 12:58:36 PM  
My house has essentially doubled in "value" since I bought it 10 years ago. Nothing about this makes sense.
 
2022-05-20 12:58:59 PM  

Rapmaster2000: Pocket Ninja: Don't worry, though. When the housing bubble does pop and prices re-correct to reflect real values, the taxes will revert back to their lower levels just as quickly as they went up. I mean, why wouldn't they?

Actually, mine did in 2009.  They assessed the value down and the millage rate stayed the same so lower tax bill.  It went down from $4200 to $3300 in one year.  Good stuff.  After 13 years, I'm jut now back up to $4200.


There's no 'popping' that's going to occur. The cost of building houses is not going down anytime soon.
 
2022-05-20 12:59:01 PM  
Yeah, I know. My tax assessments, by year, tracking each major jump:
2000: $1,626
2010: $1,705
2013: $2,915
2017: $4,415
2019: $4,625
2021: $5,169
 
2022-05-20 12:59:10 PM  
Join the club, mine went up 20% this year.  The value of my home has doubled in less than 5 years.  Of course the home insurance also follows suit, and my house isn't that big.  Don't let anyone tell you how cheap it is to live in Texas.  It's sad, I don't know how the next generation will afford a home, guess they will all be renters.
 
2022-05-20 12:59:16 PM  
When you cut other sources of taxes out because those with unlimited money need more money via tax cuts, you gotta get that money from somewhere.  Hello, property taxes.

Although I imagine some places have a cap on property taxes to the point where someone with a $6m home is only "worth" $500k.
 
2022-05-20 12:59:26 PM  
On the one hand, I can see where laws like California's, which peg the taxable value of a property to its value at the time of sale, can help long term property owners like the lady in the article who, through no fault of their own, are subject to major tax increases based on the actions of others.

However, that sort of rule leads to chronic underfunding and incentivizes people to find loopholes to keep taxes unnaturally low.

Maybe calculating the tax based on a rolling 5-year average of the land value could be more equitable?
 
2022-05-20 1:00:29 PM  

Evil Twin Skippy: My house has essentially doubled in "value" since I bought it 10 years ago. Nothing about this makes sense.


Mine has tripled. And the market value's about double that tax assessment. If I sold right now, this shiatty '50s-era tract home on an unnatural hill would go for at least $600K. It's insane.
 
2022-05-20 1:00:40 PM  
Theoretically, ALL the houses in your area should go up by the same percentage, so everyone taxes should stay the same, in aggregate.

So, if your tax amount went up, that would mean that your house went up a greater percentage compared to your neighbors.  Which should have happened anyways regardless of the increase in housing in general.
 
2022-05-20 1:01:10 PM  
This would only matter if your town budget also went up radically.

My home value went up this year in a revaluation as expected, but the tax increase was small, because the town budget was only up a bit overall so the ratio of what I had to pay was small based on the overall property tax burden town-wide because everyone's property values went up.

She probably is conveniently not mentioning upgrades she did on her house.
 
2022-05-20 1:03:53 PM  
Hooray for living in a state with low property taxes. Now if only we had road maintenance.
 
2022-05-20 1:04:33 PM  
Prop 13 has saved my dad's ass. 4bd/2ba in Channel Islands, CA. They bought the house in 1996. The price of the house has quadrupled since then.
 
2022-05-20 1:06:02 PM  
Our assessed value went up significantly, no doubt aided by a few sales/purchases in the 'hood last year. I'm not complaining.
 
2022-05-20 1:06:08 PM  

We Ate the Necco Wafers: On the one hand, I can see where laws like California's, which peg the taxable value of a property to its value at the time of sale, can help long term property owners like the lady in the article who, through no fault of their own, are subject to major tax increases based on the actions of others.

However, that sort of rule leads to chronic underfunding and incentivizes people to find loopholes to keep taxes unnaturally low.

Maybe calculating the tax based on a rolling 5-year average of the land value could be more equitable?


It really doesn't necessarily lead to underfunding and low taxes, it just leads to a different tax mix.  Some people in CA pay low property taxes because they have lived in their house for 30 years, but the income tax rates in California are very high compared to most places.
 
2022-05-20 1:06:56 PM  
I almost feel bad for people who moved to the south and blew up the housing market because "taxes are lower." Almost.
 
2022-05-20 1:07:00 PM  
Get a no-windfall tax law passed in your jurisdiction.  Values go up, but millage drops so the reassessment is revenue neutral.

Also challenge reassesments as spot assessments if they don't do the whole taxing jurisdiction at the same time.
 
2022-05-20 1:07:22 PM  

Rattlesnake Rattles Me: When you cut other sources of taxes out because those with unlimited money need more money via tax cuts, you gotta get that money from somewhere.  Hello, property taxes.

Although I imagine some places have a cap on property taxes to the point where someone with a $6m home is only "worth" $500k.


Try the UK. In theory you could buy Buckingham Palace for a billion dollars as your private home and your annual property tax, called Council Tax, would be £1742.

That is a slight outlier as Westminster is known for low rates, the highest anywhere in the UK for any house is around £5k AFAIK. The rate isn't based on current prices but on how much the house was worth in 1991. If the house was built last year they work out how much it would have been worth in 1991.
 
2022-05-20 1:08:27 PM  
And this is why government will not help citizens with over-inflated prices. They get to justify bumping taxes.

"fark you pay me"
 
2022-05-20 1:09:28 PM  

HighlanderRPI: This would only matter if your town budget also went up radically.

My home value went up this year in a revaluation as expected, but the tax increase was small, because the town budget was only up a bit overall so the ratio of what I had to pay was small based on the overall property tax burden town-wide because everyone's property values went up.

She probably is conveniently not mentioning upgrades she did on her house.


Yeah. This.

Everywhere I've lived they basically work out the county net spending, divide by the total assessed property value for the county and then multiply by the assessed value of your house.

Which sometimes leads to letters summarized as:

"Good news everybody! Through careful budgeting we have managed to reduce property tax rates from 0.97% to 0.95% Also, the assessed value of your house has increased by 7%.... so you owe us 5% more than last year"
 
2022-05-20 1:09:59 PM  

El_Dan: Hooray for living in a state with low property taxes. Now if only we had road maintenance.


🤔🤔🤔
 
2022-05-20 1:10:47 PM  
4 years ago the house across the street sold for around 300K This year it sold for 569K. It stung when the assessment showed up.
 
2022-05-20 1:12:15 PM  
My property taxes assessment always comes back like, double my Homestead cap. Like clockwork, I have a service that fights this and they end up having my property taxes either not go up at all, or only go up a very small amount. I would gladly pay the same for a service a portion of the savings that would automatically renegotiate my contracts and billing for my utilities and internet.
 
2022-05-20 1:12:16 PM  
darkeyes:

It's sad, I don't know how the next generation will afford a home, guess they will all be renters.
media.makeameme.orgView Full Size
 
2022-05-20 1:14:32 PM  

Badafuco: Prop 13 has saved my dad's ass. 4bd/2ba in Channel Islands, CA. They bought the house in 1996. The price of the house has quadrupled since then.


I'm relying on that to keep my property taxes where they are into my retirement. If it gets repealed I'm not sure I'd be able to afford the taxes since the perceived value has gone up so much.
 
2022-05-20 1:15:02 PM  
Everyone who owns a home loves the surging home prices until their tax bill hits the mail following a reappraisal period.

When I bought my current home, they had just completed a reappraisal of the area and they valued my home $100k more than I paid for it (260k vs 160k). I just looked up the dispute form online and filed it with a copy of the closing paperwork from my new home I closed with the week before. Instantly knocked almost 2k off my property taxes and it stayed that way for about 5 years before it climbed back up.
 
2022-05-20 1:15:17 PM  
I just check. My county last did a reassessment in 1995, and there is apparently no motivation among county council to do one.
 
2022-05-20 1:15:54 PM  
Fark user imageView Full Size
 
2022-05-20 1:17:37 PM  

educated: Pocket Ninja: Don't worry, though. When the housing bubble does pop and prices re-correct to reflect real values, the taxes will revert back to their lower levels just as quickly as they went up. I mean, why wouldn't they?

Aye, just like gas, lumber, milk, meat, etc.


Don't forget the pizza delivery fee that was added back when gas skyrocketed a decade ago and then came back down to less than what it was previously.  That fee just magically never went away.
 
2022-05-20 1:20:10 PM  
Luckily my taxes didn't go up, but I did get a letter informing me that the city values my property even more than last year.
 
2022-05-20 1:21:25 PM  
This is the only effective wealth tax in our society.  And those wealthy enough to own their own homes will complain and lobby for more loopholes to avoid it.  Indeed why should they pay more for the 4 bedroom investment they enjoy in a "good" (White) school district just because that investment goes up in value?  Especially when the working stiffs renting in studio apartments could be paying higher sales taxes whenever they get their luxury items like refrigerators.
 
2022-05-20 1:21:53 PM  
For houses that sold $100K over asking or more? Shocking. I'm shocked.
 
2022-05-20 1:23:51 PM  

Carter Pewterschmidt: Rattlesnake Rattles Me: When you cut other sources of taxes out because those with unlimited money need more money via tax cuts, you gotta get that money from somewhere.  Hello, property taxes.

Although I imagine some places have a cap on property taxes to the point where someone with a $6m home is only "worth" $500k.

Try the UK. In theory you could buy Buckingham Palace for a billion dollars as your private home and your annual property tax, called Council Tax, would be £1742.

That is a slight outlier as Westminster is known for low rates, the highest anywhere in the UK for any house is around £5k AFAIK. The rate isn't based on current prices but on how much the house was worth in 1991. If the house was built last year they work out how much it would have been worth in 1991.


That is interesting, although just having those buildings in existence brings in a lot of tax revenue (they are pretty farking nice), so I guess it works out in this case.
 
2022-05-20 1:25:06 PM  

OrangeSnapper: This is the only effective wealth tax in our society.  And those wealthy enough to own their own homes will complain and lobby for more loopholes to avoid it.  Indeed why should they pay more for the 4 bedroom investment they enjoy in a "good" (White) school district just because that investment goes up in value?  Especially when the working stiffs renting in studio apartments could be paying higher sales taxes whenever they get their luxury items like refrigerators.


I had to insure my cardboard box much more than its worth because the materials pricing has gone up quite a bit.
 
2022-05-20 1:25:22 PM  
What the Tax man says your property is worth and what somebody would really pay for it never in same universe.
 
2022-05-20 1:27:00 PM  
Got really lucky this year that the two houses that did sell on my street sold one month after the new assessments came out.

Next year will suck though.
 
2022-05-20 1:27:15 PM  

OrangeSnapper: This is the only effective wealth tax in our society.  And those wealthy enough to own their own homes will complain and lobby for more loopholes to avoid it.  Indeed why should they pay more for the 4 bedroom investment they enjoy in a "good" (White) school district just because that investment goes up in value?  Especially when the working stiffs renting in studio apartments could be paying higher sales taxes whenever they get their luxury items like refrigerators.


Or, it could be a couple of teachers who want to live in a nice house, while other teachers prefer to have fancy cars and trips to Disney World.  They get paid the same, they proved the same value to their employers and society, and one has to pay more taxes.
 
2022-05-20 1:29:36 PM  

OrangeSnapper: This is the only effective wealth tax in our society.


And even then it's highly self serving for the well off, enabling them to make sure that as little of their taxes as possible go towards schools or services for those people a few miles down the road who due to creation of school districts and city-counties miraculously end up in a separate tax jurisdiction.
 
2022-05-20 1:34:41 PM  

darkeyes: Join the club, mine went up 20% this year.  The value of my home has doubled in less than 5 years.  Of course the home insurance also follows suit, and my house isn't that big.  Don't let anyone tell you how cheap it is to live in Texas.  It's sad, I don't know how the next generation will afford a home, guess they will all be renters.


When I lived there I said the same. My property taxes were higher than what Bush was paying on his ranch.  Moral is: Get a cow and call it agricultural.
 
2022-05-20 1:35:20 PM  

stuffy: What the Tax man says your property is worth and what somebody would really pay for it never in same universe.


Where do you people live that this is a thing?  Mine is appraised at $319,000.  I'm not even concerned about getting less than $450,000 if I wanted to.  The house 5 doors down on a smaller lot that is partially a flood plain just went for $500K something.
 
2022-05-20 1:37:05 PM  

squegeebooo: Theoretically, ALL the houses in your area should go up by the same percentage, so everyone taxes should stay the same, in aggregate.

So, if your tax amount went up, that would mean that your house went up a greater percentage compared to your neighbors.  Which should have happened anyways regardless of the increase in housing in general.


The last sane legislature in Florida passed a save our homes bill which limits value increase for homestead property.
 
2022-05-20 1:47:23 PM  

Turbo Cojones: squegeebooo: Theoretically, ALL the houses in your area should go up by the same percentage, so everyone taxes should stay the same, in aggregate.

So, if your tax amount went up, that would mean that your house went up a greater percentage compared to your neighbors.  Which should have happened anyways regardless of the increase in housing in general.

The last sane legislature in Florida passed a save our homes bill which limits value increase for homestead property.


What is this 'homestead' distinction that you and someone else has mentioned?
 
2022-05-20 1:53:56 PM  
Hooray for living in a state with low property taxes. Now if only we had road maintenance.
/M
ove to Connecticut. In the top 5 of property taxes AND our roads are an embarrassment/
 
2022-05-20 1:54:35 PM  
The state I live in limits property tax increases to a maximum of 15% over a five year period as long as you continue to live in the same house.

If you sell it, it gets re-assessed at the sale price.
 
2022-05-20 1:55:53 PM  

squegeebooo: Turbo Cojones: squegeebooo: Theoretically, ALL the houses in your area should go up by the same percentage, so everyone taxes should stay the same, in aggregate.

So, if your tax amount went up, that would mean that your house went up a greater percentage compared to your neighbors.  Which should have happened anyways regardless of the increase in housing in general.

The last sane legislature in Florida passed a save our homes bill which limits value increase for homestead property.

What is this 'homestead' distinction that you and someone else has mentioned?


It means property that is your primary residence. Many states give a property tax deduction for a persons primary residence.
 
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