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property value down, taxes up

Aharami

Aharami

Lifer
i got a letter from my township that my property's accessed value is 20K lower than what I bought the place for last year. I thought, "oh sweet, atleast my taxes wont go up"

I just got a letter from my bank saying my monthly payments are going up by $10 because my property taxes were increased by $120. yea it's not much of an increase, but still...WTF?! everyone's hurting now. Is it too much to ask the municipality for not increasing the budget for next year?! Atleast keep taxes the same!

On top of that, i have to make an extra $150 payment to make up the projected escrow shortage for next year. yes yes, I know. Im losing money by going the escrow route.

well this is an election year...im voting against all the incumbents. fucking bitches.
 
yeap. they had a news thing about this happening.t hey are saying the adjusters are swamped with people fighting it.

 
Originally posted by: waggy
yeap. they had a news thing about this happening.t hey are saying the adjusters are swamped with people fighting it.
Click to expand...

you mean I can fight this?! how? share the secret
 
The politicains have nothing to do it. When the town's total assessed value goes down, the levy has to go up more to raise the same amount of money as the previous year. Be thankful you're one of the people whose assessed value went down. If it went up, then you'd see a significant hike.
 
Every municipality in the United States does this kind of property tax valuation. I honestly challenge anyone to show a case where the overall real estate market crashing resulted in them in paying less property tax.

Now the extra 120 a year sounds like rounding differences in them trying to re-adjust all taxes for everyone in the municipality based on the new assessments. Unless you have proof that the municipality is increasing its budget I wouldn't lead a witch hunt quite yet.

 
Originally posted by: Aharami
Originally posted by: waggy
yeap. they had a news thing about this happening.t hey are saying the adjusters are swamped with people fighting it.
Click to expand...

you mean I can fight this?! how? share the secret
Click to expand...

hell if i know. it was on the news and they didnt say.



oddly my taxes went up but the value of my house went down enough to offset it. i think we pay a total of $30 more a year heh
 
My county is proposing raising the millage rate 🙁

Bunch of a-holes, want to kick everyone while they're down rather than cut back on spending like myself and everyone else has to do.
 
Originally posted by: Aharami
Originally posted by: waggy
yeap. they had a news thing about this happening.t hey are saying the adjusters are swamped with people fighting it.
Click to expand...

you mean I can fight this?! how? share the secret
Click to expand...

You can contest the assessed value of your house if you think it's too high. Call the tax assessor or go to your town's municipal building, they'll be able to tell you what to do.
 
Originally posted by: mugs
Originally posted by: Aharami
Originally posted by: waggy
yeap. they had a news thing about this happening.t hey are saying the adjusters are swamped with people fighting it.
Click to expand...

you mean I can fight this?! how? share the secret
Click to expand...

You can contest the assessed value of your house if you think it's too high.
Click to expand...

Yup. Call the appraisal company. Call the town clerk. There should be times that you can meet and ask for a second look. Most of the time, they bend.
 
Originally posted by: mugs
Originally posted by: spidey07
Let me guess - democrat mayor or governor?
Click to expand...

Oh honestly, he's talking about an increase of probably 2%.
Click to expand...

And again, assessed values and the corresponding adjustment to the levy has nothing to do with poltics.

Spidey is showing his lack of civics knowledge here. Dumbass.
 
This is happening everywhere. Local governments have been growing the past few years with anticipation of being able to absorb more tax income from the real estate market growth. The value of homes may have dropped, but the governments still need more tax dollars to pay for the bloat they've created over the past 5-10 years. Some citys and countys are in the red and need those dollars badly.

It sucks because my house value jumped 23% in my tax appraisal this year....
 
Originally posted by: nerp
Originally posted by: mugs
Originally posted by: spidey07
Let me guess - democrat mayor or governor?
Click to expand...

Oh honestly, he's talking about an increase of probably 2%.
Click to expand...

And again, assessed values and the corresponding adjustment to the levy has nothing to do with poltics.

Spidey is showing his lack of civics knowledge here. Dumbass.
Click to expand...

The appraiser can't set property tax rates, only assessed values. County mayor in coordination with state government set the rates.
 
Originally posted by: spidey07
Originally posted by: nerp
Originally posted by: mugs
Originally posted by: spidey07
Let me guess - democrat mayor or governor?
Click to expand...

Oh honestly, he's talking about an increase of probably 2%.
Click to expand...

And again, assessed values and the corresponding adjustment to the levy has nothing to do with poltics.

Spidey is showing his lack of civics knowledge here. Dumbass.
Click to expand...

The appraiser can't set property tax rates, only assessed values. County mayor in coordination with state government set the rates.
Click to expand...

Even to maintain the current rate -- meaning a 0 percent increase -- the levy WILL increase when the overal assessment goes down.

In my republican controlled town, the tax rate is increasing to the state cap of 4.75 percent. Yep. Republicans. Raising taxes to the MAX.

Eat it.
 
Originally posted by: BlahBlahYouToo
didn't u just buy a place? i thought i saw your threads on home purchasing.
Click to expand...

bought it last july
my first year of home ownership and the state's doing away with property tax rebates and my taxes are going up.

ba dap bap bap baaaaa. im lovin it.
 
Could be worse, you could live in CA. To help with the double digit unemployment, and sky-high cost to do buisness we get:

Property Taxes up
Sales Tax Up ( 9.75% here)
Vehicle License Fees doubled *$465 per year for the wifes '05 escape, $200 per year for my POS Ford Escort commuter car. plus around $70x2 every other year for smog*
And they are still crying for more + threatening to lay off Police, Fire, and Teachers.

In return we get shitty schools, shitty roads, and gang violence.

But hey, the weather is pretty nice 🙂

 
Originally posted by: mshan
"The key in New Jersey especially," says David Brunori, a professor of public policy at George Washington University, "is that local governments don't have a lot of options in terms of revenues. There is no local-option sales tax, no local-option income tax."
Click to expand...
http://www.forbes.com/2009/01/...mw_0123realestate.html
Click to expand...

they prop up their local gov'ts with BS traffic tickets and kangaroo traffic courts if you try to fight it
 
hmm I didn't realized the bank collected and paid the property tax. Guess it makes sense if they are holding the deed.
 
Originally posted by: JTsyo
hmm I didn't realized the bank collected and paid the property tax. Guess it makes sense if they are holding the deed.
Click to expand...

some banks require it, some give you the option to pay it yourself at tax time. it's definitely easier having the bank collect the taxes along with P&I
 
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