Remember during the .com crash how states got in a load of trouble by spending all the new tax revenues pouring in?
Well, now that they're swimming in new property tax money, will they actually reduce home appraised value, thus reducing property tax revenues, as prices decline? Or will they keep 'em the same?
April 05, 2006
Question: Will states reduce home appraisal values with the popping bubble?
Subscribe to:
Post Comments (Atom)
17 comments:
am sure they won't - they just doubled ours! To think they would actually return some of our money that was probably spent the prior year anyway is delusional.
I can't even look at the illegals (tons in our beach resort town). Some have jobs, they all have children with free education in the school, free lunch and I saw one riding my son's stolen bike!
Too many government and illegals think they are entitled to our hard earned money. There is no way we'll be seeing a reverse reassessment.
Great Question. Much of the extra money has already been budgeted.
David
Bubble Meter Blog
The only thing that has kept California from going bankrupt is rising property taxes. They can’t raise taxes on the old folks due to Prop 13, however all those 30 something’s are getting creamed by taxes.
Meanwhile the middle class gets squeezed, the rich subsidize the illegals, and the entire ponzi scheme is set on a shaky pedestal.
Prop 13 will march across the land because states won't reduce property taxes. The conditions are identical to when Californians were being crushed by property taxes in 1978 and rolled them back to 1975 levels.
In CA, the homeowner can petition for a reduction if he has some decent evidence.
My neighbor got divorced and they sold their house ("just get rid of it!") in 1996 or so. It sold way cheap compared to a recent sale in our cookie-cutter neighborhood. I immediately applied for a reduction based on that sale, and got it in my next property tax bill.
The property owner is screwed many times over with regard to property taxes with the market crashing. Once those fat, bloated, elected/appointed, “pigs at the trough" get used to a certain ration of slop, it gets carved in stone that the currant level of their free ride remain intact FOREVER!!!
Our property taxes have tripled in the last four years because of the damned flippers. Of course there are always the standard half-truths to justify the spending. "AFTER ALL, YOU WANT GOOD_______________,DON'T YOU ???"
Complete the lie by filling in the blank with whatever you want: roads, police protection, government, education, etc. It’s just another excuse for big government to get even bigger, and cut themselves fatter paychecks.
And what happens to those of us who own outright when the idiots with IO/NoDOCS and NegAm/baloon payments call the bank to tell them "the keys are on the kitchen table, I am outta here". The tax gods simply raise taxes on the rest of us to make up the difference so their level of fat remains the same.
A nearby major city just raised property taxes 37% this year
to compensate for a 19% default rate. In other words only 81 out of every 100 property owners could afford to pay the already outrageous property taxes. Drive through parts of that hellhole, and it looks like a war zone. Boarded up/burned out hulk, next to crack house, next to a tidy home (owner) next to an occupied dump (rental with six families). That city just hired an independent collection agency (goon squad) to go after the taxes that are "OWED THEM". Good grief, the taxes aren't being paid because there is no one left to pay them, DUH! Who do they think they will find to pay? Are they going to track down those in default and throw them into debtors prison? The greatest weapon of a taxing body is fear. "WE WILL TAKE AWAY YOUR HOME." Take that away and they have nothing. I read where houses couldn't even be sold at tax sale, BECAUSE NO ONE WILL BUY THEM, not even for one dollar!!!
The old saying goes: You can't get blood out of a turnip. Governments live in their own pampered, parasitic world, unaware
when the organism on which they feed is dying. "Sure times are tough, WHY SHOULD WE SUFFER ?"
From articles I have read in the local newspaper, you have to literally go to court to get any significant assessment reduction, regardless of circumstances, and YOU have to pay the hearing costs, win or lose.
I sometimes wonder if there is any real advantage to home ownership even if you "own" it free and clear? Assessments go down? Not on your life!
LOL! X 10
Sure, they're going to cut the size of government -- ya that really happens. Watch boys and girls as private houses repo-ed under tax liens are converted to public housing for use by state employees and the "less fortunate".
I saw the beginnings of this in Gwinnett County GA where the country government took over ritzy private homes in foreclosure and converted them to halfway houses for "nonviolent" offenders. They literally had groups of parolees and druggies living in middle class burbs. It's only a few steps to get to the point where they do the same thing and turn them over to state employees in lieu of a pay raise they can't afford to give.
It will take American Revolution II to reverse things.
Excuse me folks. But, taxes go to pay interest on Treasury bonds held by extremely wealthy people, both American and Foreign.
Interest is an oppressive scam that requires complete control of the money supply to work, and the housing bubble is just another trick by which those in control of the money supply transfer the fruits of hard earned labor to themselves and their greedy little cohorts.
It's a colossal scam that the internet and bloggers are finally putting to a f*cking end.
You resell your property to yourself if you have to. At the right time, I'm sure the lawyers will have the proper instruments in place
Everyone who has ever worked in a corporation or government knows how it works. The bosses tell you to find ways to justify a bigger budget and more manpower, whether you need it or not.
One of the biggest culprits is education. They keep claiming that they are failing because of a lack of funding. The fact is, the US spends the 2nd highest amount of money per child in the world, yet we are ranked near the bottom of industrialized nations in math, reading and science. The two school districts that spend the most per child, Washington DC and Atlanta, are also ranked in the bottom 5 each and every year. This has to do with the teachers, administrators and parents. Any attempt at reform is always vigorously opposed by the teachers unions. All they want is more money.
That is the norm for all governemnt agencies across the board from federal, state and local levels.
"peterbob said...
For existing owners, rates rise VERY slowly in general, and only reset periodically in most states."
In my area, property taxes have skyrocketed (100% PER YEAR OR MORE) over the last five years due to the artificial conditions created by the housing bubble, and the local governments have adjusted their free spending ways accordingly. This is in an area with a population decrease during the same period.
I can readily agree that if taxes only go up slowly, then they should only go down slowly, if at all. Should not they also plummet as fast, if they skyrocket? We will all be living in our attics, renting to welfare bums to live for free, just trying to hold on to our homes.
I resent your implication that
homeowners have it soft and easy as far as taxes are concerned.
It’s rough in the real world, IF you are not the damn high living, tax-imposing government, that is!
As a property owner, the rents that you folks pay covers the property tax I pay. In fact, because I'm in a cash flow position, those renter pay my taxes as well come to think of it.
Thanks, renters!!
You resell your property to yourself if you have to. At the right time, I'm sure the lawyers will have the proper instruments in place
Huh? For a lower price, I assume? Your original mortgage company is gonna be there with its hand out for the difference.
Wow! There are alot of very mean spirited, prejudiced, ignorant people on this blog!!
"welfare bum" "homosexual" "aids b/c of irresponsible sex" Alot of assumptions and no understanding or compassion. Must be mostly Republicans who lost out on the boom. Talk about bitter acid "people".
"Excuse me folks. But, taxes go to pay interest on Treasury bonds held by extremely wealthy people, both American and Foreign.
Interest is an oppressive scam that requires complete control of the money supply to work, and the housing bubble is just another trick by which those in control of the money supply transfer the fruits of hard earned labor to themselves and their greedy little cohorts.
It's a colossal scam that the internet and bloggers are finally putting to a f*cking end."
This is the dumbest comment I've ever seen. Interest exists because $2 is better than $1 and a dollar today is better than a dollar tomorrow. The government has nothing to do with it. It is a law of nature once you put humans into nature.
There is a huge gap between compassion and stupidity, but many liberal-minded folks can't see it. And in their misguided quest to right all of society's ills by spending more money, they often make things worse, not better. My little town has a homeless shelter run by well-meaning, "compassionate" folks. They recently used a state grant and tripled its size (despite record-low unemplyment) and lo and behold, the number of homeless using it has quadrupled! It turns out cities hundreds of miles away are handing out $100 bills and one-way bus tickets to their bums and druggies if they agree to get out of town and come here. It just proves that pandering to the lowest commmon denominator leads to a devolution in society.
Jesus counseled that we should take care of the poor because they will always be with us. I'm sure his meaning of "poor" had a far broader meaning than simple economic distress seen by many liberals and secular humanists. By consciously ignoring their true problem -- a poverty of spirit (in the name of "compassion" of course) we only increase their misery and their number among us.
Hi Blogger, I found your blog quite informative.
I just came across your blog and wanted to
drop you a note telling you how impressed I was with it.
I give you my best wishes for your future endeavors.
If you have a moment, please visit my atlanta new bankruptcy law site.
Have a great week!
Post a Comment