Posted on 02/25/2011 6:54:21 AM PST by GlockThe Vote
I penned this and think everyone needs to realize that a much larger issue is at play that no one is discussing in the issues surrounding Wisconsin and other states.
Here is the problem people - and its not being discussed. And I understand its too complicated for the left wing illiterates who have no sense of reality to know this. They are mostly uninformed on most issues, and usually speak out of emotion, not fact.
Most of peoples' property taxes go to fund schools, fire, police, etc. The property taxes are a function of a mill rate as well as an assessed value. During the boom years of R/E, most govts became flush with cash and grossly expanded their payrolls as well as the benes for public workers assuming, wrongfully of course, that prices would never go down. They used these bogus projections to justify crazy levels of spending that became a structural part of the budget. These costs and payrolls were unsutainable BEFORE the collapse, but as even worse now.
Obama and the Dems passed that bullshit stim bill, which at best was a temp band aid under the assumption that the "recession" would only last a short period of time and that tax receipts would recover. The same goes fo the localalities who got stim bill money and used it to mask their unsustainable budgets. They pissed the money away and refused to adjust to reality because they all guessed we would be out of this by now. THEY GUESSED WRONG! we are dealing with some of the most economically illiterate people i have have seen.
Now, back to assessments. Assessments are usually done 2 or 3 years behind, so that people are still paying property taxes based on the boom time prices which are now not a fraction of that. So the house hat was worth 300k during the boom is now worth 215k. Howver, the taxpayer is still paying taxesbased upon the assessment of thehouse being worth 300k. As soon as a reassessment is done, or if the homeowner chooses to challenge his assessment in tax certiori, KKKAAAAABBBBOOOOMMMM, that funds going to the govt from property taxes are going to collapse and be 2/3 of what they were unless there are massive tax hikes just to keep funding the current level of spending, which mostly goes to payroll, benes, and salaries for govt workers. And if they jack taxes any higher, people will leave and they will lose the tax base and make matters even worse.
The GOP Govs know this time bomb is ticking and are tryng to get ahead of it asap. Same with cities, towns, villages, everywhere.
This has nothing to do with plutocracy or the other nonsense and screaming from cry babies who seem to be living in an alternate universe. Its basic math. We are on the brink of collapse and its not changing for the better any time soon.
Has anyone here ever successfully challenged an assessment? I think mine is a little high.
I did once. They had my house appraised at more than I bought it for so they had to readjust to the purchase price.
Frankly, governors should just start saying that either we lay people off, or start pardoning people for not paying taxes. This whole shouting match would be over by April 15.
Check out this article. The ponzi scheme is about to collapse soon.
I live in Westchester - I know!
BTW - check this out.
“Has anyone here ever successfully challenged an assessment? I think mine is a little high.”
Not me. I tried last year. The appeals board lowered the value of my lot but more than made up for it by increasing the value of my structure. They also made a veiled threat saying they could go back 5 years to collect extra taxes on the latest appraised value.
The house accross the street (built as a model home with more finished square footage than ours) finally sold after 2+ years on the market. So i need to contact a real estate agent to see what it sold for (not public info here). If the sales price was as low as i suspect the appeals board will be seeing my smiling face again this year.
Looks good to me. I’m not planning on selling anytime soon, so lower value means lower taxes. Me likey. I’m going to have to investigate this reassessment thingy.
You are absolutely correct in your premise Huck. But I think you should be more cynical. The dems/unions/socialists have this figured out too. They simply don’t care. They are addicted to taxpayer money. They are addicted to the Union dues that are automatically deducted from public worker paychecks and then funneled into various politico/operative pockets. Those dems in Wisconsin don’t care about the Unions/Teachers/ whatever, they care about their own pocketbook and they see the end of the money for them! That is why they are hiding out and crying. They know if the fees go to the individual union person to mail in or NOT then they are up the creek. Apply this to Washington times 50. The only other thing you have to understand is there are alot of naked pictures floating around the scenes being used as “leverage” and so forth. Follow the money. The Dems had what you have figured out and written out so eloquently from the word go. Scott Walker needs security. Unions and Demonrats shoved off the taxpayer teat get ugly quick.
I wish the governors would start discussing this issue so people would wake up that we are really going to be in a mess for DECADES unless we drastically slash spending and taxes.
We did, on a newly constructed home. We had a record of every dime spent on the house and an independent appraisal. We did win in arbitration. They over appraised it by about 25%. We got 1/2 of that knocked off. However, even though property values have gone down, the county still increases the assessed value on our house every year! We will have to challenge their assessment again within the next couple of years. They were only bound to the arbitration value for the first year and the subsequent year.
There is also a constitutional disconnect. We elect our local representatives and give them the power to both tax and spend. When the will of the people is not to spend more and either not raise taxes or cut them, how can a union work agreement block the right of the people and their elected representatives?
I think you meant post 9 for GlocktheVote. I’m sure I’m already cynical enough :-)
Yes, but its destroying your equity in the house and making you essentially a hostage in your own home.
Its called not allowing municipalities bankrupty rights.
Nah. We're fine and happy and have plenty of equity. We've never touched any of it. Paid a modest price, put down 20% cash. Just refinanced last year down to 4%, I forget if it's a 10 yr or 15 yr. But we're trying to have it paid off in about 8 yrs.
Assessments are usually 3 years behind. Check out this article. Great details on the tsunami coming.
Yes, my husband and I did it once, BUT, we’d have to do it every year. Every stinkin year.
As a real estate agent, I can tell you though that from sifting through the tax records and most current prices on homes for sale, it’s upside down. Used to be that the tax assessed value was always lower than FMV, not anymore.
Yes. Every time we challenged our assessment, they backed down.
Check out the article I listed. The govt is either going to tell these unions to screw off or hit us with massive property taxes.
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