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Posted on 6/17/22 at 3:34 pm to GREENHEAD22
quote:
The no income tax doesn't even out unless you are making serious money in LA. For the taxes to even out on a 350-400k house around Houston you need to be making 250k plus in LA.
Exactly, never mind the fact that 350k buys you a starter house in the HTX area with a garage in the front and poor insulation.
$350k in the AP, LP, or STP buys a huge arse property, especially if on the rural side.
Posted on 6/17/22 at 3:35 pm to The Third Leg
I'm really just curious if my logic is sound.
I protested for years but I saw no benefit doing it this year.
For example, if my house was $1m and they assess at $2m, the homestead cap will limit them to $1.1m (10%).
Next year they'll say $2.2m and the cap would be $1.210 (10% on $1.1m).
Until the HS Exemption cap catches up to assessment I don't see the point. Am I wrong? Clearly someone isn't gonna protest the value down a $1m
I protested for years but I saw no benefit doing it this year.
For example, if my house was $1m and they assess at $2m, the homestead cap will limit them to $1.1m (10%).
Next year they'll say $2.2m and the cap would be $1.210 (10% on $1.1m).
Until the HS Exemption cap catches up to assessment I don't see the point. Am I wrong? Clearly someone isn't gonna protest the value down a $1m
This post was edited on 6/17/22 at 3:38 pm
Posted on 6/17/22 at 3:37 pm to 3nOut
quote:
I’m willing to bet that 95% of the county could sell their property for 150-200% of what they could two years ago as well.
But that should have no bearing on the matter.
The cost of services don’t increase just because property values do. And all new development is paying in obviously too. The larger the total sum of property values the rates should be decreasing and still be able to provide the exact same level of service. But all these local level politicians use it as a money grab.
Posted on 6/17/22 at 3:37 pm to The Third Leg
quote:
. I successfully warded off increases for 5 years and this year I got hit with 20%, which I won’t even protest because their assessed value is still $250k below market value.
Im currently $150-200k under market value with 0 protest. I remodeled during covid and they dropped me $13k in 2021 and then raised it $7k. Im assuming they appraised on it mid construction and dropped me then just skipped me by accident in 2021 after everything was done.
Im appraised at less than I bought the house for in 2009 despite the private appraisal being $250k more. Their laziness is my gain.
Posted on 6/17/22 at 3:40 pm to SPEEDY
If our Founding Fathers could see we now how a system where the state can come tell you what your property is worth and you thus owe whatever the state says in taxes, they’d think we’ve lost our minds.
Posted on 6/17/22 at 3:42 pm to SPEEDY
Sorry, Texas
Those are rookie numbers
My property taxes are 4 times higher than they were in 2018 in Orleans Parish.
FOUR TIMES
They re-assessed the property 4 times higher then and have been doing the gradual increased ever since. I think it’s now at the ‘assessed value’, but they’ll find ways to increase it more as the city is broke.
Those are rookie numbers
My property taxes are 4 times higher than they were in 2018 in Orleans Parish.
FOUR TIMES
They re-assessed the property 4 times higher then and have been doing the gradual increased ever since. I think it’s now at the ‘assessed value’, but they’ll find ways to increase it more as the city is broke.
This post was edited on 6/17/22 at 3:43 pm
Posted on 6/17/22 at 3:42 pm to Cymry Teigr
quote:
But that should have no bearing on the matter. The cost of services don’t increase just because property values do. And all new development is paying in obviously too. The larger the total sum of property values the rates should be decreasing and still be able to provide the exact same level of service. But all these local level politicians use it as a money grab
I don’t disagree. Property tax for a sitting non-money making asset is theft in my mind. I am not rationalizing the morality of it.
I’m explaining the bastards at the Appraisal District’s rationalization.
Posted on 6/17/22 at 3:42 pm to SPEEDY
Increases in property taxes are bullshite.
They should be locked in at the price the person who is living there paid for it.
The concept of arbitrarily increasing it because it is now valued at a higher amount is crap.
Hell, the entire concept is bullshite, honestly.
They should be locked in at the price the person who is living there paid for it.
The concept of arbitrarily increasing it because it is now valued at a higher amount is crap.
Hell, the entire concept is bullshite, honestly.
This post was edited on 6/17/22 at 3:43 pm
Posted on 6/17/22 at 3:43 pm to SPEEDY
See, you really don't own it. It's a sad reality. Taxpayers are taxed on the same things they pay for for years after purchase. It's robbery.
Posted on 6/17/22 at 3:46 pm to kywildcatfanone
quote:100%
See, you really don't own it. It's a sad reality. Taxpayers are taxed on the same things they pay for for years after purchase. It's robbery.
Posted on 6/17/22 at 3:48 pm to Eighteen
quote:
the actual % of the property tax rate should decrease to offset the extra revenue gained by this large increase in land values…doubt that will happen though
Some states and counties have provisions to prevent huge shocks to property taxes like this
Posted on 6/17/22 at 3:49 pm to 3nOut
That’s why I am much more in favor of the British system. You pay a stamp duty upon the sale of a property (meaning a taxing district gets the benefit of any property value increases) and every home pays an annual fixed cost (drastically below property taxes here) calculated based off number of bedrooms and bathrooms leaving all valuation out of the calculation. Their reasoning is a family living in a 4 bedroom home valued at £800,000 uses the exact same amount of local services as a similar familiar living in a home valued at £250,000. The higher valued home has paid a higher figure into the pool when it gets / got sold.
Posted on 6/17/22 at 3:52 pm to Teddy Ruxpin
You’re not wrong. There’s no way you get any immediate gain there. Might be worth it if you can get it to $1.5. That will prevent a decade of compounding increases and when markets recede, you have a lower baseline to argue down.
But…
But…
This post was edited on 6/17/22 at 3:55 pm
Posted on 6/17/22 at 3:58 pm to SPEEDY
Some localities cap the increase for the same owner at a maximum of say 3% per year. Personally, I think this should happen everywhere.
A home's PRIMARY value is as a place to live. If my home is worth 300k or 600k, the increased value to me is ZERO, unless I sell it and move.
This hits retired folks on fixed incomes especially hard. Do we really want to be forcing folks in their 70s-90s out of their home and away from family, friends, and neighbors?
A home's PRIMARY value is as a place to live. If my home is worth 300k or 600k, the increased value to me is ZERO, unless I sell it and move.
This hits retired folks on fixed incomes especially hard. Do we really want to be forcing folks in their 70s-90s out of their home and away from family, friends, and neighbors?
Posted on 6/17/22 at 4:00 pm to Cymry Teigr
quote:
That’s why I am much more in favor of the British system
Forgive me if I’m off base here, but don’t you own the home WITH the British government under their system? Like your mortgage is being shared between y’all?
I was talking to a co-worker married to a Brit and he mentioned that was one of the weirder things to her.
Posted on 6/17/22 at 4:01 pm to Buryl
quote:
This hits retired folks on fixed incomes especially hard. Do we really want to be forcing folks in their 70s-90s out of their home and away from family, friends, and neighbors?
I agree with everything in your first 2 paragraphs but the impact on retired is minimal as they can freeze their taxes in most locations that I know of.
Posted on 6/17/22 at 4:02 pm to 3nOut
quote:Explain how you own your current home in the USA with property taxes.
Forgive me if I’m off base here, but don’t you own the home WITH the British government under their system? Like your mortgage is being shared between y’all?
Posted on 6/17/22 at 4:04 pm to 3nOut
quote:
I’m not a property tax master but I think they can only charge him in 10% increase intervals
This is correct. Not sure why the article would lie about that
Posted on 6/17/22 at 4:04 pm to 3nOut
quote:
Forgive me if I’m off base here, but don’t you own the home WITH the British government under their system? Like your mortgage is being shared between y’all? I was talking to a co-worker married to a Brit and he mentioned that was one of the weirder things to her.
Depends. There’s Leasehold and Freehold properties. Leasehold is usually The Crown and for a duration of 98 years. Mostly it is found in London and some other surrounding areas. If it’s Freehold it’s yours forever. At least even with the Leasehold they make no bones about it not really being yours. Very few in a Leasehold situation are going to pass it on either and usually have sold it well before the lease is up obviously.
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