Property tax needs to be repealed / abolished NOW! (Morgan Co info here)

[bobzilla]

Nope. As I stated about 1k less sq ft. 3 bed, 1 1/2 bath. With a strange layout. My house started as a roughly 6-700 sq ft farm house that has been added on to over the years. First addition was when they added running water, a furnace, and I believe electricity.

and that's why your house is assessed for less.

 

[Timjoebillybob]

and that's why your house is assessed for less.

I know, but it should be less than it is. There is more than a 65k difference between the two. In actual value.

 

[sapper83]

and that is a fantasy. Every state in the union has property tax. Every. Single. One. I mean if you want to live in lala land I'm not going to stop you. But the rest of us live in reality. Minimalizing the tax is about the best we can hope for. It's never going away. Ever.

Now, I know you're already building your strawman here, so let me be clear: I do not agree with property tax in perpetuity. I believe it is paying the kings ransom to be allowed to live in your own home. The reality is, we have it pretty good here compared to literally 42 other states.

It will never go away bc people are to coward to stand up! That is the reality! I live in it knowing Eventually this bull crap system will implode. Might not be in my lifetime but all capitalist societies in history have eaten themselves to ruin. Stick your head in the sand with the millions of others, yet im the one in la la land. There is absolutely no freedom in this lifetime on this path.

 

[BScott]

The old man we bought our house and 10 acres from tried to get the property setup as agriculture, tree farm, timber harvest, etc. He fought Orange county and the state many times and failed. 3/4 of the property is woods. He even planted 1000 pines and said he was growing them for future sales and they still wouldn't make any changes. They come out every year and look around and take pictures to make sure they didn't miss anything that could be taxed.

 

[firecadet613]

The old man we bought our house and 10 acres from tried to get the property setup as agriculture, tree farm, timber harvest, etc. He fought Orange county and the state many times and failed. 3/4 of the property is woods. He even planted 1000 pines and said he was growing them for future sales and they still wouldn't make any changes. They come out every year and look around and take pictures to make sure they didn't miss anything that could be taxed.

Buy / add some of a neighboring property to it. You need at least 10 acres to get it into the classified forest program.

 

[bobzilla]

It will never go away bc people are to coward to stand up! That is the reality! I live in it knowing Eventually this bull crap system will implode. Might not be in my lifetime but all capitalist societies in history have eaten themselves to ruin. Stick your head in the sand with the millions of others, yet im the one in la la land. There is absolutely no freedom in this lifetime on this path.

My head is far from being in the sand. I know what is happening, I know what people will do because it never changes. People are always focused on what is good for themselves, no matter the society. Even your utopian socialist societies suffer, and usually worse, from the same problems.

Standing around shouting about how bad it is and knowing it will not change is about as stupid as you can be. You're wasting your time, wasting air and wasting everyone else's time that listens to it. You want to come up with a solution, fine. But screaming at others because you're unhappy is idiotic and yes, living in fantasy world. The only person that can help you, is you.

But since it's so bad here in Indiana, you could always move to some perfect place like... New York? California? Illinois? I'm sure they'd welcome all of your money.

 

[BScott]

Buy / add some of a neighboring property to it. You need at least 10 acres to get it into the classified forest program.

Not sure I want to go that route

 

[Magyars]

 

[ductape]

Just coming out of knee replacement surgery. Looked at my assessment and found a 16% increase in taxable value. This is ridiculous. I am in the process of filing an appeal. With that said, what is the answer. Who do we have to contact to stop this madness? I am retired and on a fixed income. I did notice my income has no raised 16%. Something is off kilter here. Again, what is the answer?

 

[Magyars]

 

[manifest destiny]

Taxing unrealized gains. It's not ok. A man's home could gain in value one billion percent. Unless that man borrows or sells, he's gained nothing. The 1% tax cap was an absolute bait and switch mixed with a little bit of shell-game. Obscene!

 

[Ingomike]

Taxing unrealized gains. It's not ok. A man's home could gain in value one billion percent. Unless that man borrows or sells, he's gained nothing. The 1% tax cap was an absolute bait and switch mixed with a little bit of shell-game. Obscene!

Property tax is not taxing unrealized gain. Your property tax is the proportion of the value of your property to pay for benefits your property receives. One can dispute the assessed valuation, that the tax is too high, but it has absolutely nothing to do with capital gains. The assessed value is the way government apportions the total tax among the property owners. Gee, no one was complaining in the least when assessments went down for many in 2010.

No one takes the discussions seriously when the principles are not even correctly articulated. So what method of apportionment should be used? Each owner pays equal tax? Then the guy with 1/4 acre 2 bedroom 1 bath pays the same as a guy with 9 bedrooms and 11 baths?

 

[Ingomike]

Just coming out of knee replacement surgery. Looked at my assessment and found a 16% increase in taxable value. This is ridiculous. I am in the process of filing an appeal. With that said, what is the answer. Who do we have to contact to stop this madness? I am retired and on a fixed income. I did notice my income has no raised 16%. Something is off kilter here. Again, what is the answer?

What is the basis for your appeal? Is your assessed value over the comps of recently sold properties near yours?

The answer is, that little of this has anything to do with property tax and everything to do with federal overspending, over borrowing, over printing money, and over manipulation of money markets. That is what needs fixed…

 

[KLB]

No one takes the discussions seriously when the principles are not even correctly articulated. So what method of apportionment should be used? Each owner pays equal tax? Then the guy with 1/4 acre 2 bedroom 1 bath pays the same as a guy with 9 bedrooms and 11 baths?

You've never really explained how the bigger house uses more services than the smaller one.

 

[Ingomike]

You've never really explained how the bigger house uses more services than the smaller one.

I never said it did that I can recall, I have just explained that was the mechanism the people decided ago to apportion the costs.

That said, what method of apportionment should be used? Each owner pays equal tax? Then the guy with 1/4 acre 2 bedroom 1 bath pays the same as a guy with 100 acres 9 bedrooms and 11 baths?

 

[manifest destiny]

Property tax is not taxing unrealized gain. Your property tax is the proportion of the value of your property to pay for benefits your property receives. One can dispute the assessed valuation, that the tax is too high, but it has absolutely nothing to do with capital gains. The assessed value is the way government apportions the total tax among the property owners. Gee, no one was complaining in the least when assessments went down for many in 2010.

If your home value doubles, you do nothing but continue to live in it, have you gained anything tangible? What's being taxed? Intangible gains, aka unrealized gains, aka nothing gained is being taxed (unless you borrow or sell).

I'll give another example. Your home's value remains the same year over year. You haven't gained anything. Yet, again each year, taxes are assessed and collected. In this example, they are collected for nothing. There is factually no gain to be taxed, real or otherwise.

Then the guy with 1/4 acre 2 bedroom 1 bath pays the same as a guy with 9 bedrooms and 11 baths?

Good point. Which might be worth more: The modest home with marble, granite, hardwood, triple-pane windows, extra insulation and geothermal, or the McMansion with worn-out carpet and a heating/cooling bill that cost more than the mortgage?

I don't know about your personal situation. But my properties have gained 15-30% year over year for the last half decade. Warren Buffet isn't getting that kind of ****ing return on his investments; neither am I. We were sold a 1% tax cap and then billed a 15-30% tax. Shell. Game.

Lastly, I apologize for the tone and tenor. It isn't directed at you personally.

 

[Ingomike]

If your home value doubles, you do nothing but continue to live in it, have you gained anything tangible? What's being taxed? Intangible gains, aka unrealized gains, aka nothing gained is being taxed (unless you borrow or sell).

I'll give another example. Your home's value remains the same year over year. You haven't gained anything. Yet, again each year, taxes are assessed and collected. In this example, they are collected for nothing. There is factually no gain to be taxed, real or otherwise.

Again, assessed value is an apportionment for the tax you owe, not a tax on gain of value. Actually one does not have to sell real property to to gain. You can borrow more to cover other costs, investments, or real property purchases.

Good point. Which might be worth more: The modest home with marble, granite, hardwood, triple-pane windows, extra insulation and geothermal, or the McMansion with a heating/cooling bill that cost more than the mortgage?

I don't know about your personal situation. But my properties have gained 15-30% year over year for the last half decade.

My assessed values are going way up just like yours.

Warren Buffet isn't getting that kind of ****ing return on his investments; neither am I. We were sold a 1% tax cap and then billed a 15-30% tax. Shell. Game.

Why do you think the investment world, even hedge funds, are buying real estate in alarming quantities?

Lastly, I apologize for the tone and tenor. It isn't directed at you personally.

Nothing personal here, as I pointed out in my other post the causes, I suspect we 100% agree on.

 

[Shadow01]

If your home value doubles, you do nothing but continue to live in it, have you gained anything tangible? What's being taxed? Intangible gains, aka unrealized gains, aka nothing gained is being taxed (unless you borrow or sell).

I'll give another example. Your home's value remains the same year over year. You haven't gained anything. Yet, again each year, taxes are assessed and collected. In this example, they are collected for nothing. There is factually no gain to be taxed, real or otherwise.


Good point. Which might be worth more: The modest home with marble, granite, hardwood, triple-pane windows, extra insulation and geothermal, or the McMansion with worn-out carpet and a heating/cooling bill that cost more than the mortgage?

I don't know about your personal situation. But my properties have gained 15-30% year over year for the last half decade. Warren Buffet isn't getting that kind of ****ing return on his investments; neither am I. We were sold a 1% tax cap and then billed a 15-30% tax. Shell. Game.

Lastly, I apologize for the tone and tenor. It isn't directed at you personally.

Benton County is notorious for farm houses that look like they are a day away from collapse on the outside, but worth 6 or 7 figures on the inside.

 

[DoggyDaddy]

Benton County is notorious for farm houses that look like they are a day away from collapse on the outside, but worth 6 or 7 figures on the inside.

"Some folks are born silver spoon in hand
Lord, don't they help themselves, no
But when the taxman come to the door
Lord, the house lookin' like a rummage sale, yeah"