Get Ready To Be Hammered By Property Taxes
ZeroHedge,
by
Tyler Durden
Original Article
Posted By: NHChemist,
4/25/2024 8:29:30 PM
It's not just record capital gains taxes that Americans have to look forward to if they choose "4 more years, pause" of the senile occupant in the White House: As Epoch Times' Jeffrey Tucker reports, property taxes are also about to soar. (Snip) In the United States, you pay property taxes on your home. This reality gives rise to the perennial question: do you really own your home if maintaining that title requires paying huge property taxes on the place annually? If you don’t pay, the house is taken over by the state, period. It feels a bit like renting doesn’t it?
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Reply 1 - Posted by:
Marzon 4/25/2024 8:33:05 PM (No. 1706157)
Mine went up 28% last year...
8 people like this.
Reply 2 - Posted by:
LadyHen 4/25/2024 9:01:01 PM (No. 1706164)
We live in Republican run city in a very red county in a very red state and our county just close to doubled our property taxes. I still have no clear idea why or what we are funding. All I know is that our annual taxes went from 2200 to 5100 over night. Either the county officials were negligent in not keeping up with proper and timely increases or someone needs to send their quintuplets to Harvard.
10 people like this.
Reply 3 - Posted by:
Timber Queen 4/25/2024 9:12:18 PM (No. 1706166)
The one thing we taxpayers in California have going for us is Prop. 13 and our cap on property taxes. The one reform we have locked in. The state keeps trying to get rid of it, but we're holding on to it tight.
12 people like this.
Reply 4 - Posted by:
Phantomll 4/25/2024 9:24:58 PM (No. 1706171)
It's not only property taxes but auto insurance premiums have drastically increased.
18 people like this.
Reply 5 - Posted by:
wilarrbie 4/25/2024 9:56:31 PM (No. 1706181)
We who pay taxes are ever beholden to those who don't. Citizen taxpayers will be paying more (considerably more!) and getting less, as the Biden Folly years will have decades of impact. This ain't no one-and-done crisis unfolding.
7 people like this.
Reply 6 - Posted by:
RedWhiteBlue 4/25/2024 10:03:13 PM (No. 1706182)
#4 I understand that auto ins. rate are going up because it costs too much to fix EV's.
6 people like this.
Reply 7 - Posted by:
seamusm 4/25/2024 10:06:27 PM (No. 1706183)
Forever I've been angry hearing the lie, 'Your property tax rate will stay the same.' when the evaluation always goes higher and so does what I end up paying. Doubling down on that anger is hearing our local media types repeat the lie.
5 people like this.
Amen to #3, as I annually pay ~1.25% of the 1994 purchase price of my home (no wonder the schools are so lousy). Prop 13 passed in 1978 but that was a different California, coming off 8 years under Governor Ronald Reagan.
4 people like this.
Reply 9 - Posted by:
anniebc 4/26/2024 4:26:29 AM (No. 1706246)
Even when your house is paid for, you're still paying taxes on it. It's one of the biggest tax rip offs ever, and there are many, many, many tax rip offs. If you're paying a mortgage, your mortgage goes up and up because your taxes and insurance increase. It doesn't matter if you live in a Pub-run state. We're taxed too doggone much! It needs to stop!
4 people like this.
Reply 10 - Posted by:
Trigger2 4/26/2024 5:01:01 AM (No. 1706262)
You can count on property taxes rising expoentially in NY State. Hatchel Huchel and her infamous 100% demonrat legislature is famous for passing legislation mandating all sorts of things and paying for it by rising property taxes.
5 people like this.
Reply 11 - Posted by:
mifla 4/26/2024 5:40:04 AM (No. 1706278)
The bigger the government gets, the more money it needs to operate.
Eventually, even our retirement accounts will not be safe.
9 people like this.
Reply 12 - Posted by:
jeffkinnh 4/26/2024 6:34:38 AM (No. 1706310)
Sorry, this article is HUGELY misleading.
Property taxes are assessed based on the value of your home COMPARED TO EVERY OTHER HOME IN YOUR COMMUNITY. If the value of your home goes up 100% and so does every other home, your proportional taxes remain the same.
There are two major exceptions to this. First, if your property is highly desirable and it's value increases faster than most others, your relative portion of the taxes increases and your taxes go up. The bonus is, you have a real, higher valued property. I live in a vacation area and prices of housing on the lake have skyrocketed. I do NOT live on the lake and while my valuation has increased, proportionally, nowhere near as much as the lake property. My taxes actually dropped. The bonus to the lakefront owners is their properties are SIGNIFICANTLY more valuable, even though they made no improvements.
Second, if the town ALSO sneaks in a significant increase in spending, everyone's taxes go up. Duh! Some politicians then try to blame the tax increases on the increase in property values to mask their spending spree.
People tend to be VERY ignorant as to how property taxes actually work.
2 people like this.
Reply 13 - Posted by:
Strike3 4/26/2024 7:04:57 AM (No. 1706324)
The alternative solution is to shut down the overpriced, underperforming government schools. The teachers' unions are directly responsible for your property taxes in most states.
8 people like this.
If you are over 65 check to see if your county allows you to freeze the amount.
4 people like this.
Reply 15 - Posted by:
3XALADY 4/26/2024 7:22:35 AM (No. 1706335)
You ain't seen nothing yet! On the news recently (Newsmax) a real estate lady said what was going to happen with taxes because of all the empty commercial buildings. A building valued at $226M in St. Louis recently sold for $2.5M. The same thing in the large cities. Local governments are not getting the tax income from these buildings and the people working in them, also from the businesses supporting those companies and people working there (restaurants, office supply, etc.) so their operating money has to come from somewhere ..... you! And now add in the milions of illegals Mr. Poopy Pants has invited in to be taken care of. They need tax $$ too.
3 people like this.
Reply 16 - Posted by:
jkb 4/26/2024 7:24:56 AM (No. 1706336)
#13 is spot on. In my county 80% of the property tax money goes to the school budget, which they get to spend as they wish--and they claim they're never fully funded. The rest of the county services have to live on the remaining 20%--roads, first responders, parks and the rest. Get involved!
4 people like this.
Reply 17 - Posted by:
Venturer 4/26/2024 8:28:29 AM (No. 1706370)
I am already getting hammered by property taxes.
1 person likes this.
Reply 18 - Posted by:
WI Cynic 4/26/2024 8:45:42 AM (No. 1706380)
Wisconsin has a good system, when it's not abused. All property was originally assessed at market value, and the government could only tax what was to be spent - no saving up, no slush fund. Spending increases were capped at 3% per year perhaps 15 years ago, exclusive of temporary referendums. Your taxes were usually $10 or less per thousand dollars of value... 30 years ago.
The DNR's Managed Forest Lands threw the first wrench in the works; the annual fee paid in lieu of taxes was far lower than the tax rate, an incentive to "protect" the wood lands. The implementation of agricultural use values for farmland is the next wrench; the ag lands are assessed based on their productivity rather than their sale value, so an acre of pasture that sells for $4,000 (or sometimes as high as $10,000 per acre, in a depressed area of the state!) is assessed at about $100... that's the most extreme case. The third wrench are school districts and municipalities running nearly continuous "referendums", in violation of state law, to fund their recurring costs rather than the "one-time" costs envisioned for referendums.
Between the DNR and the aguse land, over half the actual value of a municipality is sometimes sheltered, and the owners of the buildings and remaining non-farm land pay twice the taxes they otherwise would. $20 per thousand is not unusual, and I've seen municipalities as high as $25 per thousand.
Tie that to "Smart Growth", the ordinances that require a person to have 35 acres to build a house - call it least $140,000, just in land - and young newlyweds Bob and Mary cannot afford to buy anymore.
2 people like this.
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Comments:
My property taxes increased 21% last year, way beyond inflation. Taxes have gone up 500% since we bought our house. They are not about to soar, they have soared! My town voted down the town budget because of this.