When All these House Prices Drop

a reply to: JAGStorm
what?
I live on an inland lake in SW Michigan and I pay $3400 per year.
Funny how Zillow says my place is worth $480 grand...I should sell...except I would miss the peace and tranquility...and fishing

originally posted by: Zrtst
a reply to: JAGStorm
what?
I live on an inland lake in SW Michigan and I pay $3400 per year.
Funny how Zillow says my place is worth $480 grand...I should sell...except I would miss the peace and tranquility...and fishing

3400 is a very low property tax rate, there is no way I would sell that place!

a reply to: JAGStorm

My taxes are in the ballpark of $1300 a year here in rural SC. On a house that's worth considerably more than that.

Taxes are usually based on a percentage, so if the value of a home dropped, the taxes should automatically be lower.

originally posted by: JAGStorm
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.

Depends where you live and how your tax system handles property values. In most you're free to ask for a reevaluation, but the truth is that your property will need to devalue considerably to make a real difference to your tax levels.

originally posted by: IndieA
Taxes are usually based on a percentage, so if the value of a home dropped, the taxes should automatically be lower.

Taxes are usually paid on a range of values, such as $200k-$300k, so if you're house was worth $250k it would need to practically burn down for you to drop to the $100k - $200k range.

I have been reading on this thread about retirees paying property tax. Come to West Virginia where I live and if you are over 65 you can apply for a Homestead exemption and pay no property tax! Plus we are a constitutional carry state. If you are over 21 and no felonies there is no such thing as a concealed carry permit for car, truck or person.

I pay $1100 a year for 240k property! Dirt cheap

Wild and Wonderful West Virginia

originally posted by: ancientlight
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'

much like income tax I am forced to pay here in the lovely state of Oklahoma. SMH

originally posted by: karl 12
Do wonder what rates Blackstone will actually be paying?



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

Does it matter? They are part of the problem and have stolen so much of peoples money they can easily afford it. Thanks vangaurd 401k's anyone???

originally posted by: Brassmonkey
I have been reading on this thread about retirees paying property tax. Come to West Virginia where I live and if you are over 65 you can apply for a Homestead exemption and pay no property tax! Plus we are a constitutional carry state. If you are over 21 and no felonies there is no such thing as a concealed carry permit for car, truck or person.

I pay $1100 a year for 240k property! Dirt cheap

Wild and Wonderful West Virginia

I have a very close friend that is from West Virginia and to be honest, some of you guys are pretty scary!
I do think that area has a lot of natural beauty.

I’ve also been very interested in all the stories about Appalachia and all the “creatures” and interesting occurrences there. I think some of that same stuff, especially the things in the woods, also happens in Pennsylvania.

a reply to: JAGStorm
I hear ya! The stereotypical moonshine mash maker, L'il Abner, Deliverance, no dentists society might be a turn-off.
My sister's son-in-law is from there but he is the nicest, smartest guy...and a great accent.
I'd love to roam the Appalachians and search for rogue varmints...4 or 2 legged. Tales of Pterosaurs in Pennsylvania peak my interest as well.

originally posted by: JAGStorm

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!

same reason why gas prices skyrocket up and take their time to come down. Never let a crisis go to waste and capitalize on it.

same when minimum wage are raised. Say Raising the minimum wages cost the business an extra $1 per product and services in overhead the business owner will likely raise it $1.25 to take advantage of everyone being aware that cost will need to go up due to the higher wages. Never let a good crisis go to waste so the middle class wage earner who didn't get the equivalent wage increase will have less buying power but so will the minimum wage earner that got that raise because the cost of goods and services went up higher than what the minimum wage went up.

a reply to: Brassmonkey

are over 65 you can apply for a Homestead exemption and pay no property tax!

Honestly that is the way it should be for primary residence. There are some houses down here that residents purchased 40 years ago for around 4Ok that are now worth 40Million and the tenants had to move.

Down here in Fl we have the Homestead exemption but that basically cuts your value by 50K and keeps people from taking your house during lawsuits ect and restricts to only a certain percentage increase per year. Hence why OJ purchased his home in Fl.

However since Im not near the 65 age I haven't looked at that but I dont think we have that in florida.

originally posted by: ancientlight
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'

I so agree with you, and judging by the services you do not get from the town you reside in, I would have to say it's highway robbery - let's face it, we pay our local police, and all town and municipal workers, office, library, etc. The school system is also included in that.
Not to forget that they all have free benefits for life and pension, paid for by us.
But don't go to the town hall and request anything, sorry to say. LOL!

originally posted by: JAGStorm

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.

its simple, people with money can be taxed more and reliably so, while poor people might miss payments or just not pay at all, who would you rather invest in? the one that will make you money or the one that will cost you money?