Rising Property Taxes - The New ARM?

[Modular]

So I just got my semi-annual tax installment. Purchased this home 1.5 years ago with a 30 year fixed mortgage and a good rate. Taxes were around 4,500/year when we bought and the people living here before us had no exemptions.

Fast forward to the other day and I my second installment property tax bill. You can only imagine how thrilled I was to see that my taxes have gone up by 67% in the past 6 months. New yearly rate is going to be $7,500.

Shortly thereafter we filed an appeal on the property taxes and are still working on it. I don't understand how our taxes could have gone up when the market and our home are actually worth less than what the assessors office says. As a matter of fact, they recently reassessed and our value is shown as almost what we paid for the home (it was a short sale).

I just love it that in these economic times, the government feels like they can place the burden on the taxpayers. It makes no sense to me how they can get away with this. Fortunately for my wife and I, we should be fine (we just paid off her car, so that monthly payment will go to the house now, yippeee), but what about all those people who are living on a tighter budget than us? At what point does the county begin forcing foreclosures and people out of their homes?

 

[techs]

Government revenue is down due to the effects of the Great Recession and the outsourcing of jobs to China.

Just be glad you still have your home.

At least for awhile.

 

[IGBT]

make public schools charge a tuition and watch your property taxes drop 50% or more.

 

[bignateyk]

I've noticed a dramatic increase in the number of local and state troopers out with radar guns in the last couple months.

I drove to my in-laws last weekend and there must have been a cop every 5 miles. Budgets must be tight!

 

[MiniDoom]

and the government continues to spend more and more.

 

[Specop 007]

The government will shake you till theres nothing left to shake out of you.

Welcome to middle class and an overbearing governments urge to "share the wealth".

 

[techs]

The government will shake you till theres nothing left to shake out of you.

Welcome to middle class and an overbearing governments urge to "share the wealth".

Yeah, taxes are at their lowest point since the 1950's!

Wait, what?

 

[MiniDoom]

Yeah, taxes are at their lowest point since the 1950's!

Wait, what?

maybe income tax, but after you factor in every other tax and toll that's been added recently, i doubt that.

 

[Zebo]

Vote em out. Campaign against them get active.

 

[thegimp03]

CA at least has Prop. 13.

 

[allthatisman]

CA at least has Prop. 13.

Ha! for now...

 

[Capt Caveman]

Still the lowest residential rates in the state here. Having a large commercial base is nice.

 

[Krazy4Real]

make public schools charge a tuition and watch your property taxes drop 50% or more.

Haha! Yeah right. The government wouldn't mind double dipping. They would just allocate the other funds to other items and keep the rate the same.

 

[child of wonder]

The issue with cutting government spending is that as soon as the government says what they want to cut, throngs of people come out to protest it.

SOMEONE has to be willing to sacrifice.

 

[Sluggo]

I just love it that in these economic times, the government feels like they can place the burden on the taxpayers.

There is nobody else the government can place any of it's financial burdens on. When there are more people on the cart than pulling the cart you really have to lay a heavy whip on the pullers, don't want them getting lazy and unproductive.

 

[IGBT]

Ha! for now...

more prop 13 like initiatives in the pipe line for 2012. Taxes are income confiscation. Get ready for public school tuition across the board.

 

[bignateyk]

There is nobody else the government can place any of it's financial burdens on. When there are more people on the cart than pulling the cart you really have to lay a heavy whip on the pullers, don't want them getting lazy and unproductive.

Or they could start tossing people off the cart...

 

[PokerGuy]

Liberals and fans of big government are always on the lookout for taking more of your money. Call it a tax, a fee, an assessment, what have you, they want to take your money. Take action: vote the tax & spend crowd out - at all levels of government.

 

[dquan97]

The issue with cutting government spending is that as soon as the government says what they want to cut, throngs of people come out to protest it.

SOMEONE has to be willing to sacrifice.

<daily show>Teachers, teachers assistants, student teachers...school janitors....

 

[Exterous]

Mine went down $212. Hope the appeal goes well!

 

[ShawnD1]

maybe income tax, but after you factor in every other tax and toll that's been added recently, i doubt that.

indubidibly. P&N had a thread about how you had to pay to register a child's BICYCLE. nickel and diming bastards

 

[tk149]

Has anyone tried to get their property re-assessed?

My home was assessed about 3 years ago. The value has undoubtedly dropped since then. Taxes have increased.

 

[jonks]

are you saying property taxes are....too damn high?

 

[mugs]

So I just got my semi-annual tax installment. Purchased this home 1.5 years ago with a 30 year fixed mortgage and a good rate. Taxes were around 4,500/year when we bought and the people living here before us had no exemptions.

Fast forward to the other day and I my second installment property tax bill. You can only imagine how thrilled I was to see that my taxes have gone up by 67% in the past 6 months. New yearly rate is going to be $7,500.

Shortly thereafter we filed an appeal on the property taxes and are still working on it. I don't understand how our taxes could have gone up when the market and our home are actually worth less than what the assessors office says. As a matter of fact, they recently reassessed and our value is shown as almost what we paid for the home (it was a short sale).

Need more details.
1. Where is the house? If it's in California, no more discussion needed - California law forces newcomers to pay more in property taxes.
2. What was the old assessed value, new assessed value and purchase price?
3. Have your neighbors' assessed values changed substantially or just yours?
4. Did the tax rate change?

I just love it that in these economic times, the government feels like they can place the burden on the taxpayers. It makes no sense to me how they can get away with this. Fortunately for my wife and I, we should be fine (we just paid off her car, so that monthly payment will go to the house now, yippeee), but what about all those people who are living on a tighter budget than us? At what point does the county begin forcing foreclosures and people out of their homes?

Er... who else can they place the burden on? Local government gets its revenue from local taxpayers. Local government's expenses don't drop when we have a recession.

I doubt everyone's taxes went up 67%; it's more likely that you were underpaying before and your taxes are now closer to what your neighbors are paying.

 

[rivan]

Er... who else can they place the burden on? Local government gets its revenue from local taxpayers. Local government's expenses don't drop when we have a recession.

I think maybe that's part of his point. Maybe local governments should be looking at cost cutting when everyone else is. Maybe they don't attend a conference this year. Maybe they innovate to find ways to cut costs like combining smaller fire districts to save on administrative and managerial overhead. Maybe they forego their raises this year like 80% of the population.

Any way you slice it, a 60% / $250/month increase in a single year simply isn't right.