U.S. Home Values Up 2 Trillion Dollars This Year
On 6/11/2021 3:09 PM, Bob F wrote:
On 6/11/2021 6:05 AM, Ed Pawlowski wrote:
On 6/11/2021 12:35 AM, Bob F wrote:
On 6/10/2021 7:21 PM, Ed Pawlowski wrote:
On 6/10/2021 9:24 PM, Dean Hoffman wrote:
On Thursday, June 10, 2021 at 7:56:52 PM UTC-5, wrote:
On Thu, 10 Jun 2021 14:35:33 -0700 (PDT), Dean Hoffman
As we found out in 2008 there is a difference between home prices and
home value. I would say home prices are up. Whether that is actually
going to translate to value will be seen.
Â*Â*Â*Â*Â*Â*Â*Â* Real estate taxes are going to jump.Â* Insurance rates also.
Tax RATES should go down if the assessment goes up.Â* Insurance for
replacement would go up.
Tell us someplace where that happens.
Putnam CT.Â* The mill rate for taxes is set by factoring the value of
the properties assess and the town budget.Â* When they did the
reassessment each time the tax RATE was reduced to reflect it.
The last time it was done, industrial/commercial properties went up a
bit more that residential and my house tax actually went down a few
If you assume it it going up, the town may oblige you.Â* We had people
concerned and watching for that.
Most towns/cities have regulations on how it works and just because
value goes up, no windfall.
Amazing. I've never heard of it being done like that.
Simple math. You have assessment, budget, tax rate. They work
together. Total assessed value divided by budget = tax mil rate. The
fact that the value of houses increases does not trigger a tax rate
change, the town/city budget does that.
Sure, some towns may slip a few things in since people don't know what
is going on and expect a tax increase, so lets give it to them.
Be sure to attend some of the town meetings too when budget talks come
up. Citizens have to watch.