Property Tax Freeze

[dudley0]

My life seems to always be about buy high sell low for some reason.

Always deals to be found. When it is your primary residence costs go up anyhow. Everything needs to be just right. Bought my current place as a foreclosure for right at 14k. Was planning to fix and flip or hold as rental.

Wife showed up after work one day and I started talking about we could change this and that, add on here or there and live here ourselves. I was just joking but she took me for real and now here we are. Still I have less in it than expected. Took me years to complete it but oh well.

I have considered the barn thing too. Right now nothing is off the table. Well, I do not want a tiny house. I'm too big to deal with crap like that. Tried to talk her into moving into one of the rentals, sell our place and build new. No joy there as she knows how long it takes me to do anything. That's why I had to complete this one inside before she would move. Smart gal.

 

[jamil]

If you could sell in this market and live in one of your other properties until the market crashes, that could be a good deal. If she’s swayed at all by numbers you could probably make a case.

 

[Ingomike]

But you just said that they lower adjustments for some people and then raise them for everyone else to make up for the break they gave the special class. That they “spread it around” so to speak, based on the cost of government. And before, you claimed that the assessments were all market based. Clearly you’re contradicting yourself.

No one’s assessment is increased by a reduction in someone else’s assessed value. You need better glasses or maybe stay out of the glass. I said that if they give a senior break of a $100,000 reduction in assessed value that 100,000 of assessed value is off the rolls, the tax amount is divided across the total of assessed values, that is how the tax comes to be $.56 per $100 of assessed value. The tax percentage is increased, not the assessed values of others.

All that is how taxes are figured, not how assessed values are figured. I posted a a quote from the state where they say it is market based.

 

[Ingomike]

Also, your claim that assessments are largely under market is practically unfalsifiable because the average ingoer does not have access to information in the aggregate that would prove it other than anecdotal personal information. Which I doubt anyone would be eager to post on a public forum. Would you post proof of your assessed value vs market value? You first.

Sure the average INGO’er does have the info available if they want to look, assessed values are on the counties website, so all they do is find a home that sold on the web and compare that sale price to the assessed value on the county site. No one asked for anyone’s personal information.

If they are going to blow off stupid statements they should provide examples of neighborhood homes that are assessed way more than the recent comps since the data is there for anyone to research it…

 

[Ingomike]

There was No conspiracy implied. But anyway. So yer saying. Assessed value is not market value. I think you owe some people an apology.

Think you need to lay off the sauce. Assessed value is market based.

 

[WebSnyper]

No addy given but I will play.

My humble home is assessed at just over 208k. I did not have my realtor run all the numbers but comps and gut put it at selling just under or right at 300k.

Every year I complain about property taxes and I usually have at least one place I challenge them on. I let my place be. I hate paying the taxes on it, but I have done a lot to it and it is still under market.

Actually the numbers I had run were at the beginning of this crazy market. Who knows what I could get for it now. I keep telling the boss we need to find or build a smaller place so we can sell this and take advantage of the crazy prices. I own it outright and have been here long enough that I would keep all the money from closing.

Doesn't seem like it will happen tho. Life keeps getting in the way.

And that's your most recent assessment and not current pay year? Also, as I understand they don't re-assess every home, every year (could be wrong on that?). Wondering if they just haven't gotten to you yet?

 

[jamil]

No one’s assessment is increased by a reduction in someone else’s assessed value. You need better glasses or maybe stay out of the glass. I said that if they give a senior break of a $100,000 reduction in assessed value that 100,000 of assessed value is off the rolls, the tax amount is divided across the total of assessed values, that is how the tax comes to be $.56 per $100 of assessed value. The tax percentage is increased, not the assessed values of others.

All that is how taxes are figured, not how assessed values are figured. I posted a a quote from the state where they say it is market based.

"Therefore if a senior receives a $100,000 reduction in assessed value"

You probably should reword that then.

 

[jamil]

Think you need to lay off the sauce. Assessed value is market-ish based.

FIFY

 

[jamil]

And that's your most recent assessment and not current pay year? Also, as I understand they don't re-assess every home, every year (could be wrong on that?). Wondering if they just haven't gotten to you yet?

I suspect they'd want to reassess a lot of homes so that they can reap the windfall while it lasts. Then when the market crashes, eh. Get around to it when they get around to it.

 

[DragonGunner]

Next politician in Indiana that runs on stopping the market value hikes, lowers the taxes a bunch or gets rid of home taxes altogether let me know. Might get me to vote again, tired of putting in thieves that make a huge budget then figure out how to rob people to pay for it. Ya I won’t hold my breathe.

 

[dudley0]

And that's your most recent assessment and not current pay year? Also, as I understand they don't re-assess every home, every year (could be wrong on that?). Wondering if they just haven't gotten to you yet?

That is the most recent assessment (04-06-2023).

They tend to re-assess when you have permits out around these parts. Again, I don't have a McMansion.

 

[dudley0]

If you could sell in this market and live in one of your other properties until the market crashes, that could be a good deal. If she’s swayed at all by numbers you could probably make a case.

Great idea! If you could convince the boss to go along with it I would happily give you a percent of the savings.

Long ago I taught her to enjoy life above money. Possibly not the wisest choice I have made.

 

[chipbennett]

I agree and there is no end in sight. Indefinitely it wont stop. I was following this case and pleased at the outcome.

US Supreme Court curbs states' property tax 'windfall'

The U.S. Supreme Court on Thursday curbed state and local governments from seizing and selling the homes of people with unpaid property taxes and keeping the proceeds beyond the amount owed, deeming the practice unconstitutional in a ruling in favor of a 94-year-old woman who battled tax...

www.reuters.com

At most, the State should be able to put a tax lien on a house for unpaid property taxes - and any associated fines/fees must be reasonable and commensurate with the amount of tax owed. In the case before SCOTUS, the delinquent taxes were $2,300 and the fines were $13,000. That is absurd.

 

[chipbennett]

I hate taxes in general. But I also understand it takes money to do things.

I like having a paved road, fire and police protection, I used to like the idea of schools for everyone's children, but that is getting pretty iffy. I like having a legal system for civil matters. I like a criminal justice system for dealing with criminals. I like storm water control and sanitary sewers.

I do not mind cooperatively paying for legit expenses such as these. The water does get murky as we look into the hole our taxes seem to try to fill.

Certainly income tax has become extortion. Property tax has become oppressive. Every time our lawmakers meet at every level, they make more tax laws, that take the simple concept and pervert it into more corruption and less benefit to the citizen freeholders.

Taxes are understandable, misuse of tax money negates any positive or logical participation in the system.

Simple fix: tax consumption. Tax the home upon sale. Tax cars upon sale. Tax consumer economic activity upon sale. Tax capital gains on assets upon sale.

I don't think most people would be very happy with what the sales tax rate would need to be, however, in order to replace the current income tax scheme.