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Old June 11th 21, 09:14 PM posted to alt.home.repair
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Default U.S. Home Values Up 2 Trillion Dollars This Year

On 6/11/2021 7:23 AM, 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.


Is that CA? That's the only place I know that does not raise taxes
except for new buyers.


The rate never changes.



  #23   Report Post  
Old June 11th 21, 10:49 PM posted to alt.home.repair
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Posts: 2,760
Default 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
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.


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.


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.
  #24   Report Post  
Old June 12th 21, 01:15 AM posted to alt.home.repair
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First recorded activity by DIYBanter: Jul 2007
Posts: 14,142
Default U.S. Home Values Up 2 Trillion Dollars This Year

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

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.

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.
  #25   Report Post  
Old June 12th 21, 01:17 AM posted to alt.home.repair
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Posts: 14,142
Default U.S. Home Values Up 2 Trillion Dollars This Year

On Fri, 11 Jun 2021 12:14:06 -0700, Bob F wrote:

On 6/11/2021 7:23 AM, 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.


Is that CA? That's the only place I know that does not raise taxes
except for new buyers.


Add Florida to that list and I bet there are more. The appraisals are
capped at 3% a year here.


  #26   Report Post  
Old June 12th 21, 09:11 PM posted to alt.home.repair
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First recorded activity by DIYBanter: Oct 2020
Posts: 1,058
Default U.S. Home Values Up 2 Trillion Dollars This Year


On Fri, 11 Jun 2021 16:49:24 -0400, Ed Pawlowski posted for all of us to
digest...


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
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.


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.


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.


+1 It's easier to control the local critters.

Don't forget the school board, that's the main expense around here.

Look at your tax bill and see who is reaching into your pocket.

--
Tekkie
  #27   Report Post  
Old June 12th 21, 10:00 PM posted to alt.home.repair
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First recorded activity by DIYBanter: Aug 2015
Posts: 3,298
Default U.S. Home Values Up 2 Trillion Dollars This Year

On 6/12/2021 3:11 PM, Tekkie´┐Ż wrote:

On Fri, 11 Jun 2021 16:49:24 -0400, Ed Pawlowski posted for all of us to
digest...


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
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.


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.

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.


+1 It's easier to control the local critters.

Don't forget the school board, that's the main expense around here.

Look at your tax bill and see who is reaching into your pocket.


In DE the schools must hold referendum to increase taxes in neighboring
PA if the schools want more money they just take it.
  #28   Report Post  
Old June 15th 21, 11:42 PM posted to alt.home.repair
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Posts: 1,058
Default U.S. Home Values Up 2 Trillion Dollars This Year


On Sat, 12 Jun 2021 16:00:01 -0400, Frank posted for all of us to digest...


On 6/12/2021 3:11 PM, Tekkie? wrote:

On Fri, 11 Jun 2021 16:49:24 -0400, Ed Pawlowski posted for all of us to
digest...


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
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.


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.

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.


+1 It's easier to control the local critters.

Don't forget the school board, that's the main expense around here.

Look at your tax bill and see who is reaching into your pocket.


In DE the schools must hold referendum to increase taxes in neighboring
PA if the schools want more money they just take it.


PA passed a law that limits (supposedly)the increases. Their business managers
seems to finagle around it and if they are desperate they can apply to the
state for an exemption; which always seems to be granted. It's for the kids!

--
Tekkie
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Old June 16th 21, 01:12 AM posted to alt.home.repair
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Posts: 37
Default U.S. Home Values Up 2 Trillion Dollars This Year

On 6/11/21 2:10 PM, Tekkie´┐Ż wrote:
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...


It's all part of Biden's Misery Index.

And with the democrats shutting down pipelines, gas prices will only get worse.




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