When All these House Prices Drop

Are the property taxes going to drop too?

You know how they are always reassessing it seems like every year, you know because values are up?

I want to see how often they reassess when property values plummet!

Get ready for the 💩show

We all know they aren’t going to lower property taxes, they will try to raise them in some sneaky way.

a reply to: JAGStorm

"Inflation is an asset, what a dumb son of a bitch."
-Joe Biden

originally posted by: JinMI
a reply to: JAGStorm

"Inflation is an asset, what a dumb son of a bitch."
-Joe Biden

I never understood property taxes.
Hey, you fixed up your house real nice. It’s drawing new tax payers into the area. Let’s reward you with a big ol’ tax bill.

Neighbor,
Trashy house, rodent infested, no updates, scaring people away,
Here you go, the lowest tax bill in the neighborhood.

a reply to: JAGStorm

OMG they are already getting ready!!

www.revenue.wi.gov...

Wouldn't my property taxes go down if the assessor lowered home values in our community? Not necessarily. To illustrate how the levy affects your assessment we'll look at Badgertown; a community of two. Each resident owns a house valued at $100,000. Badgertown's tax levy is $2,000; the amount needed to cover its expenses. Since each resident owns 50% of the total property, they each pay 50% of the levy giving them each a tax bill of $1,000. If property values in Badgertown go up 10%, then each property is assessed at $110,000. The amount they pay in taxes, however, remains the same. Each resident still owns 50% of the total property in Badgertown and must pay 50% of the $2,000 tax levy or $1,000. And what if values start dropping? Residents' property might drop to $80,000 each but because they each still own 50% of the property, and Badgertown still needs to collect $2,000, they will continue to see a $1,000 property tax bill.

BTW this is a lie.

a reply to: JAGStorm

Every one of their systems has the goal of bleeding the little guy broke.

Never ending theft!

P

a reply to: JAGStorm

Double edged sword in concept and practice. Who tends to own run down dwellings? Landlords.

For the nicer neighborhoods it creates a wealth barrier to entry. You can afford the mortgage
..but can you afford the taxes and insurance?

Not a fan of home taxes at all.

Property taxes are 'legalized' theft and extortion.
If you don't pay what they say you 'owe' them ,they will sell your house at auction.
Prison sentences would make more sense, but wouldn't bring in the $$$$ for greedy corrupt organized crime network called our 'government'

Property taxes, insurance, electric bills which doubled when the smart meter was installed made me decide living in the states for me was not worth it...and I ain't poor but I seem to have a big mean gene which does not like me getting ripped off. $12,000 a year (taxes insurance) not counting utilities was stupid when I can live in a mansion in many countries for what I was paying in taxes alone in the states. I am glad I moved permanently over 12 years ago especially with all the stuff that has been going on these last few years in the states. We pay "0" property tax for a farm house and land. We do pay to send a kid to school which is less than $1.10 a day for a school meal and $20 bucks a month for a school bus during school season.
Waste and corruption in way to many programs in the states (actually the world over) ... I did a thread several years ago about 5 washers that the MIC sold to the military for one million dollars.. And there were people who tried to justify that expense; go figure. These were small washers that go below a bolt head and were mailed ! I purchased aircraft parts all the time as I refinished and updated aircraft that I purchased. I darn sure never paid a million for 5 washers and I used aircraft approved parts all except for once.

I purchase a thermal couple for a civilian airplane that was used to provide engine temperature reading to a gauge in the cockpit. There were two thermal couples both made by the same company. But one was supposed used in race cars and the other was for an airplane. The race car thermal couple was $17 and the one for the aircraft was $120.. same thermal coupling, same company, but one had an aircraft approved serial number. The gauge worked just fine with the $17 thermal couple but I think it made the aircraft go faster (sarc)

Do wonder what rates Blackstone will actually be paying?



Blackstone Prepares A Record $50 Billion To Snap Up Real Estate During The Coming Crash

Property taxes never go down -
If there is a hurricane / flood in NJ, they actually give the taxpayer a break the following year by not increasing the taxes, big deal, because the following year they are increased substantially.
Real estate values do go in cycles and by area it seems, and I have been waiting for housing prices to decrease, but they are only on a horrific rise. Which must mean that somewhere down the line, there will be a crash?
But overpopulation may put a wrench in that?
I forgot to mention that flood insurance here has tripled - so never mind taxes, the flood insurance is the major cost here.

a reply to: JAGStorm

Are the property taxes going to drop too?

They do, just not as fast as they go up.
You can also request to get your properties re evaluated and updated for a new tax value.

Isn’t that how the rich force the poor folk and fixed income retirees out? Buy up the property’s around at high purchase prices, re-evaluate property values, jack up everyone property tax? That’s essentially what the Californians are doing in Oregon and Washington as I type this.

originally posted by: JAGStorm
Are the property taxes going to drop too?

a reply to: 727Sky
off topic --- I'm kinda fascinated by ex-pats. How did you decide to move? Do you miss any extended family? Or do you return every now and again to see them? Or perhaps you are autonomous (familialy that way) and have no one to keep you in the States.
Our extended family (siblings, offspring, gkids) is pretty close and get together multiple times a month. We see our gkids at least once a week. Not sure I could give that up for the high-life elswhere I guess.

originally posted by: interupt42
a reply to: JAGStorm

Are the property taxes going to drop too?

They do, just not as fast as they go up.
You can also request to get your properties re evaluated and updated for a new tax value.

I know and I actually won a case, but that begs the question. If it can go up so easily why doesn’t it go down.
BECAUSE it’s a scam!

a reply to: JAGStorm

Many seniors who have paid their mortgage off are having to sell their homes simply because they can't afford the property tax.

It's not right.

originally posted by: Hangontight
a reply to: JAGStorm

Many seniors who have paid their mortgage off are having to sell their homes simply because they can't afford the property tax.

It's not right.

Yes my MIL lived in Lake County Illinois her Property tax was creeping up and almost the same as her mortgage.

a reply to: JAGStorm


The reason is too much junk relies on these taxes to fund them. If property taxes take a big hit there will be a huge outcry from schools because they won't be able to hire and fund all the associate principles, teacher's aides, and all the counsellors. As well as un needed building improvements.

originally posted by: Zrtst
a reply to: 727Sky
off topic --- I'm kinda fascinated by ex-pats. How did you decide to move? Do you miss any extended family? Or do you return every now and again to see them? Or perhaps you are autonomous (familialy that way) and have no one to keep you in the States.
Our extended family (siblings, offspring, gkids) is pretty close and get together multiple times a month. We see our gkids at least once a week. Not sure I could give that up for the high-life elswhere I guess.

Stateside wife died from breast cancer in 2005. Parents are all dead with dear old dad passing away at 92. I remarried in 2010 to an Asian girl and we tried splitting time between the states and Asia. I fly for almost free so the traveling back and forth was no problem... Cheaper than renting a car in the states for a day !!

Last time we went back to the states was 4 years ago and we were going to stay for 3 months. We had a great time with traveling and seeing friends and golfing all over the place. We stayed a month and were both home sick so we returned back to Asia. Even 4 years ago the price of stuff was unbelievable as far as value IMO..

Packing your bags and moving to a different country is certainly not for everyone. I spoke the language so the transition was not that big of a deal for me even though my wife speaks very little English and they drive on the left side of the road instead of the right side like in the states.. I am here and plan on dying here maybe in my golfing back swing !! hahah..

People do not usually get buried so it is off to the crematorium to join the sky in a nice billow of smoke or some such thing; I think the filter the smoke but no matter as I will not notice it one way or the other.

No ashes for the loved ones only the memories...which is fine with me cause I gonna be dead anyway.
My wife says she will kill me if I die before her which may be a problem as she is several years younger than me... so live once and die twice I guess ?? hahah

I am not having to wear depends nor have I totally lost my mental faculties but to be honest old age sucks especially if you have been active all your life. Remembering where I put something seems to be a thing now,, which pisses me off but my wife knows everything so ... with her occasional help ("honey where are my sun glasses, you are wearing them kinda thing") I can make ends meet with no regrets.

originally posted by: Hangontight
a reply to: JAGStorm

Many seniors who have paid their mortgage off are having to sell their homes simply because they can't afford the property tax.

It's not right.

www.zillow.com...

Check out the taxes on this average house.
House price 375K
Taxes per year almost 14K!!! Yikes!