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Default U.S. Home Values Up 2 Trillion Dollars This Year

On Fri, 11 Jun 2021 11:30:30 -0700 (PDT), trader_4

On Friday, June 11, 2021 at 11:04:49 AM UTC-4, wrote:
On Thu, 10 Jun 2021 21:35:49 -0700, 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.

Real estate taxes are going to jump. Insurance rates also.

Tax RATES should go down if the assessment goes up. Insurance for
replacement would go up.

Tell us someplace where that happens.

Exactly. Rates virtually never go down.

They do here, every time there is a revaluation. It's what fair and reasonable
places across America do when they revalue properties every ten years or so.
Florida may be an exception.

Properties get appraised annually here.

What they do here is reduce the effective assessment when there is a
bubble so they don't need to raise the rate if there is a decline in
retail price. We also have SOH for homesteaded properties that caps
increases to 3%

I see, so instead of adjusting the rate, they fiddle with the assessment.
Sounds stupid and backwards to me.

Why? The rate is the rate and the tax is based on the value of the
property. Why juggle the rates when they have a recent assessment.,
Maybe your bureaucratic inertia is too slow up there to do appraisals
annually but in volatile markets it is the only way to be fair.
We have some areas that sales prices could easily double or more in 10
years. Other places might be damn near static, particularly for a land
locked preFIRM house in a mediocre neighborhood. If you juggle the
rates, you are screwing the working man in that house that is worth
little more than he paid for it while the fat cat in the gated
community or on the water saw a double. It would be a
disproportionate tax hike on the working guy and a tax break for the
fat cat. You really are a Democrat now.