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
wrote:

https://www.dailymail.co.uk/news/article-9673329/Homeowners-America-got-2T-richer-months-year.html


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. The mill rate for taxes is set by factoring the value of the
properties assess and the town budget. 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 bucks.

If you assume it it going up, the town may oblige you. 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.

On 6/11/2021 1:34 AM, MikeJ wrote:
micky wrote in
:

In alt.home.repair, on Thu, 10 Jun 2021 14:35:33 -0700 (PDT), Dean
Hoffman wrote:

https://www.dailymail.co.uk/news/art...ers-America-go
t-2T-richer-months-year.html

I don't think anyone will pay 2 trillion for my house.


Nice. Very nice!


I just googled my address and looked at the Zillow estimate. It is
unreal and claims it went up $17,000 in one month.

Inflation is running 5% and some moron said it is only 3% if you
discount fuel and food.

On 6/11/2021 9:16 AM, Frank wrote:
On 6/11/2021 1:34 AM, MikeJ wrote:
micky wrote in
:

In alt.home.repair, on Thu, 10 Jun 2021 14:35:33 -0700 (PDT), Dean
Hoffman wrote:

https://www.dailymail.co.uk/news/art...ers-America-go
t-2T-richer-months-year.html

I don't think anyone will pay 2 trillion for my house.


Nice. Very nice!


I just googled my address and looked at the Zillow estimate.Â* It is
unreal and claims it went up $17,000 in one month.

Inflation is running 5% and some moron said it is only 3% if you
discount fuel and food.

A week or so ago CBS Sunday Morning did a segment on housing. Crazy.
Houses listed for 400k had eight bitters and it sold for 500k. an open
house had a line of people waiting to go through and 50 cars down the
street.

My neighbor sold his house in one day. Listed and advertised on Day
one, sold above listed price by 10k the next day.

trader_4 writes:
On Friday, June 11, 2021 at 12:35:55 AM UTC-4, 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
wrote:

https://www.dailymail.co.uk/news/article-9673329/Homeowners-America-got-2T-richer-months-year.html


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.

It happens here every time they do a reassessment, which is maybe every ten years
or so.

That is highly locality dependent. Some progressive states have a 1%
tax rate. It never changes. The assessment can go up by no more than 2% p.a. and
is only reasssed on an ownership change.

The rate never changes.

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
wrote:

https://www.dailymail.co.uk/news/article-9673329/Homeowners-America-got-2T-richer-months-year.html


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.

Exactly. Rates virtually never go down.
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%

On Fri, 11 Jun 2021 14:23:37 GMT, (Scott Lurndal)
wrote:

trader_4 writes:
On Friday, June 11, 2021 at 12:35:55 AM UTC-4, 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
wrote:

https://www.dailymail.co.uk/news/article-9673329/Homeowners-America-got-2T-richer-months-year.html


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.

It happens here every time they do a reassessment, which is maybe every ten years
or so.

That is highly locality dependent. Some progressive states have a 1%
tax rate. It never changes. The assessment can go up by no more than 2% p.a. and
is only reasssed on an ownership change.

The rate never changes.

The thing that changes the millage most places in Florida is new
taxing "districts" (things like Mosquito Control and hyacinth
control). They add another service, call it a taxing district and it
shows up on your tax bill as a new charge. Your base rate stays the
same.

On Thu, 10 Jun 2021 14:35:33 -0700 (PDT), Dean Hoffman posted for all of us to
digest...


https://www.dailymail.co.uk/news/article-9673329/Homeowners-America-got-2T-richer-months-year.html

Home values are like the stock market to me. It only matters when one sells.
Selling can be planned or unintentional. I am no financial wizard nor pretend
to be one on the inet.

--
Tekkie

On Thu, 10 Jun 2021 18:24:46 -0700 (PDT), Dean Hoffman posted for all of us to
digest...


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
wrote:

https://www.dailymail.co.uk/news/article-9673329/Homeowners-America-got-2T-richer-months-year.html

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.

That's for sure - for both. Inflation is already here...

--
Tekkie

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
wrote:

https://www.dailymail.co.uk/news/article-9673329/Homeowners-America-got-2T-richer-months-year.html


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.


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.

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
wrote:

https://www.dailymail.co.uk/news/article-9673329/Homeowners-America-got-2T-richer-months-year.html


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 bucks.

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.